According to ‘The Oil & Gas Pipelines Market Analysis 2010-2020,’ the construction of new pipelines, upgrading and maintenance contracts are calculated to be worth a cumulative total of over $100bn as the pipeline market expands to meet expected demand.
Visiongain, an independent research provider, forecasts that due to increasing demand for oil and gas, the global oil and gas pipeline market will rise from $62.2bn in 2010 to $100.1bn in 2020 with a combined annual growth rate (CAGR) over the same period of 6.2%. Visiongain expects that the CAGR from 2010 to 2015 will be 11.4% while the CAGR for 2015-2020 will drop to 1.2%.
Cecil Kyte, chairman and CEO of STWA, said: “The growth in the market for oil and gas pipeline technology is taking place during a period of increased government scrutiny following the oil spill in the Gulf of Mexico and growing climate change regulation.
“The AOT product has the potential to provide greater energy and pipeline efficiency. Better profit margins can lead to increased integrity and operational endurance as pipeline operators can afford the downtime needed to maintain safety standards.”
