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Crude Oil Pipeline Transport Market to Surpass $97.73 Billion by 2029 | Key Trends & Insights
Crude Oil Pipeline Transport
How Will the Crude Oil Pipeline Transport Market Grow by 2025 in Terms of Size and Growth?
The market size of the crude oil pipeline transportation sector has been demonstrating robust growth lately. It's projected to escalate from $67.8 billion in 2024 to $72.93 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.6%. Factors contributing to this growth during the historical period include worldwide energy consumption and demand, geopolitical influences and oil supply chains, economic advancement and industrialization, constant and foreseeable transportation costs, and strategic initiatives for energy security.
What Are the Estimated Growth Rates for the Crude Oil Pipeline Transport Industry Through 2029?
The market size of crude oil pipeline transport is projected to experience a robust increase in the coming years, reaching $97.73 billion in 2029, showcasing a compound annual growth rate (CAGR) of 7.6%. The upswing during the forecast period can be traced to the incessant rise of global energy needs, augmentation of oil exploration and production, alterations in the international oil trade patterns, environmental and regulatory aspects, and investments in pipeline infrastructure projects. Notable trends of the forecast duration embody governmental regulations and adherence, distant monitoring and control systems, measures for pipeline security, technological breakthroughs in leak detection, and industry collaborations and partnerships.
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What Are the Strategic Drivers Boosting Crude Oil Pipeline Transport Market Performance?
The growth of the crude oil pipeline transport market is anticipated to be fueled by the escalating demand for oil and gas. These fossil fuels, in their liquid and gaseous forms, serve multiple industries like transportation, insulation, plastic, clothing, furniture, food, and automation. Pipeline transportation is favored for conveying crude oil and gases from oil wells to oil tankers due to its safety and cost-effectiveness. For example, the US Energy Information Administration, a US-based organization responsible for collecting, analyzing, and sharing energy data, reported a rise in the U.S. crude oil production to 12.4 million b/d in 2023, up from the record high of 11.7 million b/d in 2022. Additionally, the US saw its highest yearly consumption of natural gas in September 2022, with an average of 86.6 billion cubic feet of natural gas consumed per day in 2022. Hence, the escalating demand for oil and gas is predicted to drive the growth of the crude oil pipeline transport market.
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What Are the Segments in the Crude Oil Pipeline Transport Market?
The crude oil pipeline transport market covered in this report is segmented -
1) By Pipeline Type: Gathering pipeline, Transmission pipeline, Distribution pipeline, Feeder pipeline
2) By Solutions: Security Solutions, Automation And Control, Integrity And Tracking Solution, Network Communication Solutions, Other Solutions
3) By Location Of Deployment: Onshore, Offshore
4) By Service: Consulting Services, Managed Services, Maintenance And Support
Subsegments:
1) By Gathering Pipeline: Onshore Gathering Pipelines, Offshore Gathering Pipelines
2) By Transmission Pipeline: Long-Distance Transmission Pipelines, High-Pressure Transmission Pipelines
3) By Distribution Pipeline: Urban Distribution Pipelines, Rural Distribution Pipelines
4) By Feeder Pipeline: Short-Distance Feeder Pipelines, Regional Feeder Pipelines
What Are the Key Adoption Trends in the Crude Oil Pipeline Transport Market?
Leading corporations in the crude oil pipeline transportation market are leveraging cutting-edge technology like the Industrial Internet of Things (IIoT) to boost operational efficiency, safety, and supply chain optimization. IIoT technology facilitates real-time supervision of machinery, pipelines, and cargo, enabling predictive preservation, decreased downtime, and amplified automation in crude oil logistics. In August 2024, a German-based industrial solutions company named Henkel introduced advanced monitoring solutions known as Smart Rotating Equipment Monitoring and Smart Pipes and Tanks Leak Detection. These technologies aim to bolster safety and efficiency in industrial processes, notably in the oil and gas industry. The Smart Pipe and Tank system is engineered for early detection of hydrocarbon leaks. This progressive retrofit monitoring solution tackles significant environmental hazards linked to pipeline and tank leaks, which can result in water pollution and fire risks. The Smart Rotating Equipment Monitoring possesses a six-in-one plug-and-play sensor that enables simultaneous tracking of six imperative data parameters, including vibration, magnetic flux, and acoustic emissions. This functionality simplifies the monitoring process, guaranteeing enhanced performance and accuracy for critical machinery like pumps, motors, and gearboxes.
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Which Companies Lead the Competitive Landscape of the Crude Oil Pipeline Transport Industry?
Major companies operating in the crude oil pipeline transport market include ABB Ltd., Emerson Electric Co., TechnipFMC PLC, Schneider Electric SE, Environmental Systems Research Institute Inc. (ESRI), Rockwell Automation Inc., Siemens Energy AG, Trimble Inc., 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.
Where Are the Key Crude Oil Pipeline Transport Market Opportunities by Region?
North America was the largest region in the crude oil pipeline transport market in 2024. Asia-Pacific is expected to be the fastest-growing region in the crude oil pipeline transport market report during the forecast period. The regions covered in the crude oil pipeline transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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