Global Oil and Gas Equipment Transportation Market – Americas Tops the List | Technavio

LONDON–(BUSINESS WIRE)–#Research–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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