According to a study by Global Market Insights, the global gas pipeline infrastructure market is projected to exceed $2 trillion by 2024.
Key findings include:
- The U.S. gas pipeline infrastructure market is projected to exceed 2.5 million kilometers by 2024, due to growing discoveries of unconventional reserves coupled with increasing number of gas fired power generation stations. In 2017, the U.S. Energy Information Administration (EIA) reported that natural gas production is expected to represent approximately 40% of the country’s total energy production by 2020.
- Italy’s gas pipeline infrastructure market is projected to surpass 300,000 km by 2024 because of rising investments to develop transmission links to cross border transactions through offshore routes.
- Rising energy demand across developing economies due to evolving substructure and rapid urbanization will help boost the gas pipeline infrastructure market. Increasing development has also resulted in exponential growth of cross border exports and imports through pipeline networks.
- A growing need to enhance international natural gas trade to meet energy demand and generation targets will positively drive the gas transmission pipeline infrastructure market.
- Algeria’s gas pipeline infrastructure market is predicted to grow more than 6% by 2024, due to substantial administration funding for extension of the national transmission and distribution networks.