PUBLISHER: The Business Research Company | PRODUCT CODE: 1409753
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409753
“Refined Petroleum Products Pipeline Transport Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refined petroleum products pipeline transport market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refined petroleum products pipeline transport? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The refined petroleum products pipeline transport market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Refined petroleum products pipeline transport is the movement of refined petroleum products, including gasoline and diesel, through a network of pipelines. This method utilizes a network of pipelines to convey these products from refineries to distribution centers and ultimately to end-users, such as retail gas stations and industrial consumers.
The primary types of refined petroleum products transported via pipelines include diesel, gasoline, fuel oils, and kerosene. Diesel, a liquid fuel derived from crude oil, is commonly used as fuel for heavy-duty vehicles such as trucks, buses, and trains, owing to its superior fuel efficiency and durability. Additionally, services such as consulting, managed services, and maintenance and support services are provided for various onshore and offshore applications.
The refined petroleum products pipeline transport market research report is one of a series of new reports from The Business Research Company that provides refined petroleum products pipeline transport market statistics, including refined petroleum products pipeline transport industry global market size, regional shares, competitors with a refined petroleum products pipeline transport market share, detailed refined petroleum products pipeline transport market segments, market trends and opportunities, and any further data you may need to thrive in the refined petroleum products pipeline transport industry. This refined petroleum products pipeline transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The refined petroleum products pipeline transport market size has grown strongly in recent years. It will grow from $52.1 billion in 2023 to $55.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to the growth in energy demand, infrastructure development, stability in oil prices, geopolitical stability, and evolving consumer demand patterns.
The refined petroleum products pipeline transport market size is expected to see strong growth in the next few years. It will grow to $70.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to the sustained growth in energy demand, the adoption of sustainable transportation practices, the modernization of pipeline infrastructure, the transition to renewable energy, and the increased adoption of digital solutions. Key trends expected in the forecast period include the digitalization of pipeline operations, the implementation of sustainable pipeline practices, investments in pipeline infrastructure, the use of remote monitoring and control systems, and a heightened focus on cybersecurity.
The anticipated rise in demand for oil and gas is set to drive the growth of the market for transporting refined petroleum products through pipelines. Oil and gas, natural resources known as hydrocarbons, find applications across various industries, including transportation fuels, insulation, and automation. The transportation of refined petroleum products through pipelines is a secure and low-maintenance method, commonly employed to transfer these resources from oil wells to oil tankers, whether nearby or at distant locations. In September 2022, the International Energy Agency's (IEA) Oil 2022 report indicated a global increase in oil and gas demand by 3.2 million barrels per day in 2022, surpassing the estimated 2.5 million barrels per day increase in 2021. Additionally, the IEA's short-term energy outlook report in March 2023 anticipated that U.S. crude oil output would reach 11.7 million b/d in 2022 and 12.4 million b/d in 2023, surpassing the previous record set in 2019. Therefore, the heightened demand for oil and gas is a driving force behind the refined petroleum products pipeline transport market's growth.
The escalating global demand for energy is expected to be a driving factor for the refined petroleum products pipeline transport market in the foreseeable future. Energy, denoting the capacity to perform work, relies significantly on the efficient and secure movement of various petroleum products from refineries to end-users facilitated by refined petroleum products pipeline transport. According to the Energy Information Administration's report in August 2023, the U.S. produced 102.92 quads of energy in 2022, surpassing the 100.41 quads of energy used. Coal, natural gas, and petroleum accounted for approximately 81% of the primary energy generated in the United States in 2022. Hence, the mounting global demand for energy is expected to contribute to the refined petroleum products pipeline transport market's growth.
Technological advancements stand out as a notable trend in the refined petroleum products pipeline transport market. Major market players are directing their efforts towards innovative technologies to enhance their market positions. ABB, a Switzerland-based automation company, introduced HoverGuard in April 2021-an advanced drone-based gas leak detection system recognized for its speed and sensitivity. The system can promptly detect, measure, and map leaks up to 100 meters from various potential sources, providing detailed digital reports after surveys. It is the first UAV-based system to continuously measure the three major greenhouse gases-methane, carbon dioxide, and water vapor-while in flight, employing patented cavity-enhanced laser absorption spectroscopy that surpasses traditional leak detection methods in speed and sensitivity by tenfold.
Major companies are forging joint ventures to gain a competitive edge. A joint venture involves multiple parties combining their resources and efforts for a specific project or business activity, sharing both risks and rewards. For example, in July 2023, Kinder Morgan Tejas Pipeline LLC entered a joint venture with Howard Energy Partners to expand their Eagle Ford natural gas transportation systems, encompassing over 120 miles of new large-diameter pipelines.
In December 2021, Energy Transfer, a U.S.-based company engaged in natural gas and oil pipeline transport, acquired Enable Midstream Partners. This strategic acquisition is expected to significantly enhance Energy Transfer's midstream and gas transportation systems, generating annual synergies in cost and efficiency. Enable Midstream Partners is a U.S.-based midstream pipeline company involved in the transportation, storage, and processing of refined petroleum products, including jet fuel, gasoline, and distillate fuel oil.
Major companies operating in the refined petroleum products pipeline transport market report are Buckeye Partners L.P, Shell Pipeline Company LP, NuStar Energy L.P., DTE Pipeline Company LLC, Gulf South Pipeline Company LP, Rockwell Automation Inc., Schneider Electric SE, Environmental Systems Research Institute Inc., ABB Ltd., FMC Technologies Inc., Alcatel-Lucent Enterprise International SAS, Siemens Aktiengesellschaft, Trimble Inc., Emerson Electric Co., Alstom SA, Vertiv Group Corporation, Magellan Midstream Partners L.P., Enterprise Products Partners L.P., Kinder Morgan Inc., TC Energy Corporation, Enbridge Inc., Colonial Pipeline Company, Marathon Petroleum Corporation, Phillips 66 Partners LP, Valero Energy Corporation, Holly Energy Partners, Plains GP Holdings, SemGroup Corporation, Targa Resources Corp., TransMontaigne Partners L.P., Blueknight Energy Partners L.P., Cheniere Energy Inc., Dominion Energy Inc
North America was the largest region in the refined petroleum products pipeline transport market in 2023. The regions covered in the refined petroleum products pipeline transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the refined petroleum products pipeline transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refined petroleum products pipeline transport market consists of revenues earned by entities by providing various pipeline transport services to customers, such as storage, blending, testing and inspection, maintenance, consulting, and related support services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.