Technavio analysts forecast the global oil and gas pipeline and transportation automation market to grow at a CAGR of over 7% during the forecast period, according to their latest market research report.
The growing LNG trade is one of the major trends being witnessed in the global oil and gas pipeline and transportation automation market 2018 – 2022. LNG transportation has been increasing due to new LNG trade routes and ramping up of LNG supply in the traditional market. The increasing focus on clean energy is one of the major drivers for the growth in LNG trade as several countries are trying to increase the share of natural gas in their energy mix.
According to Technavio analysts, one of the key factors contributing to the growth of the global oil and gas pipeline and transportation automation market is the need to capitalize on the growth momentum in oil and gas pipeline market.
The crude oil and gas market is slowly moving toward recovery. The crude oil prices crossed the US$60 per barrel benchmark in 2017, followed by US$70 benchmark in 2018. The recovery of crude oil prices in late 2017 gave confidence to the oil and gas industry, resulting in the announcement of several upstream projects that were earlier postponed or canceled due to low crude oil prices.
According to a senior market research analyst at Technavio, “Most of the growth in the pipeline market in the Middle East will arise from new crude oil pipelines. Africa will catalyze the growth in the number of new gas pipelines on account of new gas discoveries. The increasing energy demand in Asia has resulted in the commencement of several cross-country and intra-country pipelines.”
The global oil and gas pipeline and transportation automation market research report provides market segmentation by application (pipeline and LNG and terminal), by end-user (hospitals and clinics, ASCs, dialysis centers, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the pipeline segment held the largest market share in 2017, contributing to over 91% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for more than 37%. It was followed by EMEA and APAC respectively. The Americas is anticipated to project the fastest growth during the forecast period.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02082018/global-oil-and-gas-pipeline-and-transportation-automation-market-2018-2022/
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