Pipelay Vessel Market Size, Share, Growth and Industry Analysis by Type (J-Lay Barges, S-Lay Barges, And, Reel Barges), By Application (Shallow & Benign, And, Harsh & Deep), Regional Insights, and Forecast From 2024 To 2031

Pipelay Vessel Market Report Overview

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The global pipelay vessel market size was USD 38276.09 million in 2021 and is projected to touch USD 70906.02 million by 2031 with a CAGR of 6.36% during the forecast period.

Pipelay vessels are those devices or vessels which have the capability to lay pipes on the floor of the ocean. It can also be a special type of ship which is used for the purpose of installing pipelines under the water. Additionally, they can also be used for the construction of subsea infrastructure.

Increasing number of industries and rapidly growing population is rising the need for oil and gas. Pipelay vessel help in the development of subsea infrastructure. This is identified as the latest trend in the market currently.

Off-shore exploration has become prevalent recently. Pipelay vessels can reach up to depths as deep as 2,500 meters and lay down pipes. These act as the factors driving the pipelay market growth.

COVID-19 Impact: Decline in Demand from Industrial and Commercial Sectors Decreased Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic of COVID-19 resulted in the closing down of several industries across the world. There was a disruption in the working of almost every industry due to the inconvenience brought by lockdowns and travelling restrictions. The same issue was faced by the pipelay vessel market.

Pipelay vessels are used in both the commercial as well as industrial sectors. However, drop in demand for products from both the sectors had a negative effect on the pipelay vessels market. Restrictions imposed on the travel and tourism industry, in turn brought down the pipelay vessels market share during pandemic.

LATEST TRENDS

"Growing Need for Fuels Like Oil, and Gas to Increase Market Growth"

Today’s modern world can be characterized by the evolution of several industries. Changing world scenario has increased the need for fuels like oil and gas. Most of the factories rely completely on fuels like oil, gas, petroleum, and diesel to run their operations. These are non-renewable sources of energy and get depleted with every use.

Therefore, extracting more and more of fossil-based fuels has become necessary to satisfy the requirement of industries as well as the rapidly growing population. Pipelay vessels are embedded on the ocean floor and they help in constructing subsea infrastructure. In this way they have become very helpful in extracting the required energy resources. With the help of these vessels oil production platforms can be connected to refineries which are present on the shore. This is identified as the latest trend in the market.

Pipelay Vessel Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

J-lay barges, S-lay barges, and, reel barges. The J-lay barges segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Shallow & benign, and, harsh & deep. The shallow and benign segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Exploration of Offshore Oil and Gas Sectors to Amplify Market Growth"

Along with onshore extraction of crude oil, offshore extraction of crude oil has become more prevalent in today’s market. Offshore oil and gas extraction refers to a mechanical process which involves drilling a hole or a wellbore into the seabed and ocean bed. The main purpose of carrying out offshore extraction is to extract sources of energy which are seated deeply within the rock-bottom of the seabed.

Pipelay vessels can be useful for off-shore extraction of crude oil and its derivatives. In order to connect the refineries, present on shore to oil production platforms these vessels will have to carry heavy lift cranes. The heavy lift cranes are employed in this process as they can install valves, pumps and lay down other equipments for construction of subsea infrastructure. All of these factors have helped in the growth and development of the market.

"Development of Pipelay Vessels That Can Reach Greater Depths to Impede Market Growth"

There are different types of pipelay vessels that are available in the market. The two most commonly used are J-lay and S-lay. Pipelaying vessels or ships will have to ensure that they are maintaining the perfect position as well as speed while laying down the pipes within the ocean or sea.

In order to accomplish this task, they make use of dynamic positioning systems, and anchor spreads. Many developments are constantly being done. One such exceptional advancement that has been witnessed in the market is introduction of pipelay vessels that can reach up to depths as deep as 2,500 meters and lay down pipes. This can help in extracting oil from remote areas of the ocean. This will create lucrative growth opportunities for the growth of pipelay vessel market.

RESTRAINING FACTOR

"Problems Related to Climate Change to Bring Down Market Share"

Many environmental concerns have emerged due to human activities. Climate change is a major challenge faced by humanity in the present situation. Using fossil fuels as our primary source of fuels has done a lot of damage to the environment.

Urbanization has given way to rapid development of population especially in urban areas. Growth of population will lead to the quick depletion of non-renewable sources of energy. According to some studies, over the next 40 years we could possibly run out of these fuels. Also, there are some constraints on the capacity of global refining market. These factors have brought down the pipelay vessel market growth.

Pipelay Vessel Market Regional Insights

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"North America to Dominate the Market Share in the Upcoming Years "

The North American region is dominating the market share in pipelay vessels market share. Increasing requirement of fuels for the smooth functioning of industries and factories has driven the need for pipelay vessels in oil production facilities and oil refineries.

With several milestones in the technology sectors, deep water and ultra-deep-water discoveries have increased. Off-shore explorations can also be done effectively with the use of these vessels. Presence of several massive oil refineries in this region is accelerating the market growth.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP PIPELAY VESSEL COMPANIES

• SINOPACIFIC Shipbuilding Group (China)
• Keppel Singmarine (U.S.)
• CSSC (China)
• IHC Offshore (Kinderdijk.)
• Vard (Norway)
• Saipem (Italy)
• Qingdao Euchuan (U.S.)
• Marine B.V (Netherland)
• Keppel Corporation (Singapore)
• DSME (South Korea)
• ZPMC (China)
• HHI (South Korea)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations