It is noted that the oil and gas pipeline market is expected to project at a CAGR of 5.40% in between the forecast period of 2022 to 2030.
The low cost of raw materials in comparison to other resources and fossil fuels aids in driving the Oil and Gas Pipeline Market value. Electricity is available to many industries, which serves to boost Oil and Gas Pipeline Market demand. Pipelines are preferred for transporting oil and gas, as well as distillation products and stable chemical substances, between sites. The worldwide pipeline market has seen a significant increase in investment since the turn of the millennium. The growth in investments is attributable to favorable market conditions and industry trends, which are driven by factors such as an increase in offshore activities, an increase in deepwater production events, and the development of remote and difficult-to-access fields.
Pipeline developments have been delayed as a result of shutdown limitations placed by major countries such as the United States, India, and others. In numerous countries, decreasing gas demand due to lower energy consumption and travel limitations harmed gas consumption. Pipeline capacity is being expanded, and new pipeline projects are being commissioned to satisfy rising oil and gas consumption. Furthermore, the oil and gas pipeline market is being driven by an expansion in offshore operations such as deepwater and ultra-deepwater production and development.
As per the International Energy Agency, the demand for oil and gas was marked to rise by one million barrels daily on an average per year till the forecast period from 97 million BPD in the year of 2018. The market furnishes a framework about the oil and gas pipeline business and gives key information about the chain structure. Miles and miles of oil and gas pipelines are being put forward in many countries. Due to the rise in employment level, much additional indisposable income has been invested in this sector.
Oil and Gas Pipeline Market COVID 19 ANALYSIS
COVID 19 had a bad impact on the oil and pipeline market. Economical conditions of the companies were reduced during this period. Oil and gas pipeline contracts in most of the countries received delays due to the shutdown and lockdown conditions imposed by the government. The United States and India were the most affected countries. Both these countries witnessed a decline in power supply consumption and the obstruction in traveling hugely impacted the gas consumption in these countries.
The government has taken many severe actions like wearing masks and especially N95 masks, wearing gloves, and using sanitizers regularly. If anyone tried to violate the rules, he was made to pay a huge high with a certain sum of money.
Oil and Gas Pipeline Market COMPETITIVE LANDSCAPE
The key players take all the safety measures necessary for the transportation of gas and oil. These key players give priority to growth prospects in the earlier segment besides trying different strategies for maintaining their positions. They carry out different strategies to increase their future opportunities. Some of the competitors are Gazprom, China National Petroleum Corporation, Chevron Corporation, ConocoPhillips, Tenaris S.A., TMK, National Oilwell Varco, Maharashtra Seamless Ltd, and Saipem s.p.a. The market has been moderately fragmented without the presence of any actual dominant key players but the presence of key players operating in this competitive market ground. These companies are investing a huge sum in this field to make it more profitable.
RECENT DEVELOPMENTS in Oil and Gas Pipeline Market
Oil and Gas Pipeline Market DYNAMICS
Drivers- the availability of raw material at low costs as compared to other resources and fossil fuels helps in driving the Oil and Gas Pipeline Market value. Availability of electricity to multiple sectors helps in bolstering up the Oil and Gas Pipeline Market demand.
Opportunities- expansion of oil and gas pipeline capacities has been marked which has brought great opportunities to the market. The government commissioning for new pipeline projects has helped in meeting the demand of the Oil and Gas Pipeline Market. Optimizing the system used for production and other environmental utility increases the chances of increasing size.
Challenges- The most challenging factor so experienced by the oil and gas pipeline industry is the shifting of the market towards the renewable energy and sustainable source of energy for the generation of power is a big threat to the modern-day. Like in the case of delivery of hydrogen gas, the modest modifications required as per analyses and research becomes a challenging factor. The companies governing the disposal of wastewater are more demanding and it gives major compliance for the industrial sectors.
