Increase in demand for oil & gas, rise in the production of offshore resources, and surge in demand for cost efficient transportation system for chemicals and other liquids drive the growth of the global pipeline transportation market. By service, the maintenance and support segment contributed to the major share in 2020. By region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.
Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pipeline transportation market was estimated at $16.3 billion in 2020 and is expected to hit $34.8 billion by 2030, registering a CAGR of 7.9% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in demand for oil & gas, rise in the production of offshore resources, and surge in demand for cost efficient transportation system for chemicals and other liquids drive the growth of the global pipeline transportation market. On the other hand, presence of intrusion and leakage detection during transportation impede the growth to some extent. However, emerging technologies to overcome pipeline transportation are expected to pave the way for lucrative opportunities in the industry.
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The complete lockdown across the globe led to the shutdown of various industries which gave way to decline in demand for petroleum and chemical raw materials to manufacture several finished products, which impacted the global pipeline transportation market negatively, especially during the initial phase.
However, to overcome the situation, several government bodies have now started investing toward the development of transportation pipelines, and the market is expected to recoup soon.
The global pipeline transportation market is analyzed across type, solutions, services, and region.
By solutions the network communication solution segment held the highest market share in 2020, holding around one-third of the global market. The same segment is also projected to manifest the fastest CAGR of 8.2% from 2021 to 2030.
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By service, the maintenance and support segment contributed to the major share in 2020, accounting for nearly two-fifths of the global market, and is expected to lead the trail during the forecast period. The same segment is also anticipated to cite the fastest CAGR of 8.5% from 2021 to 2030.
By region, Asia-Pacific held the highest market share in terms of revenue 2020, garnering nearly two-fifths of the global market. The same region is also expected to showcase the fastest CAGR of 8.9% throughout the forecast period. The other provinces discussed in the report include North America, Europe and LAMEA.
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The key market players analyzed in the global pipeline transportation market report include ABB Ltd., Schneider Electric, Siemens, Alcatel-Lucent, ESRI, Alstom, Trimble Navigation Limited, Emerson, Rockwell Automation, and FMC Technologies. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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