The ‘Pipeline Network Market by Offering (Solution and Services), Application (Pipeline Monitoring and Pipeline Operation Optimisation), Content, End-User Industry (Crude & Refined Petroleum, Water & Wastewater), and Region - Global Forecast to 2024’ report has been added to ResearchAndMarkets.com's offering.
The global pipeline network market is forecast to grow from US$8.5 billion in 2019 to US$12.3 billion by 2024, at a compound annual growth rate (CAGR) of 7.6% from 2019 to 2024.
The pipeline network market is segmented by offering (solutions and services), application (pipeline monitoring and pipeline operation optimisation), content (gas pipeline and liquid pipeline), end-user industry (crude and refined petroleum, water and wastewater, and others), and region.
A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the pipeline network market.
Rising demand for oil and gas from developing countries to drive the pipeline network market growth
The increasing demand for oil and gas to fuel the transportation, industrial, and electric power sectors in developing countries has led to the need for utilisation of pipelines to their maximum capacity. However, inadequate infrastructure facilities have resulted in revenue losses, due to pipeline leakage, theft, and poor maintenance.
This, in turn, leads to an increased need for reduced occurrences of pipeline leaks, unscheduled maintenance due to infrastructure failure, and weather-related instances for effective transportation of oil and gas across the globe. These factors are considered to be driving the growth of the pipeline network market.
By offering, the solutions segment to account for a higher market share during the forecast period
Pipeline network management solutions ensure the safety of pipelines, optimise the utilisation of resources, enhance the performance efficiency of pipeline transportation, and provide real-time operational control. Pipeline network management solutions help avoid a loss of the pipeline content, due to leakage and reduce the overall pipeline transportation cost. These are the major driving factors for the growth of the pipeline network management solutions in the market.
Moreover, an increasing number of pipeline safety compliance inspections from regulatory agencies and the growing production of crude oil and natural gas are additional factors driving the adoption of pipeline network management solutions across the globe.
By application, the pipeline monitoring segment to hold a larger market size during the forecast period
For the pipeline monitoring application segment, pipeline network management solutions are constantly evolving toward implementing security measures that need to be deployed in case of any potential threat alerts. Currently, the pipeline monitoring segment is witnessing advancements with the development of new devices and solutions to monitor overall pipeline performance, optimise resources, automate pipeline-related functions, and safeguard overall operations.
Factors, such as increased number of oil and gas leaks in production, pipelines, and storage tanks, due to natural disasters and high pressure of pipeline content, stringent government regulations for pipeline safety and security, and expansion and up-gradation of pipeline infrastructure are factors driving the growth of the pipeline monitoring segment in the market.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
Oil and gas are important resources for economic development in APAC as the region is developing continuously; hence, there is a rising energy demand in the region. The region is witnessing growing infrastructure development activities related to oil and gas due to rising rise in the infrastructure development of various refineries.
The development of these refineries contributes to the growth of the pipeline network infrastructure for the transportation of oil and gas. The regions' continuous economic development, along with oil and gas infrastructure development activities, is expected to boost the pipeline network market in the region.
Read the article online at: https://www.worldpipelines.com/business-news/09122019/researchandmarkets-features-global-pipeline-network-market-report-2019-2024/