Cumulative growth- the use of natural gas rises which owes to the rise in demand for natural gas in the end-users and multiple industries. An increase in power generation and transportation facilities within the population is expected to enhance the infrastructure at a significant level. The rise in costs of gas and oil is expanding the international trade of natural sources, which is also a growth developing factor for the Oil and Gas Pipeline Market. The upsurge in the investment according to the present market conditions and the market trends along with some conventional activities has increased the Oil and Gas Pipeline Market size.
Restraints- some of the regions are running by shallow water developments and stable infrastructure has hampered the Oil and Gas Pipeline Market growth. If the economic conditions of the country are weak and instability of the political conditions act as a restraining factor for expanding the oil and gas pipeline industry. The high costs of the construction of pipelines are the hampering factor for growth.
Oil and Gas Pipeline Market SEGMENTATION
By type- the Oil and Gas Pipeline Market is divided based on type which includes both positive displacement and dynamic displacement. Based on application, the oil and gas compressor industry is categorized into upstream, downstream, and midstream. Based on geographical regions, the market is distinguished into Asia Pacific regions which includes China, India, Australia, Malaysia, Japan, and the rest of the world. It also includes some of the North American regions like the United States and Canada, South American regions like Brazil and Argentina, European regions like Norway, United Kingdom, and Russia, and the Middle East and African regions like Saudi Arabia, United Arab Emirates, Qatar, Nigeria, Algeria, Egypt and rests parts of the World.
By technology- advanced technology made revolutionary changes which were imposed for smooth and protective transportation. This technology provided some of the growth lucrative opportunities which helped the companies to hold huge market value. Certain advancements include pad drilling, the use of improved design pipelines, and the use of high-quality drilling efficiencies. Technology has many good advantages on the environment as the producers have used fewer rigs and can extract more volume of oil at a low cost and in less time. The supply chain for production has become easy and logistics and revolutionary solutions have taken place. The Digital revolution has also evolved which has helped the market players in reshaping their assets. The technology has improved the productivity of oil and gas manufacturing. Development in the Internet of things sector was also marked which has monitored people, vehicles, and types of machinery for optimizing the operations.
Oil and Gas Pipeline Market REGIONAL ANALYSIS
The Asia Pacific region covers a large area of oil and gas pipeline market share because it has been noted that this region is very much famous for using oil and gas through the pipeline. China and India are marked to be the dominant consumer of oil and gas supply through the pipeline. India wanted to launch a pipeline project for the state of Jammu and Kashmir. Moreover, India wanted to expand its market share to USD 66 billion. The Middle East and African regions received huge environmental benefits and the battle for energy security in various regions has brought substantial growth in the oil and gas pipeline industry. Moreover carrying out shallow-water activities across the regions of Saudi Arabia, Qatar, Kazakhstan, and Iran.
Oil and Gas Pipeline Market REPORT OVERVIEW
The report summarises the gas and oil pipeline in several regions of the world. It also provides in-depth information about the market overview where the major key players have been identified through key research. It gives a good evaluation about the market share so acquired by the competitors. To attain top-notch positions, this report helps the clients by giving information about the competencies and capacities. It also provides data regarding the upsurging trends and challenges about the influential size. It gives a huge prediction of the contribution of the majority of the market division to the substantial growth prospectus.
|Market Size||2030: Significant Value|
|CAGR||~5.40% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||type, application, sector|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Gazprom, China National Petroleum Corporation, Chevron Corporation, ConocoPhillips, Tenaris S.A., TMK, National Oilwell Varco, Maharashtra Seamless Ltd, General Electric, Saipem S.p.A, Subsea 7 S.A, TechnipFMC, EVRAZ North America, Welspun Corp Ltd., Chelpipe, Europipe, Eni S.p.A, and Royal Dutch Shell p.l.c|
|Key Market Opportunities||
|Key Market Drivers||
Saipem S.p.A, National Oilwell Varco, TMK, Maharashtra Seamless Ltd, and General Electric are functioning in the market.
The North American region is projected to enhance the market in the impending period.
A 5.40% CAGR is anticipated to push the global market in the upcoming years.
The adoption of advanced technologies is estimated to guide the progress of the market.
The fluctuations in the oils and gas sector are estimated to spurt the market.