A Complete Guide of Project Management in Oil and Gas Market[PDF Guide]
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Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
- Flexible pipes and tubes are widely used to transport oils or other liquids from one location to the other, especially through the seabed, or at construction sites and ores. Due to benefits like high-pressure control, lightweight, leak resistance, and lower price, flexible pipes are being used across industry verticals. The technical and cost advantages these pipes offer, are expected to replace the usage of steel equipment for new exploration activities at a greater pace over the forecast period.
- With the ongoing focus of the oil and gas companies on unconventional sources for oil and gas, along with the offshore and subsea developments, which are moving into deeper waters and more challenging environments, there is a need to minimize inspection to reduce cost. Further, the maintenance and repair costs are high. And thus, flexible pipes are found to be the best fit, as they play a key role in increasing the productivity, life-expectancy, and profitability of onshore and offshore wells.
- However, on the flip side, strict restrictions that are imposed to curb the adverse effects on the environment, along with the rigid regulations imposed on oil and gas drilling activities, restrict the growth of the flexible pipe market.
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Project Management in Oil and Gas Market was valued at USD 1,012 million in 2020, and it is expected to reach USD 1,308.44 million by 2026, with a CAGR of 4.44%, over the forecast period (2022-2030).
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National Oilwell Varco (NOV)
GE Oil & Gas Corporation
TechnipFMC PLC
The Prysmian Group
Shawcor Ltd