Crude oil refers to one of the most coveted and economically mature commodities across the globe. However, only a small number of companies produce crude oil and at very remote areas. It happens many a times that consumption points are far away from the site of production. Nevertheless, crude oil trade is highly robust, lucrative, and international in nature. A large chunk of the crude oil transactions engages delivery through waterway in oil supertankers. Traders in crude oil are capable of rapidly redirecting such transactions to markets where the price is on the much higher end. Growing importance of crude oil transportation is expected to bolster development of the global crude oil pipelines market over the tenure of analysis, from 2020 to 2030.
Pipelines play an extremely important role in the trade of crude oil at an international level and logistics of crude oil products. They enable hassle-free access to far off fields of crude oil, which are comparatively inexpensive and easy means of oil. Besides, it comes easier to transport crude oil products in comparison with railways. Pipelines are important for regions with limited or absolutely no access to the sea. In addition, oil and gas pipelines are widely utilized in applications comprising setting up and distribution of line pipeline. Such extensive use of pipeline is anticipated to support growth of the global crude oil pipelines market in the years to come.
Pipeline type and region are the two important parameters based on which the global crude oil pipelines market has been classified.
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global crude oil pipelines market is mentioned as below:
Some of the prominent organizations in the global crude oil pipelines market comprise the below-mentioned:
The global crude oil pipelines market is characterized by the presence of the following restraints, drivers, and opportunities.
The growth of the global crude oil pipelines market is likely to be influenced by the rising demand for crude oil across the globe. According to the estimates of International Energy Agency (IEA), around 1 Mn barrels is needed every day by the end of forecast tenure, from 2020 to 2030. In an effort to meet this ever rising demand for crude oil, the capacity of the pipelines is estimated to be improved and new pipeline-related projects are being commissioned. These factors are estimated to encourage expansion of the global crude oil pipelines market in the future.
In addition to that, rise in activities pertaining to offshore-related exploration, such as ultra-deepwater and deepwater development and production are anticipated to open up plethora of opportunities for the global crude oil pipelines market over the tenure of assessment.
On the other hand, growing shift toward renewable sources of electricity is likely to pose a setback for the market in the forthcoming years.
North America is estimated to emerge as one of the leaders in the global crude oil pipelines market and is likely to retain its dominance over the timeframe of analysis, from 2020 to 2030., Presence of many market players together with increased activities pertaining to crude oil exploration is likely to add to the growth of the market. Asia Pacific is likely to emerge as one of the rapidly growing regions, thanks to the rising demand for crude oil in the region.
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