Global natural gas pipeline system market is expected to witness a massive growth in the forecast period. Natural gas is a fossil fuel that is used as a source of energy for cooking, heating, and electricity generation. It is also used as a fuel for vehicles and as a chemical feedstock in the manufacture of plastics and other commercially important organic chemicals. Fossil fuel-based natural gas is a non-renewable resource.
There has been a standard shift toward clean energy sources along with an increasing penetration of natural gas across major industries, which includes power generation, chemical, residential & commercial and manufacturing. Numerous ongoing regulations concerning energy efficiency and carbon emissions are the most important parameters that are stimulating the demand for the product. In addition to this, neutralizing the prevailing natural gas transportation routes along with the increasing investments to substitute it with some effective outlets are enhancing the industry landscape. These are some of the major dynamics that are helping the natural gas pipeline system market to grow massively in the current scenario.
Higher prices are giving natural gas producers an inducement to enlarge the development of existing fields and to start the survey of previously embryonic natural gas fields. Greater advancements in drilling and production techniques are leading to escalations in production from shale and other tight geologic formations. This will eventually surge the production that is contributed to general deteriorations in natural gas prices, which in turn will raise the demand for natural gas for electricity generation and by industry.
These are the substantial factors that are likely to help the natural gas pipeline system market to experience tremendous growth over the forecast period. Looking at this mammoth hype, existing, as well as new investors, have started investing tremendously in the R&D activities of this market and this will also encourage the manufacturers to come up with some intense innovations. Thus, the market will foresee an enormous development in the near future.
The natural gas pipeline system market is segmented based on product type (gathering pipelines, transportation pipelines, distribution pipelines); by application (onshore, offshore) and by region (North America, Europe, Asia Pacific, South America, Middle East & Africa).
Among all the above-mentioned regions, North America is the most prominent market for the natural gas pipeline systems, as it holds the largest share of the market in the existing scenario. This region is expected to dominate the market during the projected time span because there is an upsurge in the natural gas connected users along with upgradation of unreliable conduit system that will eventually boost the adoption. This is aiding the region to explore immense expansion over the forecast period. Followed by this, Middle East & Africa is expected to grow enormously in the forthcoming years and will hold the highest market share. In the near future, the natural gas pipeline system industry will continue to come up with some extraordinary product innovations to attract new consumers and investors, for them to continue the domination.
Some of the prominent key players profiled in the natural gas pipeline system market are Natural Gas Pipeline Co. of America, Omega Flex, Kinder Morgan, Inc., Northern Natural Gas Co., Inter Pipeline, Gastite, Wheatland Tube, Continental Industries, Enbridge Inc. and Weber. All the leading companies are including mergers and acquisitions, partnerships and joint ventures to enhance the growth of the market efficiently.