Technological innovations boosting productivity in oilfield services market to drive market growth. Pipelay vessel operators are increasingly looking for new technological innovations and technical breakthroughs to drive productivity and profitability, as the oilfield services industry is facing pricing pressures from oilfield operators and exploration and production companies. They are increasing productivity by automating pipelining processes and equipment, investing in high-performance tools and systems, and using the data-driven approach to optimize pipelaying activities.
Acquire Market Research analysts have predicted that the pipelay vessel operator market will register a CAGR of close to 2% by 2023.
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Growth demand for oil and gas globally
The strong demand for petroleum products, especially in developing countries such as China, India, and Indonesia, and the growing use of natural gas for power generation and city gas distribution across the world are major factors driving the demand for fossil fuel. Hence, the investment in the global pipelay vessel operator market is growing.
High cost associated with maintenance of pipeline and transportation infrastructure
One of the major challenges associated with maintaining pipeline and transportation in the oil and gas industry is the high upfront cost. Though the long-term benefits of proper maintenance outweigh the costs, end-users are reluctant to deploy preventive maintenance solutions citing high cost.
For the detailed list of factors that will drive and challenge the growth of the pipelay vessel operator market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Saipem and SUBSEA 7 the competitive environment is quite intense. Factors such as the growth demand for oil and gas globally and the technological innovations boosting productivity in oilfield services, will provide considerable growth opportunities to pipelay vessel operator manufactures. Allseas, DOF, McDermott International, Saipem, and SUBSEA 7 are some of the major companies covered in this report.
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