Global oil and gas pipeline market to surpass US$61 billion by 2022

According to the ‘Global Oil & Gas Pipeline Market By Application, By Type, By Region, Competition Forecast and Opportunities, 2012 - 2022’ report, the worldwide oil and gas pipeline market is projected to surpass US$61 billion by 2022.

Owing to decline in global crude oil prices, investments in oiland gas exploration and transportation declined over the last few years. Consequently, global oil and gas pipeline market also witnessed a marginal decline in value terms during 2014 - 2016. However, with global crude oil prices stabilising in 2016, expanding city gas distribution network and increasing digitisation being witnessed in pipeline infrastructure, the global oil and gas pipeline market is expected to exhibit growth over the next five years.

Furthermore, growing production from offshore fields, replacement of aging pipelines, and rising innovation for exploration of unconventional energy resources such as growing use of hydraulic fracturing technique to extract oil and gas from shale rocks, are further anticipated to propel global oil and gas pipeline market during 2017 - 2022.

Asia-Pacific garnered the largest share in the global oil and gas pipeline market in 2016, and the region is forecast to continue dominating the market in the coming years.

Few of the major players operating in the global oil & gas pipeline market include Gazprom, BP, CNPC, Wingas, Kinder Morgan, Chevron Corporation, Royal Dutch Shell, Total, Engie and Kogas.

For more information, the report can be found here.

Read the article online at: https://www.worldpipelines.com/business-news/07042017/global-oil-and-gas-pipeline-market-to-surpass-us61-billion-by-2022/