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Oil And Gas Infrastructure Market Statistics, Emerging Trends, Key Drivers And Forecast To 2033
Oil And Gas Infrastructure Market
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According to The Business Research Company's, The oil and gas infrastructure market size has grown strongly in recent years. It will grow from $684.96 billion in 2023 to $744.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to energy demand growth, resource accessibility, market price volatility, infrastructure modernization, carbon emission concerns.
The oil and gas infrastructure market size is expected to see strong growth in the next few years. It will grow to $1032.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to risk mitigation strategies, flexibility for market shifts, financial and investment trends, resilience in supply chain, remote operations integration. Major trends in the forecast period include energy demand dynamics, resource accessibility, shift to renewable energy, market volatility, geopolitical factors.
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Market Drivers and Trends:
The increasing energy demand is expected to propel the growth of theoil and gas infrastructuremarket going forward. Energy refers to the power sources that are utilized to run any machinery, equipment, or tools needed for repairs. The energy demand creates opportunities for significant investments in oil and gas infrastructure, diversification of energy sources, global energy security, support industrialization, and allows for the efficient extraction, processing, and transportation of energy resources. For instance, in April 2023, according to the Energy Information Administration, a US-based government agency, energy usage in the US industrial sector was projected to rise by 5% to 32% between 2022 and 2050. Therefore, the increasing energy demand is driving the growth of the oil and gas infrastructure market.
Technological advancements have emerged as the key trend gaining popularity in the oil and gas infrastructure market. Major companies operating in the oil and gas infrastructure market are developing innovative technologies to strengthen their position in the market. For instance, in August 2022, Airbus, a US-based company that deals in aerospace technology develops satellite-based inspection services for oil and gas infrastructure. Inspection of oil and gas infrastructure is required to find problems that could compromise infrastructure integrity before injury or damage is done to the environment, its inhabitants, or its equipment. Satellite technology is advancing quickly, and now it is possible to view photographs at extremely high resolutions. Radar pictures have a resolution of 25 cm and optical images up to 30 cm, respectively (Pléiades Neo) (TerraSAR-X). The Pléiades Neo HD15 imaging product, which was just released, now delivers an amazing 15 cm resolution. These extremely high resolutions enable incredibly thorough inspection of facilities, machinery, and other equipment as well as pipes. The application at hand and the amount of cloud cover will determine which sensor is best.
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Major Key Players of the Market:
NGL Energy Partners LP, Centrica PLC, Kinder Morgan Inc., Schlumberger Limited, Royal Vopak NV, Shell plc, Exxon Mobil Corporation, Baker Hughes Company, Chevron Corporation, TotalEnergies SE, ConocoPhillips Company, British Petroleum plc, Energy Transfer LP, Marathon Oil Corporation, Occidental Petroleum Corporation, Hatch Ltd., Aker Solutions ASA, Subsea 7 S.A., Saipem S.p.A., Fluor Corporation, KBR Inc., WorleyParsons Limited, Bechtel Corporation, CH2M Hill Companies Ltd., SNC-Lavalin Group Inc., Petrofac Limited, Chicago Bridge & Iron Company N.V., Shawcor Ltd., The Shaw Group Inc., Foster Wheeler AG
Oil And Gas Infrastructure Market 2024 Key Insights:
• The oil and gas infrastructure market size is expected to see strong growth in the next few years. It will grow to $1032.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Natural Gas Boom Fuels Soaring Growth In Oil And Gas Infrastructure Market
• Innovative Satellite-Based Inspection Services Transforming Oil And Gas Infrastructure Market
• Europe was the largest region in the oil and gas infrastructure market in 2023
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