Oil & Gas Infrastructure Market Trends & Growth Opportunities Till 2030
oil & gas infrastructure industry is poised to gain noteworthy proceeds over the next few years, supported by growing prominence in effectively providing fuel to markets and consumers.
The global oil & gas infrastructure industry is poised to gain noteworthy proceeds over the next few years, supported by growing prominence in effectively providing fuel to markets and consumers. With the bettering economic conditions and the rising urbanization, it is of paramount importance to power transportation and light, heat, as well as cool homes and businesses. There has also been a considerable jump in digital improvements across various industrial facilities to make management an easier task.
These trends are adding a positive edge to the developments in oil & gas infrastructure, which mainly comprise a myriad of assets like expensive and massive industrial complexes, that include pipelines, processing plants, refineries, drilling platforms, terminals, and storage facilities. Most upstream & downstream oil and gas producers require infrastructure for exploring and extracting the energy resources and delivering and selling the oil and gas to retail organizations.
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The oil & gas infrastructure market will also gain commendable proceeds with the increasing government support in the form of funding. To cite an instance, in December 2020, the Indian Government announced a massive USD 66 billion investment for the building of gas infrastructure to push its greater use and cut down carbon emissions.
Below is a peek into some important categories that will infuse a favorable outlook for the progression of this industry revenue.
Surface and lease equipment
With the increasing number of construction sites and the higher instances of abandonment, workover, drilling rigs, and completed locations, surface equipment rentals have come to the fore in numerous oil and gas projects. These devices also provide support to drilling as well as completed projects from start to finish. The influx of novel offshore oil and gas leasing plans will favor the oil & gas infrastructure industry growth. Production engineers, lately, often design all the equipment on lease, post which the pipeline and facility engineers take over.
Gas & NGL pipelines
In order to fuel the daily functions and livelihoods across various economies by delivering resources that are used for energy purposes, pipeline networks have evolved largely crucial in the oil & gas infrastructure space. In fact, natural gas pipelines are largely deployed for transporting natural gas from stationary facilities to deliver to various locations, like homes or directly to other export facilities. For instance, the U.S. natural gas pipeline network delivered around 27.7 trillion cubic feet of natural gas to about 77.3 million customers in 2020.
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Oil & Gas Storage
The oil & gas infrastructure market will expand with the growing reliability of storage facilities to assist customers to balance the short-term demand fluctuations and offer an additional source of supply for managing the disruptions. Additionally, the storage of oil and natural gas ensures the smoothing of supply and demand discrepancies. The escalating design and safety concerns related to storage tanks owing to the mount in freak accidents will also play an ideal role in the business growth.
In an essence, oil and gas companies have begun to actively turn to digital technologies and services for optimizing the processes while maintaining the existing infrastructure, ranging from pipeline inspections to refinery optimization. The growing focus of these firms on investing in offshore wind power for green hydrogen will also enhance the oil & gas infrastructure industry expansion.
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