The global Crude Transportation Market is estimated to be valued at US$ 21.58 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The crude transportation market comprises of transporting crude oil from one place to another through various modes such as pipeline, rail, and tankers. Crude oil is a vital source of energy and feedstock for many key industries such as petrochemicals, power generation, automotive etc. Growing global energy demand mainly from emerging economies such as India, China are prompting companies to explore new oilfields and ramp up production thereby driving the need for efficient crude transportation systems. Pipelines remain the most preferred and economic mode for long distance crude transportation while rail and tankers are utilized for short and medium distance movement.
Market key trends:
The key trend in the crude transportation market is growing investments towards development of new crude oil pipelines. Major companies are expanding their pipeline network to accommodate rising shale oil production in the US and connect new oilfields. For instance, Enbridge Inc., one of the largest pipeline operators, is investing over US$ 10 billion through 2023 to expand its Mainline network that transports western Canadian and US crude to markets. Growing crude trade between countries is also propelling the usage of crude oil tankers. Further, sustainable biofuels are emerging as an alternative to reduce dependency on petroleum-based fuels and this may moderately impact the crude transportation demand over the long run.
Porter’s Analysis
Threat of new entrants: The Global Crude Transportation Market has high barriers to entry due to high capital requirements for pipelines and tankers. The market also requires approvals and regulations related to transportation of crude oil.
Bargaining power of buyers: Major oil companies and refineries have significant bargaining power over shipping companies and pipeline operators due to their bulk purchasing power and availability of alternatives.
Bargaining power of suppliers: A few globally prominent oil suppliers can influence prices, however, availability of alternatives for transportation enables operators to negotiate reasonable terms.
Threat of new substitutes: There is limited threat from new substitutes for crude transportation in the near future as oil is expected to remain a primary energy source amidst transition to renewables. Pipeline networks enjoy natural monopoly.
Competitive rivalry: The market sees intense competitive rivalry among major players to maintain volumes and market shares. Strategic collaborations are common to mitigate risks.
Key Takeaways
The global Crude Transportation market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period 2023 to 2030, driven by increasing energy demand worldwide and expansion of oil production capacity, especially in North America and Middle Eastern countries.
North America dominated the global market in 2023 with over 35% share, led by ongoing shale revolution and expanding pipeline networks. Asia Pacific crude transportation market is projected to grow at fastest pace during the forecast period with China, India driving increasing oil trade flows within the region and from the Middle East and Africa.
Key players operating in the crude transportation market are ExxonMobil Corporation, Royal Dutch Shell, Chevron Corporation, BP plc, TotalEnergies SE, ConocoPhillips, China National Petroleum Corporation, Saudi Aramco, Rosneft Oil Company, Valero Energy Corporation, Phillips 66, Marathon Petroleum Corporation, PetroChina Company Limited, Kinder Morgan Inc., and Enbridge Inc. Players are focusing on mergers, acquisitions, and logistical collaborations to enhance capabilities and market reach. Some are investing in building strategic pipeline projects connecting regions.
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The Crude Oil Pipeline Transportation market report has been well organized curated using industry-verified data to offer guidance concerned with the leading manufacturers and suppliers affianced in this sector.
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TheBusinessResearchCompany published its Pipeline Transportation Global Market Report 2019 which provides strategists, marketers and senior management with the critical information they need to assess the global pipeline transportation market.
The report covers the pipeline transportation market’s segments- crude oil pipeline transportation, natural gas pipeline transportation, refined petroleum products pipeline transportation, others - pipeline transportation.Explore Complete Report https://www.thebusinessresearchcompany.com/report/pipeline-transportation-global-market-reportPipeline Transportation Global Market Report 2019 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 50+ geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Request to get the sample of this report https://www.thebusinessresearchcompany.com/sample.aspx?id=1959=smpAdoption of technological advancements such as IoT is one of the major trends witnessed in the pipeline transportation market.
However, the market for pipeline transportation is expected to face certain restraints from several factors such as stringent government regulations and increasing usage of other energy alternatives.Get Discount On This Report https://www.thebusinessresearchcompany.com/sample.aspx?id=1959=discountChapters from Table of Content:Chapter 1.
