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Refined Petroleum Products Pipeline Transport Market Report 2024 - Refined Petroleum Products Pipeline Transport Market Insights, Demand And Trends
Refined Petroleum Products Pipeline Transport Market
According to The Business Research Company's, The refined petroleum products pipeline transport market size has grown strongly in recent years. It will grow from $52.1 billion in 2023 to $55.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to energy demand growth, infrastructure development, stability in oil prices, geopolitical stability, consumer demand patterns.
The refined petroleum products pipeline transport market size is expected to see strong growth in the next few years. It will grow to $70.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to continued energy demand growth, sustainable transportation practices, modernization of pipeline infrastructure, renewable energy transition, adoption of digital solutions.. Major trends in the forecast period include digitalization of pipeline operations, sustainable pipeline practices, investment in pipeline infrastructure, remote monitoring and control, focus on cybersecurity.
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Market Drivers and Trends:
The increasing demand for oil and gas is expected to propel the growth of the refined petroleum products pipeline transport market going forward. Oil and gas are naturally occurring resources that are commonly referred to as hydrocarbons, and they are used in various industries such as transportation fuels, insulation, and automation. Oil and gas Pipeline transportation is a common method used to move refined petroleum products from nearby or distant oil wells to oil tankers because it is secure and requires little upkeep. For instance, in September 2022, according to the International Energy Agency's (IEA) Oil 2022 report, the global demand for oil and gas is increased by 3.2 million barrels per day in 2022, which is higher than the estimated increase of 2.5 million barrels per day in 2021. Moreover, in March 2023, according to the IEA's short-term energy outlook report, it is anticipated that U.S. crude oil output would surpass the record high achieved in 2019 by reaching 11.7 million b/d in 2022 and 12.4 million b/d in 2023. Therefore, an increasing demand for oil and gas is driving the growth of the refined petroleum products pipeline transport market.
Technological advancement is a key trend gaining popularity in the refined petroleum products pipeline transport market. Major players operating in the refined petroleum products pipeline transport market are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in April 2021, ABB, a Switzerland-based automation company, launched HoverGuard, the world's fastest and most sensitive drone-based gas leak detection system. It detects, measures, and maps leaks up to 100 meters from gathering lines, storage facilities, natural gas distribution and transmission pipes, and other potential sources promptly, safely, and reliably. After a survey, it instantly creates detailed digital reports that summarize the results and may be shared. The cloud-connected, multi-gas solution is also the first UAV-based system to constantly measure the three most significant greenhouse gases, methane, carbon dioxide, and water vapor, while flying. Patented cavity-enhanced laser absorption spectroscopy is 10 times faster and more sensitive than traditional leak detection methods in detecting methane.
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Major Key Players of the Market:
Buckeye Partners L.P; Shell Pipeline Company LP; NuStar Energy L.P.; DTE Pipeline Company LLC; Gulf South Pipeline Company LP; Rockwell Automation Inc.; Schneider Electric SE; Environmental Systems Research Institute Inc.; ABB Ltd.; FMC Technologies Inc.; Alcatel-Lucent Enterprise International SAS; Siemens Aktiengesellschaft; Trimble Inc.; Emerson Electric Co.; Alstom SA; Vertiv Group Corporation; Magellan Midstream Partners L.P.; Enterprise Products Partners L.P.; Kinder Morgan Inc.; TC Energy Corporation; Enbridge Inc.; Colonial Pipeline Company; Marathon Petroleum Corporation; Phillips 66 Partners LP; Valero Energy Corporation; Holly Energy Partners; Plains GP Holdings; SemGroup Corporation; Targa Resources Corp.; TransMontaigne Partners L.P.; Blueknight Energy Partners L.P.; Cheniere Energy Inc.; Dominion Energy Inc.
Refined Petroleum Products Pipeline Transport Market 2024 Key Insights:
• The refined petroleum products pipeline transport market will grow to $70.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Refined Petroleum Products Pipeline Transport Market Surges Amidst Growing Demand For Oil And Gas
• Refined Petroleum Products Pipeline Transport Market Embraces Technological Innovation
• North America was the largest region in the refined petroleum products pipeline transport market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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