Crude oil transportation market expected to reach $112.5 billion by 2032
From GlobeNewswire: 2024-12-11 05:00:00
The crude oil transportation market is expected to reach a valuation of USD 112.5 billion by 2032, driven by increasing demand for reliable energy sources worldwide. Investments in pipeline networks, rail systems, and marine tankers are ramping up to meet growing energy supply requirements in regions like Asia-Pacific, Latin America, and Africa.
New oil discoveries and expanding production sites are boosting growth in the crude oil transportation market. Companies are investing in specialized infrastructure like pipelines, railways, and marine fleets to optimize operations and strengthen supply chains. These developments support higher transport volumes and prevent logistical bottlenecks, ensuring a steady flow of oil to refineries and distribution centers.
Pipelines dominate the crude oil transportation market, accounting for over 65% of the market in 2023 and set to surpass USD 75 billion by 2032. Their efficiency, capacity, and cost-effectiveness make them ideal for high-volume, continuous-flow transport over long distances, with fewer spill risks compared to other modes. Increased investments in pipeline infrastructure in key oil-producing regions ensure consistent, reliable delivery to refineries and distribution points.
The international transportation segment led the market in 2023, with a 55% market share driven by global oil demand and regional production imbalances. High import needs in industrialized and emerging economies maintain strong demand for international transportation, crucial in the worldwide oil supply chain.
North America led with over 35% of the crude oil transportation market share in 2023, with the U.S. dominating due to its extensive pipeline network and export capacity. Europe heavily relies on marine and pipeline imports, highlighting its dependence on global oil sources and role as a critical hub for refining and distribution across the region.
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