by The global flexible pipe market continues to exhibit remarkable resilience despite facing challenges such as the COVID-19 pandemic and stringent regulatory measures in the oil and gas industry. A recent market report reveals that the flexible pipe market, which was valued at USD 1084.4 million in 2021, is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.2 percent throughout the forecast period.
Technological Advancements Fueling Market Growth
One of the key drivers of the flexible pipe market is the continuous advancement in drilling technologies. These innovations have transformed the oil and gas sector by enabling access to remote and challenging environments, including deep-water regions and unconventional formations. The adoption of horizontal drilling and hydraulic fracturing techniques has led to a significant increase in the use of flexible pipes in the industry. Horizontal drilling, in particular, has demonstrated the ability to boost production from reservoirs, making it a catalyst for the growing demand for flexible pipes.
Rising Exploration of Horizontal Wells Opens Growth Opportunities
The transition from traditional vertical drilling to horizontal drilling is a notable trend in the oil and gas industry. Horizontal wells, which produce more than twice the output of vertical wells, are becoming increasingly prevalent. Flexible composite pipes are essential components in these horizontal wells due to their ease of removal. As the industry witnesses a surge in horizontal well exploration, this segment presents promising growth prospects for the flexible pipe market.
Challenges in Regulatory Compliance
While the flexible pipe market is poised for growth, it faces challenges in the form of stringent environmental regulations in the oil and gas sector. The potential hazards associated with drilling activities have led to the introduction of stricter environmental laws worldwide. These regulations require drilling companies to invest in advanced water treatment technologies, impacting their operational costs and subsequently affecting the flexible pipe markets revenue.
North America Dominates the Market
North America, led by the United States, holds the dominant position in the global flexible pipe market. The region benefits from the presence of abundant shale resources, with the United States making substantial strides in becoming a net energy exporter. This growth in energy production is expected to drive demand for flexible pipes, especially in offshore applications. The U.S. Department of Interiors plans for offshore exploratory drilling further reinforce North Americas position as a key market for flexible pipes.
Key Players in the Flexible Pipe Market
Several companies play pivotal roles in the global flexible pipe market. Some of the prominent players in this industry include:
- Contitech AG (Germany)
- National Oilwell Varco (U.S.)
- Technipfmc PLC (France)
- G.E. Oil & Gas Corporation (U.K.)
- Prysmian Group (Italy)
- Shawcor Ltd. (Canada)
- Airborne Oil & Gas B.V. (The Netherlands)
- Pipelife Nederland B.V. (The Netherlands)
- Magma Global Ltd. (U.K.)
- Flexsteel Pipeline Technologies Inc. (U.S.)
Looking Ahead
Despite challenges posed by the COVID-19 pandemic and regulatory hurdles, the flexible pipe market is set to thrive, driven by technological advancements and the increasing exploration of horizontal wells. As the oil and gas industry continues to evolve, the demand for flexible pipes is expected to remain strong, making it a pivotal component of the sectors growth and success.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/flexible-pipe-market
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This press release first seen on Brilad
COMTEX_442703540/2840/2023-10-31T00:14:19
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.