Baker Hughes Co. an energy technology company introduced a New Onshore Composite Pipe with a proven spoolable design, making it easier, faster, and more cost-effective to transport and install for multiple sectors to provide a more cost-effective and ecologically friendly substitute for resource-intensive onshore steel pipes and solve the issues of corrosion and ownership costs associated with traditional steel pipe in the oil and gas, industrial, and energy industries.
Cactus, Inc. announced the acquisition of FlexSteel Technologies Holdings, Inc., a market-leading manufacturer of spoolable pipe technologies to strengthen Cactus' standing as a leading producer of specialized technologies and help to achieve cost savings by making use of the infrastructure of the combined company to supply specialized products to a larger customer base.
Author Credits: Smruti Ranjan, Rajrani Baghel
Report ID: 5511
Published Date: Jan 05, 2024
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing consumption of natural gas across the globe and the growing introduction of efficient pipe technology are the major factors driving the growth of the market.
The market size of spoolable pipes is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024 â€“ 2036.
The major players in the market are Baker Hughes Co., TechnipFMC plc, Wienerberger AG, Flexpipe Modular Material Handing System, FlexSteel Pipeline Technologies Inc, Future Pipe Industries, Victrex Plc, Cosmoplast Ind. Co. LLC, Hebei Heng An Tai Pipeline Co. Ltd., and others.
The thermoplastics segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.
The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.