Growing need for transporting oil and gas materials has led to an upsurge in demand for oil and gas pipelines globally. In addition, increasing demand for internal processing of the oil and gas materials is projected to impact global market growth of oil and gas pipes positively. Persistence Market Research projects that the global market of oil and gas pipes is projected to reflect a CAGR of 5.1% over the forecast period, 2017-2022.
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Factors Fuelling Growth of the Global Market
Growth of the global oil and gas pipes market is mainly bound to various macro-economic and micro-economic factor. Manufacturers are increasingly adopting advanced technology such as Internet of Things in order to integrate features such as sensing communication and analytical capabilities. Emerging technology integrated in the oil and gas piping system enables the manufacturers to retrieve the data about the transportation activities. Weaving advanced technology through the oil and gas pipeline has further enabled the manufacturers to optimize operations and improve reliability. Manufacturers of the oil and gas pipes will continue to benefit from the emerging technology that retrieves information regarding the piping activities.
Growing demand for oil and gas in the transportation industry is further projected to rev up demand. Moreover, increase in the number of drilling and extraction projects will continue to rev up demand for the oil and gas pipes. Demand for oil and gas pipes will also increase with the growing need to transport oil and gas resources from the production place to the main storage area. Emergence of smart technology like Internet of Things in the oil and gas pipes is further transforming the transportation and management of the oil and gas materials during the extraction and drilling projects. Integration of the piping system with enhanced technology allows the end users to monitor and retrieve data regarding the status of the pipelines, storage and transportation of materials during the offshore and onshore activities.
In order to ensure that safe and protective transportation of oil and gas materials, manufacturers are adopting enhanced techniques and materials that protect the pipelines and the materials from the corrosive environment and extreme temperature. Government in various countries are taking initiatives to encourage smart city developments. This has led to increasing adoption of intelligent techniques among the oil and gas pipe manufacturers. In addition, emergence of smart pigging technology enables the end users to retrieves information regarding the transportation activities and materials transported along with enhanced cleaning process. With this the end users can maintain an accurate database regarding the transportation of oil and gas materials.
However, the end users in the global market prefer opting for high-tech piping system to ensure protective transportation of oil and gas materials. Incorporating high-tech oil and gas piping system requires high investment and resources. Attributed to increasing investment, manufacturers in various developing countries prefer opting for cheaper alternatives. Moreover, installation of the high-tech piping system requires maintenance of the pipes, which could lead to additional expenses. Such factors will continue to hinder the sales of the oil and gas pipes during the forecast period.
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Sales of Stainless Steel Materials to Remain High
Increasing demand for comparatively strong and protective materials for construction of pipes has led to an upsurge in demand for the stainless steel significantly. By material type, the stainless steel segment is projected represent a relatively high revenue growth, accounting for more than US$ 900 Mn by 2022-end. The stainless steel material type segment is projected to reflect a robust CAGR during the forecast period. On the basis of end users, the offshore activities segment is projected to witness the fastest CAGR, representing more than US$ 600 Mn by 2017-end. Based on application, the external transportation and distribution segment is projected to witness the fastest growth, recording more than US$ 900 Mn by 2022-end.
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