COVID-19 Impact on Oil and Gas Pipeline Market
- The COVID-19 outbreak is hampering the demand for oil and gas pipeline in many applications. Financial position of companies has been adversely affected during the pandemic. Oil and gas pipeline deals in most of the countries were deferred due to the lockdown conditions imposed by governments. The U.S. and India were the most affected countries. These countries witnessed a decline in power supply consumption. Lockdowns also affected gas consumption in these countries.
- The COVID-19 pandemic has adversely impacted the development of the global oil & gas pipeline market. Key players in the oil and gas sector are struggling with decreasing demand, ensuring employee security and business strength, and oil price wars. They need to focus building a flexible business that can lead to long-term pliability as the world comes out of the Covid-19 crisis.
- The industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
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Key Drivers of Oil and Gas Pipeline Market
- Technological advancement is driving the growth of the market. Innovative techniques for protective transportation have allowed manufacturers to embrace enhanced technologies such as Internet of Things (IOT).
- Accessibility of raw material at low cost as compared to other resources is also boosting the market. Rising demand for natural gas in power generation and transportation industries is expected to drive the oil and gas pipeline market in the near future.
Restraints of Oil and Gas Pipeline Market
- Insubstantial water development and unstable infrastructure are hampering the market
- High cost of raw materials of oil and gas pipeline is also restraining the market
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Global Oil and Gas Pipeline Market: segmentation
- The oil and gas pipeline market can be segmented in terms of type, application, and sector
- Based on type, the global market can be segmented into crude oil pipeline, and natural gas pipeline. The crude oil pipeline segment is expected to lead the global market between 2021 and 2031.
- Based on application, the global market can be segmented into onshore and offshore. The onshore segment is expected to expand at significant pace during the forecast period.
- Based on sector, the global market can be classified into upstream, midstream, and downstream. The upstream segment is expected to hold the major share of the market during forecast period.
Global Oil and Gas Pipeline Market: Regional Segmentation
- in terms of region, the global oil and gas pipeline market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounts for the major share of the oil and gas pipeline market. It has 1600 active pipelines. The U.S. has the longest crude oil, petroleum products, natural gas, and NGL pipelines network in North America. The lengthiest crude oil pipeline in the region is Lakehead System. Magellan system is the longest petroleum product pipeline in the region. NGTL System is the longest natural gas pipeline in the region. The longest NGL pipeline in the region is Mid America System.
- Europe is expected to hold the second highest share of the global market during the forecast period. There are over 700 active pipelines in Europe. France, Germany, Romania, and the U.K. have the lengthiest crude oil, petroleum product, natural gas, and NGL pipelines network, respectively, in Europe.
- Rise in demand for oil and gas pipelines and new infrastructure in Asia Pacific is an important factor driving the oil and gas pipeline market in the region
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Competitive Landscape of Global Oil and Gas Pipeline Market
Major players operating in the global oil and gas pipeline market are adopting various growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Tenaris Inc
- TMK Group
- Nippon Steel Corporation
- ChelPipe Group
- Gazprom
- Chevron Corporation
- ConocoPhilips
- National Oilwell Varco
- Maharashtra Seamless Ltd
- Subsea 7 S.A.
- TechnipFMC
- Welspun Corp Ltd.
- Royal Dutch Shell P.L.C.
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