Increased Demand For Oil And Gas Leads To Pipeline Safety Ma… – MENAFN.COM

mena pipeline gas safety
Gulf
  • Date: 07/21/2021
  • Source: MENAFN
  • Sector: Oil & Gas
  • Country: Gulf

Increased Demand For Oil And Gas Leads To Pipeline Safety Ma… – MENAFN.COM

The Business Research Company's Pipeline Safety Global Market Report 2021: COVID-19 Growth And Change LONDON, GREATER LONDON , UK, July 21, 2021 /EINPresswire. com / -- The increase in demand for oil and gas leads to the development of pipeline infrastructure, which eventually drives the growth of the pipeline safety market . For instance, in January 2021, the Government of India announced the plan to spend $60 billion for establishing gas infrastructures such as pipelines, liquefied natural gas terminals, and city gas distribution networks. In 2020, the United States imported around 7. 86 MMb/d of petroleum, which included 5. 88 MMb/d of crude oil and 1. 98 MMb/d of noncrude petroleum liquids and refined petroleum products. The rise in the usage of piped gas lines contributes to the demand for the pipeline safety market. The global pipeline safety market size is expected to grow from $7. 02 billion in 2020 to $7. 75 billion in 2021 at a compound annual growth rate (CAGR) of 10. 37%. The growth in the pipeline safety market is mainly due to the network monitoring, increased spending for pipeline infrastructure by oil and gas companies, growing concerns over pipeline security, demand for leak detection, and