According to Future Market Insights, the global Flexible Pipes Market is projected to reach a valuation of US$ 2 billion by 2033. This growth is driven by the increasing demand for Flexible Pipes due to the ongoing exploration of offshore oil and gas reserves. As onshore reserves decline, the industry is shifting towards deep-water drilling activities. Flexible Pipes are essential for withstanding high pressures and harsh environments in offshore production systems. A comprehensive market research report also provides insights into industry trends, growth drivers, challenges, competitive landscape, customer preferences, and potential opportunities.
NEWARK, Del, July 24, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global Flexible Pipes Market will reach US$ 2 billion by 2033. This forecast represents a significant increase over the estimated value of US$ 1.3 billion set for 2023, demonstrating a CAGR of 4.8%.
The relentless pursuit of offshore oil and gas reserves fuels the demand for Flexible Pipes. These pipes are indispensable in offshore production and transportation systems, supporting the growth of exploration activities. With the depletion of onshore oil and gas reserves, there is a shift toward deep-water drilling activities. Flexible Pipes are crucial in deep-water production systems because they can withstand high pressures and harsh environments.
Unlock the potential of offshore drilling with flexible pipes. Download the Sample Report to explore the booming market trends and opportunities. https://www.futuremarketinsights.com/reports/sample/rep-gb-17707
Governments and industry stakeholders worldwide are investing in the development of robust pipeline infrastructures. Flexible pipes find favor in many pipeline applications due to their versatility and cost-effectiveness, thereby driving market growth. Moreover, stricter environmental regulations and the quest for sustainable energy solutions drive the adoption of Flexible Pipes. These pipes offer lower ecological impact than rigid pipe alternatives, aligning with regulatory requirements.
The need to replace or rehabilitate aging pipelines and infrastructure further fuels the Flexible Pipes market expansion. Their adaptability and cost-effectiveness make them an ideal solution for retrofitting or replacing old infrastructure. Flexible Pipes often provide a more cost-effective solution, particularly in challenging terrains or offshore environments. This inherent cost advantage drives their adoption across various applications.
The rapidly growing offshore wind energy sector presents a compelling opportunity for Flexible Pipes. These pipes play a pivotal role in the installation and maintenance of offshore wind farms. As the demand for renewable energy continues to rise, the market in the offshore wind sector is poised to witness substantial expansion.
The expansion of subsea oil and gas production drives the demand for Flexible Pipes. These pipes are essential components in subsea production systems, consolidating their significance in the market. Continuous innovation in Flexible Pipe design and manufacturing propels market growth. Advancements, such as the development of high-performance materials and improved installation techniques, bolster the industry's potential.
Flexible Pipes find extensive use in water and wastewater treatment projects due to their resistance to corrosion and compatibility with chemicals. The expanding water and wastewater treatment sector contributes significantly to the growth of the flexible pipes market. The petrochemical industry, encompassing refineries and chemical processing plants, requires reliable piping systems. Flexible Pipes have gained popularity in this industry due to their corrosion resistance and durability, contributing to market growth.
The liquefied natural gas (LNG) industry is witnessing rapid expansion, necessitating a robust infrastructure for transportation and storage. Flexible pipes are extensively employed to transfer LNG between terminals, storage facilities, and ships. The growth of the LNG sector provides significant market opportunities for Flexible Pipes to meet the evolving needs of the industry.
The mining industry relies on reliable and durable piping systems for applications like slurry transportation and mine dewatering. Flexible Pipes are preferred in such demanding mining applications, driving their market growth.
The exploration and production of shale gas require the use of flexible pipes for well completion, hydraulic fracturing, and fluid transfer. With the increasing activities in shale gas extraction, particularly in countries like the United States and China, the demand for flexible pipes is set to grow, offering substantial market prospects.
Key Takeaways from the Flexible Pipes Market Research Study:
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The Flexible Pipes industry in the United States is predicted to reach US$ 363.4 million by 2033
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The Flexible Pipes industry in the United Kingdom is estimated to expand at a CAGR of 4.5% between 2023 and 2033
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During the forecast period, the Flexible Pipes industry in China is expected to reach a market valuation of US$ 446.5 million
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The Flexible Pipes industry in Japan is predicted to boom at a 4.7% CAGR through 2033
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South Korea's Flexible Pipes industry is predicted to achieve a market revenue of US$ 94.9 million by 2033
Get up to 30% off on our Flexible Pipes Market Research Study, now available in regional and country-specific versions. Customize your selection for dependable insights: https://www.futuremarketinsights.com/customization-available/rep-gb-17707
Top 5 Companies in the Flexible Pipes Market and Their Marketing Strategies:
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Airborne Oil & Gas B.V. (Strohm)
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ContiTech AG
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FlexSteel Pipeline Technologies, Inc.
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GE Oil & Gas
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Magma Global Limited
Key players actively use various strategies to maintain a competitive edge and drive growth. These strategies involve product innovation, expansion into new markets or regions, partnerships, mergers, and acquisitions. Companies are investing in research and development to introduce advanced, durable flexible pipe solutions catering to different industries. Additionally, players strengthen their distribution networks, improve customer service, and implement sustainable practices to meet evolving industry regulations and customer demands.
Recent Developments by Key Players:
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In January 2023, Strohm concluded the expansion of its facility in The Netherlands, demonstrating its commitment to bolstering growth and aiding the energy transition. By tripling its production capacity to 140km of normalized pipe per year, Strohm is now better equipped to meet the demands of both current and forthcoming contracts.
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In November 2021, ABN Pipe System introduced a groundbreaking innovation with the launch of the world's first flexible pipe composed of a multilayer combination of PPR CT RP polypropylene and an elastic compound. These pipes, featuring the unique elasticity-modifying blend, have emerged as the supreme flexible option available in the market.
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Flexible Pipes Market Segmentation:
By Material:
By Application:
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On-shore
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Off-shore
By Region:
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North America
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Latin America
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Europe
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Asia Pacific
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Middle East and Africa
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