Dublin, March 12, 2024 (GLOBE NEWSWIRE) -- The "Pipeline Transport Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The pipeline transport market has grown strongly in recent years. It will grow from $147.83 billion in 2023 to $157.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed during the historical period can be attributed to various factors, including economic growth, infrastructure development, increased energy demand, regulatory changes, and geopolitical considerations. These elements have played a significant role in shaping the growth of pipeline transport as a mode of transportation.
The pipeline transport market is expected to see strong growth in the next few years. It will grow to $205.28 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The projected growth in the forecast period can be attributed to factors such as the transition towards renewable energy sources, the influence of environmental regulations, the emphasis on energy security, the adoption of digitalization and automation, and the pursuit of carbon reduction goals. Notable trends in the forecast period encompass the shift towards safer materials, an increased focus on environmental responsibility, the adoption of smart technologies, the expansion of liquefied natural gas (LNG) infrastructure, and a growing emphasis on cybersecurity within the pipeline transport industry.
The surge in the demand for oil and gas is poised to act as a driving force behind the growth of the pipeline transport market in the foreseeable future. For instance, in June 2023, the International Energy Agency projected a 6% growth in global oil demand between 2022 and 2028, reaching 105.7 million barrels per day (mb/d). This growth is driven by robust demand from sectors such as petrochemicals and aviation. Consequently, the rising demand for oil and gas is a significant catalyst for the expansion of the pipeline transport market.
Pipeline transportation companies are harnessing the potential of augmented reality (AR) for streamlining maintenance operations. In the pipeline transportation sector, AR headsets can be affixed to hard hats and utilized to project hands-free guidance and instructions onto equipment. This assists technicians in performing inspections and conducting maintenance tasks efficiently. AR animations play a pivotal role in enhancing operational efficiency, reducing errors, and minimizing uncertainties by providing step-by-step instructions, showcasing the necessary tools, and identifying required parts.
Prominent companies operating in the pipeline transport market are adopting next-generation gas distribution modules to gain a competitive edge. These modules are designed to enhance safety, efficiency, and environmental sustainability in the distribution of natural gas. Mobile pipeline modules represent an innovative gas distribution system that facilitates the transportation of compressed and renewable natural gas to end users on-demand. For example, in January 2023, Hexagon Group AG introduced the TITAN 450 modules, representing the latest advancement in gas distribution modules, aimed at transporting compressed and renewable natural gas, including both CNG and RNG, throughout North America. The TITAN 450 Mobile Pipeline modules enable the secure transport of nearly half a million standard cubic feet of CNG or RNG within a 40-foot module, resulting in more efficient gas delivery and reduced operational costs. This underscores the commitment of these major companies to innovation and environmentally responsible practices in the pipeline transport market.
North America was the largest region in the pipeline transport market in 2023. Asia-Pacific was the second largest region in the pipeline transport market. The regions covered in the pipeline transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Report Scope
- Markets Covered: 1) By Type: Crude Oil Pipeline Transport; Natural Gas Pipeline Transport; Refined Petroleum Products Pipeline Transport; Other Pipeline Transport; 2) By Solutions: Security Solutions; Automation And Control; Integrity And Tracking Solution; Network Communication Solution; Other Solutions; 3) By Services: Consulting Service; Managed Service; Maintenance And Support
- Key Companies Mentioned: ABB Group; Alcatel-Lucent Enterprise; Emerson Electric Co.; FMC Technologies Inc.; Schneider Electric SE
- Time Series: Five years historic and ten years forecast
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
- Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- ABB Group
- Alcatel-Lucent Enterprise
- Emerson Electric Co.
- FMC Technologies Inc.
- Schneider Electric SE
- Kinder Morgan Inc.
- TransCanada PipeLines Limited
- Enbridge Inc.
- Williams Companies Inc.
- Energy Transfer L.P.
- Plains All American Pipeline L.P.
- Colonial Pipeline Company
- TC PipeLines L.P.
- Dominion Energy Inc.
- Magellan Midstream Partners L.P.
- DCP Midstream L.P.
- Buckeye Partners L.P.
- Crestwood Equity Partners L.P.
- ONEOK Inc.
- Enterprise Products Partners L.P.
- TC Energy Corporation
- Chevron Corporation
- ExxonMobil Corporation
- Phillips 66
- Shell Pipeline Company L.P.
- EnLink Midstream Partners L.P.
- NuStar Energy L.P.
- Noble Midstream Partners L.P.
- Shell Midstream Partners L.P.
- CNX Midstream Partners L.P.
- Pembina Pipeline Corporation
- Keyera Corp.
- Inter Pipeline Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/evwou
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
