ResearchAndMarkets.com release report on global oil pipeline infrastructure markets
Published by Aimee Knight,
The global Oil Pipeline Infrastructure market is slated to accrue revenue worth nearly US$142 Billion by 2026 and record the CAGR of nearly over 2.9% over the period from 2020 to 2026.
The report offers assessment and analysis of the Oil Pipeline Infrastructure market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (US$ billion).
Oil pipeline infrastructure help in transportation of crude oil and refined oil products in a safe way to the destined location along with retention of flow conditions and standard pressure.
Market growth drivers
Massive demand for fuel energy with rise in the number of vehicles on the roads along will drive the market trends. Globalisation has contributed substantially towards the global trade and this has resulted in escalating demand for robust infrastructure facility, thereby prompting the business growth. Apparently, key economies of the Middle East region including Saudi Arabia and Iran are investing huge funds for developing strong oil pipeline infrastructure through collaboration with the countries like India for exporting oil and this is going to create huge growth opportunities for the market over the forthcoming years.
Furthermore, growing need for crude oil transport and requirement of long-term supply of oil at distant locations will accentuate the growth of the market within the next few years. Apart from this, renovation & refurbishment of aging or outdated oil & gas infrastructure will embellish the market trends. Nonetheless, strict laws governing ecological safety will hinder the market growth over the forthcoming years.
North America to account for major chunk of market size over 2020-2026
The growth of the market in the sub-continent over the estimated timespan is due to adding of new features to the current oil pipeline units for improving the oil flow and speed of the flow. Apart from this, need for enhancing the operations will further drive the regional market growth. In addition to this, a large number of airports in North America depend on incessant jet fuel supply from pipelines, thereby resulting in huge product penetration in the region and this lucratively impacts the business growth.
Read the article online at: https://www.worldpipelines.com/business-news/13102020/researchandmarketscom-release-report-on-global-oil-pipeline-infrastructure-markets/
You might also like
NewTek tailors LVDT position sensors to meet critical applications
The energy sector uses NewTek LVDT position sensors as metrology tools in ensuring the proper operation of different power systems.