The global oil and gas pipeline market is expected to grow at a compound annual growth rate of more than 6% from 2021 to 2026 despite the economic impact of COVID-19, according to a Research and Markets study.
The gas pipeline segment should dominate the market, the study states, since natural gas consumption has increased significantly globally, and that trend is expected to continue. The demand for natural gas is expected to “witness a significant growth among all fuel types,” a news release about the study states, adding contributing factors include environmental benefits and the quest for energy security.
Energy consumption is especially increasing in the Asia-Pacific market, where it is expected to increase by up to 48% by 2050, according to the study.
To view or purchase the study, “Oil and Gas Pipeline Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026), click here.