Ottawa, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The global oil and gas infrastructure market size accounted for USD 706.9 billion in 2023 and is expanding at a notable CAGR of 6.35% from 2023 to 2032, According to Precedence Research.
The structures, installations, and machinery needed by energy corporations to operate are referred to as oil and gas infrastructure. Infrastructure is required for upstream oil and gas firms to discover and exploit energy resources. The infrastructure to refine and process fuel is available to midstream producers. Also, downstream producers supply and sell oil and gas to retail businesses using the infrastructure.
The corporate environment will be improved by improvements in technical solutions and significant research and development efforts. For instance, Halliburton announced in July 2021 that it had signed a deal to provide chemicals and related services to IOC in Oman. The seven-year contract with the company will support specialized services and supplies that will boost in-field chemical treatments.
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Growth Factor:
The market for oil and gas infrastructure has identified technological developments as the primary trend that is growing in popularity. To improve their position in the market, major players in the oil and gas infrastructure sector are creating cutting-edge technology. For instance, the US-based aircraft technology giant Airbus will introduce satellite-based inspection services for oil and gas infrastructure in August 2022. Before harm or damage is done to the environment, its inhabitants, or its equipment, oil and gas infrastructure inspection is necessary to identify issues that could jeopardise infrastructure integrity. With the rapid advancement of satellite technology, it is now feasible to see photos at incredibly high resolutions.
According to Pleiades Neo, optical images can have a resolution of 30 cm while radar images can have a resolution of 25 cm (TerraSAR-X). Astonishing 15 cm resolution is now provided by the recently announced Pléiades Neo HD15 imaging product. These tremendously high resolutions make it possible to inspect pipes, machines, and other equipment in great detail. The ideal sensor will depend on the application at hand and the quantity of cloud cover. Radar sensors, on the other hand, can see through clouds and offer monitoring that is not reliant on the weather or the time of day.
Regional Stance:
Leading pipeline firms have chosen to operate in North America as a result of the availability of highly integrated distribution and transmission networks that can transport natural gas to and from any state across the area. With over 80% of the region's total pipeline length located in the United States, it is the primary hub for gas pipeline infrastructure.
One of the main causes of the regional market expansion is the replacement and expansion of the current pipeline infrastructure. For instance, the Trans Mountain pipeline project, which would extend the pipeline by 600 miles and boost its capacity from 300,000 bpd to 890,000 bpd, was approved by Canada's Federal Court of Appeal in February 2020. After the United States and the Russian Federation, China is the third-largest consumer of natural gas. The International Energy Agency predicts that the nation would surpass all other importers by 2022 as a result of significant investments spurred by rapid regional demand growth and government initiatives to improve air quality.
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Report Highlight:
By Category, Surface and lease equipment, oil, gas and NGL pipelines, collection and processing, oil & gas storage, export terminals and refining & oil products transport are the categories into which the industry has been classified. While continuous investments in greenfield development projects are anticipated to raise product demand, the gathering and processing segment is anticipated to grow significantly over the course of the forecasted years. Throughout the course of the review period, segmental expansion is expected to be further accelerated by the exploration of unconventional deposits. As a result of government initiatives aimed at decreasing emissions, the refining and transport of oil products segment is expected to experience strong market growth through 2030. This growth will be backed by a paradigm shift towards a gas-based power-generating infrastructure.
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By Deployment, In North America, there will likely be significant investments made in the offshore sector. The United States has started to focus on shale oil and gas extraction in order to meet its increasing demand for petroleum goods. Lowering transportation risks, guaranteeing structural integrity, and safeguarding persons and property all depend on services for pipeline integrity. These services are crucial in preventing geo-hazardous conditions around the pipeline and protecting it from corrosion. For instance, Metegrity's Pipeline Enterprise software will be used as the construction quality management system for Enbridge's upcoming pipeline project in North America, the Enbridge Line 3 Replacement Pipeline (CQMS).
