Crude oil pipeline Market to be dominated by Offshore segment through 2028
An increase in offshore activities, such as deepwater and
ultra-deepwater production and development.to drive Global Crude oil pipeline
Market in the forecast period, 2023-2028
According
to TechSci Research report, “Global Crude
oil pipeline Market
- By Region, Competition,
Forecast & Opportunities, 2028”, Global Crude oil pipeline Market is anticipated to grow at a 6.01% CAGR
in the forecast period, 2024-2028, Factors such as the increasing exploration
and production activities, and the growing emphasis on the offshore renewable
energy sector, are likely to drive the Crude oil pipeline market during the
forecast period.
Increasing energy demand to enhance Crude oil
pipeline demand, rapidly expanding oil pipeline Market across the nation to
enhance the market, Improved regulations for oil pipelines to enhance demand
for pipeline transport solutions, and rising adoption of natural gas to enhance
the growth Oil And Gas Pipeline market. increasing consumer conscience towards
carbon emission reduction and the incapability of deriving energy entirely from
renewable resources, the focus has shifted towards natural gas. natural gas is
being increasingly used in transport and homes for domestic usage. The oil
& gas industry increasingly applies AI and data science to solve complex
problems in upstream, midstream, and downstream operations. AI-enabled
platforms support decision-making with insights from predictive, prescriptive,
and cognitive analytics.
Browse
over XX market data Figures spread through 180 Pages and an in-depth TOC
on "Crude oil pipeline Market.”
Based
on Application, Global Crude oil pipeline Market is segmented into— Onshore
Pipeline, Offshore Pipeline. Offshore Segment to Dominate the Market, Offshore
segment dominated the market during the forecast period 2023-2029.on the basis
of application, the target market is segmented into onshore and offshore. The
increasing number of oil & gas development projects attached to rising
investment toward offshore E&P activities are some of the factors expected
to drive the offshore oil & gas pipeline segment.
Based
on Region, Asia Pacific region is expected to dominate the market for Crude oil
pipeline during the forecast period. Energy consumption in Asia-Pacific is
expected to increase by up to 48% by 2050. According to the International
Energy Agency (IEA), China is expected to contribute 30% of the world’s energy
increase until 2025. Moreover, natural gas imports have continuously increased
in China and reached 162.7 bcm in 2021, thus meeting the increasing demand. China’s
state-owned firms, including CNPC and China National Offshore Oil Corporation,
have plans to maximize production at local gas fields, further driving the
pipeline demand in the region. Moreover, In January 2022, ONGC awarded L&T
Hydrocarbon Engineering Limited a contract for the seventh development phase of
their Pipeline Replacement Projects. EPCIC's contract involves the engineering,
procurement, construction, installation, and commissioning of around 350 km of
subsea pipelines and offshore work spread across ONGC's west coast offshore
fields.
Moreover,
In February 2022, A final investment decision was signed by China National
Offshore Oil Company and TotalEnergies with Uganda and Tanzania to begin more
than USD 10 billion in investments to produce and export crude oil from Uganda.
The venture entails a USD 5 billion oil pipeline that aids in transporting
crude from landlocked Uganda to global markets via a port on Tanzania's coast
of the Indian Ocean. Therefore, the increasing demand and new pipeline
infrastructure in Asia-Pacific are significant factors driving the market
growth of oil and gas.
Major
companies operating in the Global Crude oil pipeline market are:
- Nippon Steel Corporation
- Tenaris Inc.
- TMK Group
- Mott Macdonald Group Ltd
- Shengli Oil & Gas Pipe Holdings
Limited
- United States Steel Corporation
- OMK Steel Ltd
- ChelPipe Group
- TechnipFMC PLC
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“The
global Crude oil pipeline market is driven by several key factors that shape
its growth and development. One of the key drivers in the global crude oil
pipeline market is the relentless growth in global crude oil production and
consumption. As the world's population and economies continue to expand, the
demand for crude oil, a vital source of energy and feedstock for numerous
industries, remains unabated. This surge in demand necessitates the development
and expansion of pipeline infrastructure to efficiently transport crude oil
from production sites to refineries, distribution centers, and export
terminals. Additionally, pipelines are known for their cost-effectiveness and
environmental advantages over alternative transportation methods like trucks or
trains. This makes them an attractive choice for both oil producers and
governments aiming to enhance energy security and reduce emissions. As emerging
economies industrialize and established markets continue to rely on crude oil,
the need for an extensive and reliable pipeline network becomes even more
pronounced, cementing the growth prospects of the global crude oil pipeline
market for the foreseeable future.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
Crude oil
pipeline Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented by Type (Carbon Steel Tubing, Oil-resistant Rubber Hose), By
Application (Onshore Pipeline, Offshore Pipeline), By Region, Competition,
2018-2028”, has evaluated the future growth potential of global Crude
oil pipeline market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global Crude oil
pipeline market.
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