by 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:
Crude oil is transported via various modes of transportation such as pipelines, tankers, rail, and trucks. Pipelines offer a safe and affordable mode of transportation for crude oil over long distances. They play a vital role in connecting crude oil production regions to refineries and terminals.
Market key trends:
One of the key trends in the crude transportation market is growing investments in pipeline expansion projects. Major oil companies are investing heavily in pipeline expansion projects to increase the transportation capacity. For instance, according to the American Petroleum Institute, the U.S. pipeline companies are expected to invest over $300 billion towards pipeline expansion projects between 2017 to 2035. Growing shale production in the U.S. has increased the need for new or expanded pipeline infrastructure to transport increasing volumes of crude oil from production hubs to the Gulf Coast refining centers.
Segment Analysis
The Global Crude Transportation Market can be segmented based on transportation mode, such as pipelines, tankers, rail cars, and tank trucks. The pipeline transportation segment currently dominates the market due to its cost effectiveness for transporting huge volumes of crude oil over long distances. Pipelines allow for bulk transport of crude oil from production facilities or transport hubs to refineries or tank farms at ports with fewer handling requirements compared to other modes of transportation.
Key Takeaways
The global crude transportation market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing oil consumption especially in Asia Pacific region.
The global crude transportation market size is expected to reach US$ 21.58 Bn in 2023.
Regional analysis: North America currently dominates the crude transportation market due to extensive network of pipelines. However, Asia Pacific is expected to grow at the fastest pace owing to rising energy demands from China and India.
Key players: 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., Enbridge Inc. These companies are focusing on expanding their pipeline and tanker fleets to cater to the growing demand for crude transportation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
