Over the last three years, oil consumption in South America declined gradually. However, the scenario is expected to change with stabilising of crude oil prices and, hence, companies are now investing in exploring oil and gas reserves.
South America is expected to witness highest growth in terms of offshore pipeline over the next five years. In South America, pipeline addition is being majorly done in Brazil, after Saipem was awarded a number of contracts by Petrobras. Oil andgas pipeline industry in the region is anticipated to witness major investments in natural gas pipeline infrastructure, indicating a clear trend of high natural gas demand as compared to crude oil. More than 80% of the pipelines constructed during 2017 - 2022 are expected to be natural gas pipelines.
According to the ‘South America Oil & Gas Pipeline Leak and Theft Detection Market, Competition Forecast & Opportunities, 2012 - 2022’ report, the South American oil and gas pipeline leak and theft detection market is projected to reach US$0.09 billion by 2022. Few of the leading players in South America’s oil and gas pipeline leak and theft detection market include Honeywell International Inc, Yokogawa Electric Corp, Siemens AG, Schneider Electric, FMC Technologies, Emerson Process Management, GE Oil & Gas, Cisco Systems Inc. and Cameron International.
Read the full report here.
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