The global oil and gas midstream market is due to grow at a CAGR of 4.5% during 2018 to 2027.
Rising interest for pipeline services owing to upcoming oil and gas projects is likely to drive the growth of the market. However, under-utilisation of gas fired power plants in some regions is restraining the market growth.
The midstream sector is one of the three links in the oil and gas value chain, it encloses the companies that work together to help a market operate efficiently. The midstream sector plays a major role in the oil and gas industry by helping transport and transform raw hydrocarbons into usable materials for refineries and petrochemical plants.
Based on sector, transportation is likely to experience huge demand owing to a growing need for refined products. Moreover, the supply of oil and gas in different regions is expected to exceed the existing transportation capacity, requiring expansions, as well as construction of new pipelines. On the basis of geography, Asia Pacific is estimated to have lucrative growth in the forecast period due to huge demand from regions like India, China, and Australia.
Companies mentioned in the report:
- Chevron Corporation.
- BP PLC.
- APA Group.
- Enbridge Pipelines Inc.
- Halliburton Company. R
- Royal Dutch Shell PLC.
- EnLink Midstream LLC.
- Baker Hughes Company.
Read the article online at: https://www.worldpipelines.com/business-news/12062020/new-report-looks-at-impact-of-covid-19-on-midstream-market/
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