Technavio: global oil and gas pipeline market to grow by US$28.5 billion during 2019-2023
Published by Aimee Knight,
Technavio’s latest market research report on the global oil and gas pipeline market predicts the market to witness a CAGR of close to 6% during the forecast period. This research report segments the market by type (gas and oil) and geography (Europe, South America, MEA, North America, and APAC).
Advances in pipeline inspection
Safety has become the most critical factor in the oil and gas pipeline market over the past few decades. The development of advanced technologies to monitor oil and gas pipelines remotely has enabled operators to detecting potential problems in the entire pipeline. In addition, the use of supervisory control and data acquisition (SCADA) systems further allows oil and gas companies to control, monitor, gather, and process real-time data. These advanced systems aid in the effective and efficient monitoring of the pipeline control valves at remote locations including the mountains. Furthermore, aerial observation has also started gaining importance in the safety inspection of oil and gas pipelines. Intelligent drones gather data from the connected sensors and transmit it to the control centre. Growing advances in pipeline inspection, will boost the growth of the global oil and gas pipeline market during the next few years.
Gas pipeline type segment will witness the highest share
The growing shift toward natural gas as a key fuel for power generation and household heating is resulting in the high market share of the gas pipeline segment. Abundance, versatility, and clean burning are some of the characteristics of natural gas that are supporting the growing demand for natural gas worldwide. The use of natural gas is also witnessing an exponential increase in fertilizer plants, power generation units, petrochemical plants, along with residential and commercial sectors in countries including China and the US. Therefore, the growing demand for natural gas across emerging and advanced economies will drive market growth during the forecast period.
“The demand for natural gas is growing significantly in the transportation sector. CNG and LNG are being used for road transport, particularly in cars, buses, trucks, and in ships for marine transport. Various emerging economies including India and China are encouraging the use of clean energy-powered vehicles to reduce pollution. Thus, the growing demand for natural gas from the transportation sector will drive the global oil and gas pipeline market during the forecast period,” says a senior research analyst at Technavio.
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Oil and gas pipeline market to witness fastest growth in the APAC region
APAC will witness fastest growth in the oil and gas pipeline market during the forecast period owing to increased oil and gas E&P activities in the region. Several companies in the oil and gas pipeline market are investing in the refining sector of countries including Singapore, Malaysia, and Pakistan. Increasing investments from market players in refineries will further lead to a surge in the production of refinery products. This in turn will drive the oil and gas pipeline market demand in the forthcoming years. Furthermore, increasing initiatives by the governments of various countries towards strengthening the oil and gas pipeline network will further drive market growth in the APAC region.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Read the article online at: https://www.worldpipelines.com/special-reports/30052019/technavio-global-oil-and-gas-pipeline-market-to-grow-by-us285-billion-during-2019-2023/
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