Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Crude Oil Pipeline Transport Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
A comprehensive market analysis indicates a promising trajectory for the crude oil pipeline transport sector, with projections of substantial growth. The report accentuates the escalation of the market size from $69.32 billion in 2023 to an anticipated $99.29 billion by 2028, charting a compound annual growth rate of 7.5%.
The robust expansion within the crude oil pipeline transport market is rooted in the burgeoning global demand for energy and the strategic deployment of pipeline infrastructure projects. Moreover, advances in technology are poised to redefine the landscape of this market. Industry players are diligently adopting innovative solutions for remote monitoring and ensuring pipeline integrity to bolster safety and operational efficiency.
Industry Growth Drivers:
- The increment in global energy consumption and the insatiable need for oil across diverse industrial domains.
- Geopolitical developments and strategic energy security initiatives that underscore the importance of reliable pipeline transportation.
- An uptick in investments that bolster infrastructure capabilities, enhancing the optimal delivery of crude oil through pipelines.
Investments in infrastructure development across key regions serve as critical catalysts propelling market growth. Technological innovations emerge as a significant trend, with numerous entities within the industry prioritizing the implementation of advanced systems for monitoring, security, and leak detection.
Technological Advancements: Revolutionizing Pipeline Efficiency and Security
The integration of sophisticated technologies like real-time intelligence monitoring systems and vibroacoustic wave detection illustrates the market's commitment to pushing the boundaries of efficiency and security within the industry.
Strategic Acquisitions
The report details strategic acquisitions such as Energy Transfer LP's acquisition of Enable Midstream Partners LP, which signifies consolidation within the market aimed at amplifying pipeline capacities and enhancing the coherence of the transportation and storage network.
Major Market Contributions
The North American region is leading the charge in the crude oil pipeline transport market, while Asia-Pacific is set to become the fastest-growing region during the forecast period. The report highlights the crucial roles played by prominent companies in various market segments and offers insights into their operational strategies and innovations.
Market Segmentation
The market is dissected by both pipeline types and services offered, with a focus on gathering, transmission, distribution, and feeder pipelines. The array of services span from consulting to managed services, along with maintenance and support activities.
This extensive crude oil pipeline transport market research report serves as an invaluable resource for stakeholders, offering a panoramic view of the current industry landscape and future prospects. It lays down a thorough analysis of market dynamics, regional analysis, and the competitive environment to equip businesses and investors with essential insights for strategic decision-making.
Understanding the Market Scope
The report's market value definition encompasses the comprehensive revenues accrued by enterprises in the crude oil pipeline transport industry. It delves into consumption values within specific geographies, ensuring a holistic understanding of market performance and potential. Industry participants, investors, and other stakeholders can access this detailed analysis on our website for a broad understanding of the crude oil pipeline transport market. The report's in-depth insights are poised to guide strategic planning and investment decisions in this burgeoning space.
A selection of companies mentioned in this report includes
- ABB Ltd.
- Alcatel-Lucent Enterprise
- Emerson Electric Co.
- TechnipFMC PLC
- Schneider Electric SE
- Environmental Systems Research Institute Inc. (ESRI)
- Rockwell Automation Inc.
- Siemens Energy AG
- Trimble Inc.
- Alstom SA
- John Wood Group PLC
- Tenaris S.A.
- TMK Group
- ChelPipe Group
- Huawei Technologies Co Ltd.
- Honeywell International Inc.
- TC Energy Corporation
- Enbridge Inc.
- Kinder Morgan Inc.
- Magellan Midstream Partners LP
- Phillips 66 Partners LP
- Enterprise Products Partners LP
- Marathon Petroleum Corp.
- Colonial Pipeline Co.
- Explorer Pipeline Co.
- Plains GP Holdings LP
- Western Refining Logistics LP
- Delek Logistics Partners LP
- SemGroup Corp.
- Targa Resources Corp.
- Williams Cos. Inc.
- Dominion Energy Inc.
For more information about this report visit https://www.researchandmarkets.com/r/x4vomi
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