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Global Seamless Pipes Market, Growth, Trends, Insights 2024
Seamless Pipes Market Growth
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According to The Business Research Company's, The seamless pipes market size has grown steadily in recent years. It will grow from $235.59 billion in 2023 to $245.82 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets and increasing government initiatives to support steel and steel products, including seamless pipes.
The seamless pipes market size is expected to see steady growth in the next few years. It will grow to $293.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to the growing oil and gas industry, installation of new transmission pipelines, expanding chemical industry and rapid industrialization and growth in manufacturing industries. Major trends in the forecast period include focus on investments in low-emission furnaces, focus on developing new technological solutions, focus on research and development (r&d) facility expansion, focus on mergers and acquisitions and focus on developing new, innovative products.
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Market Drivers and Trends:
The installation of new transmission pipelines is expected to propel the growth of the seamless pipes market going forward. Transmission pipelines refer to large-diameter steel pipes, used to transport crude oil from their respective gathering systems to refining, processing, or storage facilities. Transmission pipelines help the seamless pipes market grow by operating at high pressure and temperature to move natural gas from compressor stations and storage facilities to regulators. For instance, in November 2022, according to the US Energy Information Administration (EIA) (a US-based principal agency responsible for collecting, analyzing, and disseminating energy information), new transmission pipelines with approximately 3 million miles of mainline were built, and additional pipelines are being built to connect natural gas production areas and storage facilities with consumers. In 2021, this natural gas transportation network delivered approximately 27.6 trillion cubic feet of natural gas to approximately 77.7 million consumers. Therefore, installing new transmission pipelines across the globe drives the seamless pipes market.
Technological advancements are a key trend gaining popularity in the seamless pipes market. Major players operating in the seamless pipes market are focusing on developing innovative products for various industries such as oil and gas, hydrogen energy, and others to strengthen their position in the market. For instance, in July 2021, TMK Company, a Russia-based manufacturer of seamless pipes developed smart pipes for trunk gas pipelines with Gazprom, a state-owned multinational energy corporation based in Russia. The world's first technical solution was developed to monitor and diagnose pipeline infrastructure integrity. The pipes have uniquely built-in sensors, which provide updates on gas pipeline stress-strain behavior in real time and assess its remaining service life to prevent emergencies.
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Major Key Players of the Market:
Orsted AS, Iberdrola SA, Enel Spa, Brookfield Corporation, Acciona SA, NEXTERA ENERGY INC, EDF SA, Xcel Energy Inc, The Tata Power Company Limited, Innergex Renewable Energy Inc, Adani Green Energy Limited, NTPC Limited, ReNew Power Private Limited, Suzlon Energy Limited, Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, JinkoSolar Holdings Co. Ltd, Tina Solar Ltd, Japan Renewable Energy Co. Ltd, JinkoSolar Holding Co. Ltd, Enova Community Energy Ltd, AGL Energy Ltd, Origin Energy, Voltlage, EOLFI, ABO Wind AG, EnviTec Biogas, CropEnergies, Siemens Energy, Peimar Srl, Edison SpA, Siemens Gamesa Renewable Energy SA, Gruppo STG Srl, OG (Ofer Global) Energy, Virtual Power Plant, ?EZ Group, RusHydro, Hevel LLC, Fortum Oyj, Rosseti PJSC, Enel S.p.A, Energias de Portugal S.A, General Electric Company, First Solar Inc, Northland Power, Tesla, SunPower Corporation, National Grid Renewables, Duke Energy Corporation, Inventure Renewables Inc, Algonquin Power & Utilities Corp, TransAlta Renewables, Arrebeef SA, 360 Energy SA, Genneia SA, YPF Luz, Pampa Energia SA, Atlas Renewable Energy, ArcelorMittal, Elera Renováveis, Enel Green Power, Akuo Energy SAS, Enerwhere, Yellow Door Energy, BELECTRIC Solar & Battery GmbH, Doral Group, Energix Renewable Energies Ltd, Enlight Renewable Energy Ltd, Econergy Renewable Energy Ltd, BioTherm Energy, Sasol Solar Power, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N'diaye Wind Farm
Seamless Pipes Market 2024 Key Insights:
• The seamless pipes market size is expected to see steady growth in the next few years. It will grow to $293.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Seamless Pipes Market Growth Fueled By Expansion Of Transmission Pipelines Worldwide
• Rising Significance Of Technological Advancements In The Seamless Pipes Market
• North America was the largest region in the seamless pipes market in 2023
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The Business Research Company ( https://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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