LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global oil and gas equipment transportation market predicts a CAGR of above 6% during the period 2018-2022.
The report segments the global oil and gas equipment transportation market by mode of transportation, including road transportation, rail transportation, sea transportation, and air transportation and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global oil and gas equipment transportation market, according to Technavio transportation and logistics researchers:
- Rise in global oil and gas exploration and production activity: a major market driver
- Technological advances in logistics and supply chain increases efficiency: emerging market trend
- The Americas dominated the global oil and gas equipment transportation market with 41% share in 2017
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Rise in global oil and gas exploration and production activity: a major market driver
In the global oil and gas supply chain, E&P activity is a vital process. It is an upstream process, which includes activities such as locating oil rigs; searching for oil and petrochemical products; drilling underwater for exploring crude oil fields and natural gas source; and operating subsea vessels. Several equipment such as submersible and semi-submersible drilling platforms; oil and gas field machinery and equipment; oil and gas field derricks; drill bits; pipes; and tubes are required for E&P activities. During the forecast period, the global capital expenditure on the oil production is expected to increase by around 15%-17%.
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Technological advances in logistics and supply chain increases efficiency: emerging market trend
There has been substantial demand in the global oil and gas equipment transportation market for logistics service providers that offer high-end transportation and warehousing in the oil and gas supply chain. In the oil and gas equipment supply chain, several logistics service providers (LSP) are offering value-added services such as grading and assortment of products, legal formalities and custom procedure, and management information system (MIS).
The use of upgraded technology-driven solutions in transportation services is expected to streamline the global oil and gas equipment transportation market during the forecast period. To track inventory and for MIS, the LSPs are using technologies such as GPS-enabled transportation trucks and ship for tracking, RFID-enabled technology. Such technologies aid in increasing the operational efficiency of LPSs by efficiently and effectively scheduling transportation, inventory management, and delivery services.
According to a senior analyst at Technavio for research on transportation and distribution, “The implementation of blockchain technology and the electronic logging devices in the logistics industry will streamline logistics services and increase the effectiveness of the supply chain network through augmented traceability and improved visibility.”
Global market opportunities
In terms of regional dominance, the Americas dominated the global oil and gas equipment transportation market, followed by EMEA and APAC in 2017. The Americas, will continue to dominate the market throughout the forecast period due to the presence of oil and gas-rich-producing countries such as the US, Canada, Venezuela, and Brazil. One of the primary driver for the extensive oil and gas exploration activity is the increasing production of shale gas in the region.
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