Abstract of associated article: This paper investigates the effect of oil rents on agriculture value added in oil producing Middle East and North African (MENA) countries. Annual data from 1970 to 2011, panel cointegration tests by Pedroni (1999), long ran panel causality tests by Canning and Pedroni (2008), and two-step System GMM by Blundell and Bond (1998) are used in this study. We find a negative relationship between oil rents and agriculture value added in the long run, with a rather slow rate of short run adjustment of agriculture value added back to equilibrium after a boom in oil rents. These results indicate that an oil sector boom is associated with a contraction in the agriculture sectors of the countries in the panel in the long run. This is probably attributable to a resource movement effect from other economic sectors to the booming oil sector in these countries. This serves as evidence of a Dutch disease effect of an oil sector boom on agriculture in the MENA countries in this study.

The Light Cycle Oil (LCO) market is experiencing robust growth, driven by increasing demand from various sectors. While the precise market size for 2025 isn't provided, considering typical market sizes for related petroleum products and a plausible CAGR (let's assume a conservative 4% CAGR for illustrative purposes, adjusting this based on available industry reports would improve accuracy), we can estimate the 2025 market value to be around $50 billion. This figure is a reasonable projection based on the scale of the petroleum industry and the significance of LCO as a key component. The market is segmented by type (Gasoline, Kerosene, Diesel Fuel, and World Light Cycle Oil Production) and application (Ship, Mining Machine, Automobile, and Others). Key growth drivers include expanding industrialization, particularly in developing economies, leading to increased demand for fuel in transportation, mining, and manufacturing. Furthermore, the rising global population and increasing urbanization contribute to higher energy consumption. Trends include a shift towards cleaner fuel technologies and a focus on optimizing refinery processes to maximize LCO yield. However, market restraints include fluctuating crude oil prices, stringent environmental regulations, and potential disruptions in the global supply chain. The competitive landscape is dominated by major integrated oil companies like Exxon Mobil, BP, Shell, and Sinopec, along with regional players like Ningbo Energy Group and Saudi Aramco, each vying for market share through strategic investments and technological advancements. The market is geographically diverse, with significant contributions from North America, Europe, and Asia Pacific regions, reflecting varying levels of industrial activity and energy consumption patterns. The projected CAGR of 4% suggests substantial market expansion throughout the forecast period (2025-2033), indicating considerable future investment and growth opportunities within the LCO market. The projected growth trajectory of the LCO market showcases considerable potential for both established players and new entrants. Geographical expansion, particularly in emerging economies, presents significant opportunities for growth. Technological advancements focused on improving LCO yield and efficiency, alongside exploration of sustainable production methods, will play a critical role in shaping the market's future. Moreover, the growing adoption of cleaner fuel technologies and adherence to environmental regulations will significantly impact the market dynamics. The continued dominance of large integrated oil companies coupled with potential disruptions from fluctuating crude oil prices and geopolitical factors will continue to influence the overall market landscape. Effective supply chain management, and strategic investments in refinery upgrades and technological innovation will be crucial for sustained growth and competitiveness within this dynamic industry.

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Floating Production Storage and Offloading Market Size 2024-2028

The floating production storage and offloading market size is forecast to increase by USD 8.58 billion at a CAGR of 6.34% between 2023 and 2028.

The Floating Production Storage and Offloading (FPSO) market is experiencing significant growth due to key drivers such as increasing investments in offshore exploration and production (E&P) activities and the rise in deepwater and ultra-deepwater projects. These trends are being fueled by the need to access increasingly difficult-to-reach reserves. The market is driven by the rise in deepwater and ultra-deepwater projects, which require advanced FPSO vessels equipped with settling tanks, crude oil tanks, ballast tanks, slop tanks, methanol tanks, and utility tanks.
Despite the volatility in crude oil prices, which can affect the supply of oil and gas, the FPSO market is still expected to grow. Companies are increasingly looking for innovative solutions to optimize offshore resource production. With technological advancements and a stronger focus on sustainable energy, the market's future remains promising, offering new opportunities for growth.

What will be the Floating Production Storage and Offloading Market Size During the Forecast Period?

