Oil and Gas Pipeline Market Expected to Gain a Decent CAGR of 5.40% over the Forecast Period 2017-2024 | Market Research Future
MarketResearchFuture.com added New Report Named “Oil and Gas Pipeline Market 2019: Global Industry Analysis, Market Growth and Opportunity Assessment, outlook to 2023” to its Database.
Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- The global oil and gas pipeline market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR of 5.40% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the oil and gas pipeline market was further stated to surpass its previous valuation by the end of the forecast period.
Oil and gas pipelines are a transportation system that are used for transporting natural gas or crude oil from the production wells to the area of use. The global oil & gas pipeline market is expected to grow at a decent rate due to a number of identified factors. This includes an increasing demand of natural gas and crude oil across various developing nations. Furthermore, the increasing technological advancements in the oil & gas industry has brought about major changes to the oil & gas industry. This has prompted the operators to adopt and integrate some of the latest technologies like IoT to ensure efficiency in their transportation process.
The global oil and gas pipeline market has been segmented in terms of type, sector, and application.
By type, the market breaks down into crude and natural oil pipelines. Within the crude oil pipelines, there are primarily the involvement of three different types of petroleum pipelines. These are refined products pipeline systems, gathering systems, and crude oil pipeline systems. The gathering pipeline system is typically used for gathering the crude oil from the production wells and is then subsequently transported to a refinery. Once refined, the same is transported with the help of a refined products pipeline system to distribution or storage stations.
On the other hand, natural gas pipelines are used for the purpose of transporting gas from the stationary facilities and delivering the same across various locations like export facilities and homes. The process includes transmission systems, gathering systems, and distribution systems. Much similar to crude oil gathering, natural gas gathering system accumulates the raw material from the production wells and following which, it is transported with the help of the massive transmission pipelines from facilities to refiners and ports.
By use, the market segments into distribution pipelines, gathering pipelines, flowlines, transmission pipelines, and feeder pipelines.
By sector, the market includes midstream, upstream, and downstream. The midstream segment is anticipated to command the global oil and gas pipeline market during the forecast period. This is due to the extensive use of pipelines for transporting raw materials. Furthermore, midstream operations often possess elements of midstream and upstream segments. This is especially true for transport and storage purposes, which also increases the overall share of the global oil and gas pipeline market.
By application, the market divides into offshore and onshore applications.
Regional Analysis
The global oil and gas pipeline market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North America region spearheaded the global oil & gas pipeline market back in 2017 and is expected to continue doing the same over the forecast period. The inception of the shale gas revolution has majorly changed the North American natural gas market over the years. This has boosted the regional market to enjoy a majority of the total share percentage.
The global oil and gas pipeline market comprises a host of key players. This includes names like Maharashtra Seamless Ltd, Gazprom, China National Petroleum Corporation, Welspun Corp Ltd., Chelpipe, Tenaris S.A., TMK, EVRAZ North America, Europipe, Eni S.p.A, Chevron Corporation, ConocoPhillips, Saipem S.p.A, Subsea 7 S.A, TechnipFMC, and National Oilwell Varco, General Electric, Royal Dutch Shell PLC
Industry Buzz
July 2019, The Torrent Group announced its plans of investing Rs. 3,000 crores in order to lay a gas pipeline network in UP, India. The network will be established for commercial, industrial, and domestic consumers.
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Source: GlobeNewswire PR
(July 30, 2019 - 10:19 AM EDT)
