Market Trends of MEA Pipeline Security Industry
Pipelines to Transport Crude Oil to Drive the Demand
- Since a sizable percentage of the revenue created by the countries in the region is generated via the sale of crude oil, the discovery of enormous oil reserves has significantly contributed to the growth of various countries in the Middle East and Africa.
- By 2022, the Middle East and Africa's oil and gas pipeline market were expected to grow by over USD 10 billion. A further 43% of the region's planned and announced pipeline length additions between 2020 and 2023 are in the Middle East and are new-build transmission pipelines for oil and gas.
- The region is plagued by civil war, tremendous turmoil, shifting geopolitical alliances, and conflicting coalitions. As a pipeline is protected, security mechanisms become increasingly important. Oil and gas corporations have boosted their investment in cutting-edge technologies to preserve pipelines.
- Additionally, there are increasing instances of explosions and pipeline leaks. The need for safety and security systems is growing because gas leaks from pipelines frequently result in environmental pollution, fires, and explosion accidents due to the flammability gearbox medium's flammable and explosive nature. These incidents will likely cause significant harm to the environment.
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Saudi Arabia to Hold Significant Market Share
- Saudi Arabia is the world's second-biggest producer of all petroleum liquids and the greatest producer of crude oil in OPEC. The EIA estimates that 15% of the world's proven oil reserves are in Saudi Arabia. With almost 12 million barrels per day of production capacity, including capacity from the Neutral Zone that is shared with Kuwait, it is the greatest crude oil exporter in the world.
- Additionally, Saudi Arabia and Saudi Aramco are engaged in a significant initiative. The new pipes will aid Aramco in moving gas from Saudi Arabia's east to west. Aramco will need extra pipes for the carbon capture and storage (CCS) system, which would transport all the carbon emissions captured down the ground through a pipeline of between 400 and 500 thousand metric tonnes.
- Additionally, the increased use of geospatial data and related information during this slowdown will speed up the adoption of IoT, connected devices, and emerging technologies, enabling features like pipe safety and streamlining technical use across the region, which boosts market growth.
- Pipelines play a crucial role in the nation's water supply system because water is also a limited resource. The Saudi government wants to make sure that the nation's water resources are developed sustainably while offering services that are both inexpensive and of good quality, which is anticipated to lead to increased investment in cutting-edge technologies like pipeline security systems for efficient resource management.
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