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Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market Forecast to 2030
Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market Forecast to 2030 – Regional Analysis – by Product Type (Pipes, Fittings, and Flanges) and Material Type (Steel, Alloy Steel, Nickel Alloy, and Copper Alloy)
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Description
Efforts to Improve Oil Recovery Operations to Reduce Dependency on Oil & Gas Imports Drive Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market
The steam injection method has been exploited commercially over recent decades to improve recovery from conventional heavy oil reservoirs in their later stages of development. The injected steam increases the overall pressure of an offshore oil reservoir, which helps improve the mobility ratio of crude oil and allows it to flow efficiently. As a result, the enhanced oil recovery methods help revitalize extraction processes in existing offshore oil wells. Various countries are investing in efforts to rejuvenate their existing oil resources to boost domestic oil production and decrease their dependence on oil imports. Thus, the projected expansion of their oil & gas operations is anticipated to offer promising growth opportunities for the offshore oil & gas pipes, fittings, and flanges market players in the coming years.
Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market Overview
Europe has a comparatively lesser number of offshore rigs compared to other regions. For instance, by the end of 2022, Europe had ~75 total number of offshore rigs compared to 103 rigs in 2021. The overall number of rigs (onshore and offshore) is very low across the region, which shows a lesser dominance of Europe over other regions.
Europe has a strong capacity for oil & gas production and exporting of oil & gas to different parts of the world. Norway, the UK, and Denmark are the major oil & gas producers in Europe, with significant offshore reserves in the North Sea. Other countries such as the Netherlands, Germany, and Italy also have small-scale oil & gas production. According to the EIA, the UK generated 4.9 quadrillion British thermal units (quads) of energy in 2020 and used 6.8 quads of energy. Norway is the third-largest natural gas exporter in the world. Also, in 2022, Norway produced 2.0% of the world’s oil production, which shows that the country plays an important role in the global oil & gas market. Norway has substantial offshore oil & gas reserves in the North and Norwegian Seas. The exploration and production activities in these areas have been highly successful, contributing to the industry’s growth. Norwegian companies have been at the forefront of developing advanced technologies for offshore oil & gas exploration and production. Thus, the constant development in the oil & gas industry is anticipated to drive the growth of the offshore oil & gas pipes, fittings, and flanges market in the coming years.
Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market Revenue and Forecast to 2030 (US$ Million)
Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market Segmentation
The Europe offshore oil and gas pipes, fittings, and flanges market is segmented into product type, material type, and country.
Based on product type, the Europe offshore oil and gas pipes, fittings, and flanges market is segmented into pipes, fittings, and flanges. The pipes segment held the largest share of the Europe offshore oil and gas pipes, fittings, and flanges market in 2022.
In terms of material type, the Europe offshore oil and gas pipes, fittings, and flanges market is segmented into steel, alloy steel, nickel alloys, and copper alloys. The steel segment held the largest share of the Europe offshore oil and gas pipes, fittings, and flanges market in 2022.
Based on country, the Europe offshore oil and gas pipes, fittings, and flanges market is segmented into Germany, Norway, Italy, Russia, the UK, and the Rest of Europe. Russia dominated the Europe offshore oil and gas pipes, fittings, and flanges market in 2022.
Sumitomo Corp, London Fittings & Flanges Ltd, Flanschenwerk Bebitz GmbH, SoluForce BV, and KME Germany GmbH are some of the leading companies operating in the Europe offshore oil and gas pipes, fittings, and flanges market.
Summary Info
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According to the Research Team research, the Europe offshore oil and gas pipes, fittings, and flanges market was valued at US$ 2,259.67 million in 2022 and is expected to reach US$ 3,551.82 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. High crude oil prices generating demand for efficient offshore rig operations and increasing focus on maximizing oil reserve recovery and extending field life and growing developments in offshore oil & gas industry are among the critical factors attributed to the Europe offshore oil and gas pipes, fittings, and flanges market expansion.
