(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "Gas Pipeline Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets's offering.
Global Gas Pipeline Market was valued at USD 2.3 Trillion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 3.9%through 2028.
Growing natural gas demand across key industries including power generation, residential and commercial, manufacturing, and the chemical is anticipated to boost the usage of gas pipeline infrastructure over the forecast period. A paradigm shift toward clean energy sources is expected to further support the industry growth.
The gas pipeline market is influenced by factors such as government investments, regulatory challenges, technological advancements, and regional dynamics. Addressing challenges related to cost, regulation, and environmental concerns while capitalizing on trends like growing energy demand and technological innovation will be crucial for the sustained growth of the gas pipeline industry.
Key Market Drivers
Rising Government Investments : Increased government spending on infrastructure expansion, coupled with growing exploration and production activities, particularly in regions like the U.S. and Europe, is driving the demand for gas pipeline infrastructure. Investments aim to enhance accessibility and upgrade existing pipeline networks to meet the growing trade movement and energy demand. Amplified Stringency in Regulations : Stringent regulations on clean energy consumption and additional capacity development of cross-border gas pipelines are boosting growth across various regions. For instance, the operation of the Turkstream natural gas pipeline from Russia to Turkey in 2020 added significant capacity to Turkey and South and Southeast Europe.
Key Market Challenges
High Initial Cost of Installing Gas Pipes : The substantial initial cost of installing gas pipes, compounded by the need for additional equipment, poses a significant market constraint. Moreover, the global transition toward renewable energy sources poses a threat to the gas pipeline market's expansion. Regulatory Hurdles : Navigating complex regulatory frameworks governing pipeline construction and operation, which vary between countries, presents challenges. Obtaining permits and approvals can be time-consuming and costly, leading to project delays and increased costs.
Key Market Trends
Growing Energy Demand : Increasing global energy demand is driving the demand for natural gas, which is cleaner and more versatile than coal and oil. As economies expand and urbanize, natural gas is preferred for power generation, industrial processes, and residential use. Technological Advancements : Significant technological advancements in pipeline construction techniques and monitoring systems have improved efficiency, safety, and environmental performance. Intelligent monitoring systems, including sensors and data analytics, play a crucial role in detecting and preventing leaks.
Application Insights : The compressor station segment dominates due to the need to expand pipeline capacity and tap into new gas sources. Stringent safety regulations and the introduction of advanced compressor stations are expected to further augment this segment. Regional Insights : North America holds the largest market share, with the U.S. being a major hub of gas pipeline infrastructure. Canada is expected to witness significant growth due to the expansion and replacement of existing pipeline infrastructure. Russia dominates the market due to heavy investments in gas grid coverage expansion. Asia Pacific is expected to witness the fastest growth, driven by high regional demand growth and government policies for better air quality.
| Report Attribute
| No. of Pages
| Forecast Period
| 2022 - 2028
| Estimated Market Value (USD) in 2022
| $2.3 Trillion
| Forecasted Market Value (USD) by 2028
| $3.04 Trillion
| Compound Annual Growth Rate
| Regions Covered
Company Profiles: Detailed analysis of the major companies presents in the Global Gas Pipeline Market.
Enbridge Gazprom TransCanada Pipelines Limited Kinder Morgan Pembina Pipeline Corporation Saipem
Global Gas Pipeline Market, By Operation:
Gathering Transmission Distribution
Global Gas Pipeline Market, By Application:
Global Gas Pipeline Market, By Region:
North America United States Canada Mexico Asia-Pacific China India Japan South Korea Indonesia Europe Germany United Kingdom France Russia Spain South America Brazil Argentina Middle East & Africa Saudi Arabia South Africa Egypt UAE Israel
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Global Gas Pipeline Market
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