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Oil and Gas Infrastructure Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 706.9 Billion |
| Market Size by 2032 | USD 1,230.25 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.35% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Category, By Operation, and By Deployment |
Market Dynamic:
Driver
favourable governmental regulations for the oil and gas sector
The market data will be affected by favourable government policies towards conventional resources and a high demand for natural gas. The oil & gas infrastructure market will also benefit from increased investment in lease equipment and surface design with cutting-edge technological improvements throughout the upstream sector. For instance, Enterprise Products announced in March 2022 that it would buy the midstream business Navitas Midstream Partners from the private equity firm Warburg Pincus. The $3.25 billion deal will help the corporation build out its natural gas pipeline network in the area.
The Midland Basin, one of the U.S.'s most economically and crude oil-prolific basins, now has access to Enterprise's natural gas liquid and natural gas processing operations. The industry will be stimulated by the expansion of LNG transportation and storage infrastructure as well as energy security concerns. The improvement of refinery capacity through refurbishment, replacement, and upgrade of existing refineries will drive the global oil & gas infrastructure market. Also, government initiatives to assist the gas-based economy will encourage business dynamics by offering subsidies and incentives from regulatory bodies towards the adoption and use of sustainable energy sources.
Restrain
High Initial Cost
Currently, the largest investments are being made in solar PV and wind energy, with leading individual businesses spending an average of 5% on projects outside of the core oil and gas supply. By acquiring existing non-core businesses, such as those in power distribution, electric car charging, and batteries, some oil and gas firms have also expanded into new markets while boosting up their R&D efforts. To hasten energy transitions, a considerably more significant shift in overall capital allocation is needed.
As of now, less than 1% of all capital expenditure has been invested by oil and gas corporations outside of their primary business areas. There are currently few indications that corporate investment spending will significantly shift. Redeploying capital into low-carbon enterprises requires both compelling investment opportunities in the emerging energy markets and new company-wide capabilities for organisations wishing to diversify their energy operations.
Opportunity
Increased expenditure by oil and gas companies on network and physical security
Oil and gas businesses have been forced to upgrade their security infrastructure as a result of recent cyberattack occurrences. The majority of oil and gas industries have experienced several cyberattacks recently, which has resulted in significant losses. For instance, the interruptions caused by the Saudi Aramco hack continued to reverberate for months as a description of the significance of preventing such attacks. Iraq and other large oil-producing nations in the MEA region had experienced similar situations in the past, which stimulated investment in network and physical security.
In addition, the Bring Your Own Device (BYOD) trend is consolidating in light of the COVID-19 pandemic, which increases the risk of phishing assaults for oil and business organisations. As a result, it is projected that in the years to come, network security and firewall usage would increase significantly. 82% of firms embraced BYOD, according to a joint survey by Cisco and BT of 2,200 office workers, business owners, and IT decision makers across 13 countries and 9 industry verticals.
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Recent Development:
- The building of Section II of the Mumbai-Nagpur Pipeline Project (Part A) for GAIL (India) Ltd. will begin in June 2022, and the contract has been given to Kalpataru Power Transmission Ltd (KPTL).
- December 2022: Argentina received USD 689 million in finance for the second stage of a natural gas pipeline in the Vaca Muerta shale region from the Brazilian state development bank BNDES.
- The U.S. Pipeline and Hazardous Materials Safety Agency (PHMSA) intends to investigate research on the effects of hydrogen on transportation pipes in October 2021. This study will contribute to the long-term objective of decarbonizing sectors like heavy industry.
- Fuel Transportation Pipeline of Thailand stated in September 2021 that it would send oil through the nation's longest pipeline, which is around 576 km long. 9 billion litres will be transported annually by the pipeline. Due to its innovative technology, the pipeline can transmit petrol, diesel and aviation fuel over the same channel.
Market Key Players:
- DCP Midstream
- Gazprom
- General Electric
- MRC Global
- National Oilwell Varco
- Nippon Steel Corporation
- Redexis
- Tenaris Inc
- TMK Group
- United States Steel Corporation
Market Segmentation:
By Category
- Surface And Lease Equipment
- Gathering And Processing
- Gas And NGL Pipelines
- Oil And Gas Storage
- Refining And Oil Products Transport
- Export Terminals
By Operation
- Transmission
- Distribution
By Deployment
- Onshore
- Offshore
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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