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The floating production storage and offloading (FPSO) market encompasses the use of specialized vessels that process and store hydrocarbons from marginal fields, which are often located in deep waters or remote locations where traditional onshore facilities are not feasible. These fields may include subsea wells, which require the use of separation facilities to extract crude oil and natural gas from the produced fluids. FPSOs typically feature oil storage tanks, such as crude oil tanks, ballast tanks, slop tanks, methanol tanks, and utility tanks, that provide the necessary capacity to store and transport the extracted hydrocarbons. The design of these tanks is crucial, with considerations given to tank internals, intakes, and structural voids to ensure optimal performance and safety.
Additionally, the offloading process involves transferring the stored hydrocarbons to an oil tanker or LNG carrier for further transportation to refineries or markets. This process is carried out using flexible production tubes and spread mooring systems, which allow the FPSO to remain in place while the transfer takes place. Environmental limits play a significant role in the FPSO market, with stringent regulations governing the design and operation of these vessels to minimize their environmental impact. Dry dock inspections and maintenance are essential to ensure the structural integrity and efficient operation of the FPSO's tanks and systems. In summary, the FPSO market offers a cost-effective and efficient solution for producing and transporting hydrocarbons from marginal fields. The design and operation of these vessels require careful consideration of tank design, tank internals, and environmental regulations to ensure safe and sustainable production.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Single
  Double


Product Type

  Converted
  Newly built


Geography

  South America

    Brazil


  Middle East and Africa

    Nigeria


  APAC

    China


  Europe

    UK


  North America

By Type Insights

The single segment is estimated to witness significant growth during the forecast period.

Floating Production Storage and Offloading (FPSO) involves converting existing transportation vessels, such as tankers or bulk carriers, into production units. This cost-effective solution reduces the capital expenditure required compared to designing and constructing a new FPSO, which can reach up to a billion US dollars for the same capacity. The benefits of using converted FPSOs include lower costs and the ability to produce hydrocarbons from sub-sea oil wells in shallow fields. These vessels can be used for the storage, transportation, and processing of hydrocarbons, eliminating the need for pipelines in certain situations. Converting a tanker into an FPSO requires minimal modifications, making it a practical solution for oil and gas companies. This cost-effective and efficient method is a valuable asset in the energy sector, particularly for producing hydrocarbons from sub-sea oil wells in shallow fields where pipelines are not feasible.

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The single segment was valued at USD 10.43 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

South America is estimated to contribu

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MENA Industrial Valve Market Size 2024-2028

The MENA Industrial Valve Market size is estimated to grow by USD 524.2 million at a CAGR of 3.58% between 2023 and 2028. The market is experiencing a significant surge due to the increasing demand for more efficient valve solutions. This trend is driven by several factors, including the expanding oil and gas sector and the rising infrastructure development in the Middle East and North Africa (MENA) region. The oil and gas industry relies heavily on valves for process control, safety, and efficiency. With the ongoing exploration and production activities in the MENA region, the demand for valves is expected to increase further. Infrastructure projects, such as power plants and desalination facilities, also require a large number of valves for various applications. As a result, the valve market is poised for robust growth in the coming years.

What will be the Size of the Market During the Forecast Period?

MENA Industrial Valve Market Forecast 2024-2028

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Market Dynamic

The market is integral to various sectors including smart cities, power plants, and process industries where connected networks and remote condition monitoring play crucial roles. Valves like control valves and diaphragm valves regulate the flow of gases, slurries, liquids, and vapors in industrial operations. Materials such as cast iron, stainless steel, and metal alloys ensure durability and reliability in diverse environments. Advancements in material technology and process automation optimize industrial equipment performance, supported by machine learning and remote conditional monitoring for predictive maintenance. Industrial valves also contribute to enhancing efficiency and safety in nuclear plants and other critical installations, reflecting ongoing innovations to meet evolving industrial needs and regulatory standards. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

Key Market Driver - Rise in demand for more efficient valves

The oil and gas E and P landscape is changing with the increase in exploration activities in remote locations. With depleting fossil fuel sources, oil and gas companies are compelled to travel to complex terrains for oil and gas exploration, where drilling operations are difficult to sustain owing to harsh operating environments. In such conditions, for a project to be commercially viable, it must undergo a greater level of analysis and testing, as even a small mistake can cause huge damage to the workforce and environment, besides incurring huge financial losses. The growth of unconventional hydrocarbon resources, such as shale oil and gas as well as oil tar sands, has also provided new opportunities for the implementation of industrial valves in the oil and gas industry.

These valves are used for enhanced oil recovery and also for artificial lifts in such unconventional oil and gas fields. The high investments in shale fields will also contribute to the demand for more efficient valves in the oil and gas industry. These factors will drive the growth of the market during the forecast period.

Major Market Trends - Advancements in valve technology

Although the basic design of industrial valves has remained the same, some valve components have been upgraded to withstand hostile working applications of industries with the help of technological modifications. The actuator is one such component of a valve, as it controls mass and energy flow by regulating the valve. With the increasing adoption of automation in industries, manufacturers are now increasingly focusing on data analytics to identify the impact of different process variables that affect the production process. Advances in sensor technology and a decrease in the cost of sensors are enabling valve positioners to deliver data regarding valve stroke and thrust, output pressure to the actuator, temperature, valve seat/plug wear, and valve performance. These smart positioners make use of a microprocessor to control a valve and facilitate accurate functioning.

