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Crude Oil Pipeline Transport Market 2024 - By End-User Analysis, Competitive Landscape And Industry Overview 2033
Crude Oil Pipeline Transport Market
According to The Business Research Company's, The crude oil pipeline transport market size has grown strongly in recent years. It will grow from $69.32 billion in 2023 to $74.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to global energy demand and consumption, geopolitical factors and oil supply chains, economic growth and industrialization, stable and predictable transportation costs, strategic energy security initiatives..
The crude oil pipeline transport market size is expected to see strong growth in the next few years. It will grow to $99.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to continued global energy demand growth, expansion of oil exploration and production, shifts in global oil trade dynamics, environmental and regulatory considerations, investments in pipeline infrastructure projects.. Major trends in the forecast period include government regulations and compliance, remote monitoring and control systems, pipeline security measures, technological innovations in leak detection, collaboration and partnerships in the industry..
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Market Drivers and Trends:
The surge in the demand for oil and gas is expected to propel the growth of the crude oil pipeline transport market going forward. Oil and gas are the fossil fuels in their liquid and gaseous states, respectively, that are used in various industries such as transportation, insulation, plastic, clothing, furniture, food, and automation. Due to its safety and low maintenance cost, pipeline transportation is considered to be one of the most commonly used ways for transportation of crude oil and gases from nearby or far oil wells to oil tankers. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there is an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, a surge in the demand for oil and gas is anticipated to fuel the crude oil pipeline transportation market.
Technological advancements have emerged as a key trend gaining popularity in the crude oil pipeline transport market. Major players operating in the crude oil transport market are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in November 2021, Schneider Electric SE, a France-based oil pipeline company, partnered with Prisma Photonics, an Israel-based company operating in designing and manufacturing fiber sensing for oil and gas infrastructure, introduced the PrismaFlow with the integration of real-time intelligence and precise monitoring to prevent accidental and malicious activity, which enhances efficiency and sustainability in energy transportation via pipelines and avoids resource loss. PrismaFlow is a pipeline monitoring solution made up of both hardware and software, significantly lowering positive and negative false alarm rates as compared to other fiber-sensing technology. PrismaFlow offers improved event classification and detection with a precision of less than 10m and can recognize multiple simultaneous events without interference or crosstalk.
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Major Key Players of the Market:
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.
Crude Oil Pipeline Transport Market 2024 Key Insights:
• The crude oil pipeline transport market will grow to $99.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Surging Oil And Gas Demand Drives Expansion In Crude Oil Pipeline Transport Market
• Crude Oil Pipeline Transport Market Adopts Advanced Technologies For Enhanced Efficiency
• North America was the largest region in the crude oil pipeline transport market in 2023
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