Technavio has published a new market research report on the global oil and gas pipeline and transportation automation market from 2018 - 2022.
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"Pipeline automation forecast: 7% growth to 2022"
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Technavio analysts forecast the global oil and gas pipeline and transportation automation market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
According to Technavio analysts, one of the key factors contributing to the growth of the global oil and gas pipeline and transportation automation market is the need to capitalise on the growth momentum in oil and gas pipeline market.
The crude oil and gas market is slowly moving toward recovery. The crude oil prices crossed the US$60/bbl benchmark in 2017, followed by US$70 benchmark in 2018. The recovery of crude oil prices in late 2017 gave confidence to the oil and gas industry, resulting in the announcement of several upstream projects that were earlier postponed or cancelled due to low crude oil prices.
According to a senior market research analyst at Technavio, “Most of the growth in the pipeline market in the Middle East will arise from new crude oil pipelines. Africa will catalyse the growth in the number of new gas pipelines on account of new gas discoveries. The increasing energy demand in Asia has resulted in the commencement of several cross-country and intra-country pipelines.”
The global oil and gas pipeline and transportation automation market research report provides market segmentation by application (pipeline and LNG and terminal), by end-user and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
See the report here.
Read the article online at: https://www.worldpipelines.com/business-news/02082018/pipeline-automation-forecast-7-growth-to-2022/