LOS ANGELES, May 29, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Oil Pipeline Infrastructure Market (By Product: Petroleum Product, Crude Oil; By Application: Offshore, Onshore; By Operation: Gathering, Transmission; By Diameter: > 24 Inch, 8 Inch, >8-24 Inch) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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The size of the world market is driven by the rapidly growing demand for energy. Globalization has accelerated international trade and increased demand for trustworthy infrastructure. Major oil-rich economies such as Saudi Arabia, Iran and Iraq invest heavily in infrastructural expansion to promote exports and ensure reliable flows for demand centres. In order to facilitate transport of crude oil and refined products under a long-term supply contract, further development of a dedicated pipeline system will be encouraged.
The oil pipeline industry has grown enormously during the last decade, thanks to global discoveries and the development of the pipeline infrastructure. According to the IEA (International Energy Agency), oil stipulate is likely to grow by 1.2 million barrels per day per year by 2023 and estimated oil demand by 104,7 mbd by 6,9Mbd by 2017. To meet this increase in demand, the number of installation projects has increased. Nearly 3,802 km of pipes are being built globally and is scheduled for 2017. Today, oil is the world's leading electricity fuels.
The global shift towards renewable energy sources thus threatens a massive oil and gas demand, which will pose a major challenge to pipeline and gas power plant growth in the coming years.
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Increased findings of subsea hydrocarbon reserves and recovery of petroleum prices will boost the growth of OPIs. Exxon Mobil and Repsol entered a joint venture in April 2019 to explore and manufacture subsea fields across the Caribbean.
In 2018, the infrastructure of the onshore oil pipeline amounted to more than USD 75 billion. The rapid expansion of the trade sector and increased demand across industries will boost demand for the products. The development of infrastructures will be driven by improved trade relations and rapid globalization.
The petroleum infrastructure market will be driven by the need to boost the interstate and intrastate trade. The industry will have an impact on growth with strict industry standards and codes for product and raw material quality. The trunk lines facilitate the transport between domestic and international borders over a long distance.
Regional Stance
North American market growth is growing as new oil fields and technological progress have been rapidly discovered. The company expects to launch new areas throughout Texas and the Northeast until 2019, boosting oil and gas production. The Government makes substantial investments in upgrading and adding green field infrastructure to market resources.
Increasing energy demand throughout India and China will fuel the Asia Pacific pipeline infrastructure market in particular. By 2022, a maximum of the additional pipelines will be made in the region.
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Key Players & Strategies
Enbridge, TransCanada, Chelpipe, Kinder Morgan, CNPC, Petrobras, Welspun Corporation, Petrochina, Bechtel, Jindal, National Oil Varco, CRC Evans and Europipe are major players in the market. Evans and Europipe are the major operators.
The strategic initiatives chosen by the industry manufacturers to gain a greater market share are the low-cost manufacturing and R&D investment. In addition, mergers & acquisitions in conjunction with leading technology partners will further support the expansion of business.
Petroleum pipelines facilitate the safe movement and maintenance of standard pressure and flow conditions of crude and refined products into demand centres. The transmission infrastructure contains a broad network of pipelines, including large diameter transmission or trunk lines and smaller pipelines, of various sizes and functions. The interstate or intrastate pipeline handles make long journeys easy, while the collecting lines facilitate transport between the well head and the central collection point for processing and storage.
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