Owing to the higher exploitation of existing wells, key oil & gas producers such as ExxonMobil, Shell plc, Chevron Corporation, PetroChina, and Saudi Aramco are focusing on maximizing the recovery factor (RF) from their existing oilfields and maintaining an economical oil rate. By implementing EOR methods, operators can revitalize reservoirs and extract additional oil, extending the field’s productive life and maximizing the value of existing assets. Steam flooding EOR method technique helps improve oil displacement, reduce residual oil saturation, and enhance sweep efficiency within the reservoir. Thus, the rising focus on maximizing oil reserve recovery bolsters the offshore oil & gas pipes, fittings, and flanges market growth.
On the contrary, rising shift from fossil fuels to clean Energy hampers the growth of Europe growth of offshore oil and gas pipes, fittings, and flanges market.
Based on product type, the Europe offshore oil and gas pipes, fittings, and flanges market is segmented into pipes, fittings, and flanges. The pipes segment held 78.7% share of Europe offshore oil and gas pipes, fittings, and flanges market in 2022, amassing US$ 1,777.74 million. It is projected to garner US$ 2,947.49 million by 2030 to expand at 6.5% CAGR during 2022-2030.
In terms of material type, the Europe offshore oil and gas pipes, fittings, and flanges market is categorized steel, alloy steel, nickel alloys, and copper alloys. The steel segment held 44.1% share of Europe offshore oil and gas pipes, fittings, and flanges market in 2022, amassing US$ 995.74 million. It is projected to garner US$ 1,616.13 million by 2030 to expand at 6.2% CAGR during 2022-2030.
By country, the Europe offshore oil and gas pipes, fittings, and flanges market has been categorized into Germany, Norway, Italy, Russia, the UK, and the Rest of Europe. Our regional analysis states that Russia captured 35.0% share of Europe offshore oil and gas pipes, fittings, and flanges market in 2022. It was assessed at US$ 790.30 million in 2022 and is likely to hit US$ 1,438.41 million by 2030, exhibiting a CAGR of 7.8% during 2022-2030.
Key players operating in the Europe offshore oil and gas pipes, fittings, and flanges market are Sumitomo Corp, London Fittings & Flanges Ltd, Flanschenwerk Bebitz GmbH, SoluForce BV, and KME Germany GmbH, among others.
In September 2023, Corinth Pipeworks was awarded a contract, by Snam to manufacture and supply approximately 13 km of longitudinally submerged arc-welded steel pipes (LSAW) for the development of an offshore and onshore natural gas pipeline for the Floating Storage and Regasification Unit (FSRU). The contract is valued at over EUR 10 million.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Europe offshore oil and gas pipes, fittings, and flanges market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe offshore oil and gas pipes, fittings, and flanges market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The the Reporting Teams Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Landscape
4.1 Overview
4.2 PORTER Analysis
4.3 Ecosystem Analysis
4.3.1 Raw Material Supplier
4.3.2 Pipe Fittings and Flanges Manufacturer
4.4 End User
4.5 Cost Analysis
4.5.1 Cost Drivers and Cost Trend for Pipes, Fittings, and Flanges in the Offshore Oil and Gas Industry:
5. Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market – Key Industry Dynamics
5.1 Offshore Oil & Gas Pipes, Fittings, and Flanges Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 High Crude Oil Prices Generating Demand for Efficient Offshore Rig Operations
5.2.2 Increasing Focus on Maximizing Oil Reserve Recovery and Extending Field Life
5.2.3 Growing Developments in Offshore Oil & Gas Industry
5.3 Market Restraints
5.3.1 Rising Shift from Fossil Fuels to Clean Energy
5.4 Market Opportunities
5.4.1 Efforts to Improve Oil Recovery Operations to Reduce Dependency on Oil & Gas Imports
5.5 Market Trends
5.5.1 Adoption of Efficient Oil Recovery Techniques
5.6 Impact of Drivers and Restraints:
6. Offshore Oil & Gas Pipes, Fittings, and Flanges Market – Europe Market Analysis
6.1 Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue (US$ Million), 2022 – 2030
6.2 Offshore Oil & Gas Pipes, Fittings, and Flanges Market Forecast and Analysis
7. Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Analysis – Product Type
7.1 Overview
7.2 Offshore Oil & Gas Pipes, Fittings, and Flanges Market, By Product Type (2022 and 2030)
7.3 Pipes
7.3.1 Overview
7.3.2 Pipes Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Fittings
7.4.1 Overview
7.4.2 Fittings Market, Revenue and Forecast to 2030 (US$ Million)
7.5 Flanges
7.5.1 Overview
7.5.2 Flanges Market, Revenue and Forecast to 2030 (US$ Million)
8. Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Analysis – Material Type
8.1 Overview
8.2 Offshore Oil & Gas Pipes, Fittings, and Flanges Market, By Material Type (2022 and 2030)
8.3 Steel
8.3.1 Overview
8.3.2 Steel Market, Revenue and Forecast to 2030 (US$ Million)
8.4 Alloy Steel
8.4.1 Overview
8.4.2 Alloy Steel Market, Revenue and Forecast to 2030 (US$ Million)
8.5 Nickel Alloy
8.5.1 Overview
8.5.2 Nickel Alloy Market, Revenue and Forecast to 2030 (US$ Million)
8.6 Copper Alloy
8.6.1 Overview
8.6.2 Copper Alloy Market, Revenue and Forecast to 2030 (US$ Million)
9. Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market – Country Analysis
9.1 Europe
9.1.1 Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Overview
9.1.2 Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market, By Key Country- Revenue 2022 (US$ Mn)
9.1.3 Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts and Analysis – By Country
9.1.3.1 Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts and Analysis – By Country
9.1.3.2 Germany Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.2.1 Germany Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Product Type
9.1.3.2.2 Germany Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Material Type
9.1.3.3 Norway Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.3.1 Norway Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Product Type
9.1.3.3.2 Norway Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Material Type
9.1.3.4 Italy Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.4.1 Italy Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Product Type
9.1.3.4.2 Italy Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Material Type
9.1.3.5 Russia Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.5.1 Russia Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Product Type
9.1.3.5.2 Russia Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Material Type
9.1.3.6 UK Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.6.1 UK Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Product Type
9.1.3.6.2 UK Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Material Type
9.1.3.7 Rest of Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.3.7.1 Rest of Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Product Type
9.1.3.7.2 Rest of Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Material Type
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 Mergers & Acquisitions
11. Company Profiles
11.1 Sumitomo Corp
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 London Fittings & Flanges Ltd
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Flanschenwerk Bebitz GmbH
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 SoluForce BV
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 KME Germany GmbH
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
12. Appendix
12.1 About the the Reporting Teams
12.2 Word Index
Table 1. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Segmentation
Table 2. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Million) – Product Type
Table 4. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Million) – Material Type
Table 5. Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 6. Germany Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Product Type
Table 7. Germany Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Material Type
Table 8. Norway Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Product Type
Table 9. Norway Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Material Type
Table 10. Italy Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Product Type
Table 11. Italy Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Material Type
Table 12. Russia Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Product Type
Table 13. Russia Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Material Type
Table 14. UK Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Product Type
Table 15. UK Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Material Type
Table 16. Rest of Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Product Type
Table 17. Rest of Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn) – By Material Type
Table 18. List of Abbreviation
Figure 1. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Segmentation, By Country
Figure 2. PORTER Analysis
Figure 3. Ecosystem: Offshore Oil & Gas Pipes, Fittings, and Flanges Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue (US$ Million), 2022 – 2030
Figure 6. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Share (%) – Product Type, 2022 and 2030
Figure 7. Pipes Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Fittings Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Flanges Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Share (%) – Material Type, 2022 and 2030
Figure 11. Steel Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Alloy Steel Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Nickel Alloy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Copper Alloy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Europe Offshore Oil & Gas Pipes Fittings and Flanges, By Key Country- Revenue 2022 (US$ Mn)
Figure 16. Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Breakdown by Country (2022 and 2030)
Figure 17. Germany Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 18. Norway Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 19. Italy Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 20. Russia Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 21. UK Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 22. Rest of Europe Offshore Oil & Gas Pipes, Fittings, and Flanges Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market
1. Sumitomo Corp
2. London Fittings & Flanges Ltd
3. Flanschenwerk Bebitz GmbH
4. SoluForce BV
5. KME Germany GmbH
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