The SAM offshore pipeline market is expected to grow from US$ 497. 26 million in 2019 to US$ 561. 26 million by 2027; it is estimated to grow at a CAGR of 1. 8 % from 2020 to 2027. The rising demand for natural gas and crude oil across SAM escalates the growth of the SAM offshore pipeline market.
New York, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "South America Offshore Pipeline Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Diameter, Line Type, and Product" - https://www.reportlinker.com/p06004233/?utm_source=GNW
Surging industrial production and increasing demand for trucking services are boosting the need for petrochemicals, thereby fueling the growth of the market in the region.
Moreover, the growth in air traffic volumes across SAM is another significant factor resulting in increased oil consumption.Increasing industrialization and urbanization is generating demand for oil & gas.
Several oil & gas companies across SAM are increasing their offshore exploration & production (E&P) activities to meet the constantly increasing energy demand, which is supporting the growth of the SAM offshore pipeline market.
Countries in SAM—especially Brazil, followed by Ecuador, Chile, Peru, and Argentina—are adversely affected by the COVID-19 outbreak.The pandemic is hindering the overall oil & gas industry owing to considerable disruption in supply chain activities coupled with the SAM countries such as the Brazil and Argentina sealing off their international trade.
Among the SAM countries, Brazil continues to occupy a dominant position in the region’s overall oil producing capabilities.The country is also witnessing a major decline in its oil & gas related activities, a huge drop in oil prices, and subsequent limitations on construction activities similar to other global market players.
Thus, there is sharp decline in the demand for offshore pipelines in Brazil owing to the outbreak and subsequent reduced business activities in the oil & gas sector.The outbreak’s impact is quite severe in 2020, and it is likely to continue in 2021.
Hence, the COVID-19 crisis and critical situation would restrain the growth of the SAM offshore pipeline market in the next few quarters.
Based on product, the SAM offshore pipeline market for gas segment is expected to grow rapidly during the forecast period.The segment comprises pipelines used for carrying gas from the wellhead to refineries or processing plants.
The demand for natural gas across SAM is surging as hydrocarbon gas is widely used as a fuel in household heating, power generation, and other applications.Also, various characteristics of natural gas such as versatility, abundance, and clean-burning generates its demand.
Natural gas is more preferred than other fuels as it generates less CO2 emissions than coal.Also, it is an appropriate substitute for coal used in power generation.
Attributed to these benefits, several companies and governments across SAM are increasing their investments in the discovery of natural gas reserves. In addition, several uses of gas such as heating and power generation are expected to increase its demand during the forecast period, which would drive the SAM offshore pipeline market.
The overall SAM offshore pipeline market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the SAM offshore pipeline market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, offshore pipeline market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the SAM offshore pipeline market. Bechtel Corporation; Fugro; John Wood Group PLC; McDermott International, Inc.; Saipem S.p.A.; Sapura Energy Berhad; Subsea 7 S.A.; and TechnipFMC plc are a few players operating in the market
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