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Gas Pipeline Infrastructure Market 2024 - By Size, Trends, Opportunities And Forecast To 2033
Gas Pipeline Infrastructure Market
According to The Business Research Company's, The gas pipeline infrastructure market size has grown steadily in recent years. It will grow from $2673.87 billion in 2023 to $2778.98 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to industrial revolution and urbanization, energy demand growth, resource discovery and extraction, government policies and investments, infrastructure modernization, environmental concerns and regulations..
The gas pipeline infrastructure market size is expected to see steady growth in the next few years. It will grow to $3238.13 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to renewable energy integration, shift towards natural gas usage, infrastructure modernization programs, global energy demand growth, international pipeline projects. . Major trends in the forecast period include transition to renewable energy, smart pipeline technologies, expansion of lng trade, focus on pipeline safety, evolving geopolitical dynamics..
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Market Drivers and Trends:
An increase in oil and gas consumption is expected to propel the growth of the gas pipeline infrastructure market going forward. Oil and gas refers to the external drilling, production, gathering, refining, distribution, and transportation of oil and gas. Higher oil and gas consumption typically leads to increased demand for energy transportation via pipelines. This drives the expansion and development of gas pipeline infrastructure to meet the growing demand for transporting these resources from production sites to consumption areas. For instance, in April 2023, according to the report published by the Energy Information Administration, a US-based federal statistical system, in 2021, oil consumption climbed by 5.3 million barrels per day (b/d). It is further expected to increase by 1.4 million b/d in global liquid fuel consumption in 2023, and 1.8 million b/d in 2024. Therefore, an increase in oil and gas consumption is driving the growth of the gas pipeline infrastructure market.
Major companies operating in the gas pipeline infrastructure market are developing strategic partnerships to combine their resources and expertise, achieving cost efficiencies and improving the economies of scale, which is crucial for large-scale pipeline projects. Partnerships enable companies to share the risks associated with pipeline projects, reducing the financial burden on individual partners and making it easier to secure funding for the infrastructure. For instance, in July 2022, DNV, a Norway-based company providing technical advice and support partnered with Pipeline Infrastructure Limited (PIL), an India-based pipeline infrastructure company to integrate hydrogen into PIL's gas network assets in India. DNV is providing technical advice and support to PIL on the integration of blended hydrogen into its gas network assets. The collaboration is part of DNV's commitment to realizing the goals of the Paris Agreement and supporting customers to transition faster to a deeply decarbonized energy system.
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Major Key Players of the Market:
Gazprom Neft PJSC; Snam SpA; MRC Global Corporation; Crutcher Rolfs Cummings Inc.; National Oilwell Varco Inc.; General Electric Company; PT Pertamina Gas Negara Tbk; TechnipFMC plc; Kinder Morgan Inc.; Saipem SpA; Enbridge Inc.; Europipe GmbH; Australian Pipeline Limited; Alliance Pipeline Ltd.; DCP Midstream Partners LP; Redexis Gas SA; ChelPipe Group; TC Energy Corporation; Tenaris Inc.; Trubnaya Metallurgicheskaya Kompaniya Group; Mott Macdonald Group Ltd.; Nippon Steel Corporation; TotalEnergies SE; Chevron Corporation; British Petroleum plc; Qatar Jet Fuel Company; Allied Aviation Services Inc.; Bharat Petroleum Corp. Ltd.; McDermott International Inc.; Pembina Pipeline Corporation
Gas Pipeline Infrastructure Market 2024 Key Insights:
• The gas pipeline infrastructure market will grow to $3238.13 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
• The Impact Of Rising Oil And Gas Consumption On The Gas Pipeline Infrastructure Market
• Strategic Partnerships Driving Growth And Decarbonization In The Gas Pipeline Infrastructure Market
• North America was the largest region in the gas pipeline infrastructure market in 2023
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