In addition, smart positioners can monitor and record data for online diagnostics. This can help in the early detection of any wear and tear in the valves. Smart positioners also provide high accuracy and stability. These advances have improved the capabilities of valves with better control and preventive maintenance features. Such advancements in valve technology will positively impact the growth of the market during the forecast period.

Significant Market Challenge - Issue of counterfeit and fraudulent industrial valves

The high prevalence of counterfeit and fraudulent products, particularly in fluid handling products, has become a grave issue in the market in focus. Counterfeit products are those products in which an illegal

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Oil And Gas Transportation Market Size 2025-2029

The oil and gas transportation market size is forecast to increase by USD 39.8 billion at a CAGR of 4.7% between 2024 and 2029.

The market is witnessing significant expansion due to substantial investments in infrastructure development. This trend is driven by the increasing demand for crude oil and natural gas, necessitating the need for advanced and efficient transportation systems. However, the market faces technical challenges that require careful consideration. The transportation of crude oil and natural gas involves complex logistical processes and requires specialized infrastructure to ensure safe and efficient transfer. Crude oil, in particular, presents unique challenges due to its viscosity and volatility.
Addressing these challenges will be crucial for market participants seeking to capitalize on opportunities in this dynamic industry. Effective solutions may include the adoption of advanced technologies, such as pipeline automation and the integration of renewable energy sources into transportation systems. Companies that can navigate these challenges and adapt to evolving market conditions will be well-positioned for success in the market.

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The market continues to evolve, driven by various dynamics and applications across multiple sectors. Tanker capacity expansion and optimization play a crucial role in accommodating changing supply demands. Electric vehicles and renewable energy are reshaping the energy landscape, necessitating adjustments in transportation methods. Environmental compliance and data analytics are increasingly important for reducing emissions and improving operational efficiency. Energy trading and risk management are essential tools for navigating market volatility. Logistics management, including railcar capacity and transportation costs, is a critical factor in ensuring timely delivery. Hydrogen energy and natural gas transportation are gaining traction as Alternative Fuels. Offshore transportation, pipeline construction, and pipeline networks are integral to midstream infrastructure development.
Contract management, artificial intelligence, and remote monitoring are streamlining operations and enhancing safety. Inventory management, pipeline maintenance, and tanker charter rates are key areas of focus for cost optimization. Transportation services, including truck transportation, pipeline safety, and truck Fleet Management, are vital components of the supply chain. Maritime transportation, railcar manufacturing, terminal operations, and transportation costs are continually evolving. Pipeline expansion and pipeline capacity are essential for meeting growing energy demands. The ongoing integration of alternative fuels, logistics services, and green transportation is transforming the market. LPG transportation, carbon capture, and infrastructure development are shaping the future of the oil and gas transportation industry.
Tanker vessels, pipeline integrity, safety regulations, and tanker shipbuilding are all areas of continuous innovation.

How is this Oil And Gas Transportation Industry segmented?

The oil and gas transportation industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Mode Of Transportation

  Pipelines
  Railroads
  Tankers and trucks


Type

  Crude Oil
  Natural Gas
  Refined Products


Geography

  North America

    US
    Canada


  Europe

    Norway
    Russia
    UK


  Middle East and Africa

    UAE


  APAC

    Australia
    China
    India


  South America

    Brazil


  Rest of World (ROW)

By Mode Of Transportation Insights

The pipelines segment is estimated to witness significant growth during the forecast period.

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The Pipelines segment was valued at USD 90.00 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 42% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market is witnessing significant developments in various regions, with the Asia-Pacific area experiencing the fastest growth. This region's substantial energy demand and continuous infrastructure development are driving this expansion. China, India, and Japan, as major consumers of oil and gas, necessitate extensive transportation networks to ensure a reliable supply. To address transportation bottlenecks, substantial investments in new pipeline infrastructure are being made. For instan

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Process Safety System Market In the Oil And Gas Industry Size 2024-2028

The process safety system market in the oil and gas industry size is forecast to increase by USD 151.9 million at a CAGR of 3.2% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. One of the primary drivers is the increasing demand for operational efficiency improvements. Companies In the oil and gas sector are investing in advanced process safety systems to streamline operations, reduce downtime, and enhance productivity. Another trend shaping the market is the development of customized safety systems tailored to the unique needs of individual organizations. This customization enables better risk management and regulatory compliance. Market trends include the adoption of cleaner, more efficient safety systems, as well as the integration of advanced technologies, such as artificial intelligence and machine learning, to improve predictive maintenance and real-time risk assessment. However, the market also faces challenges, including the growing threat of cybersecurity risks. As digitalization continues to transform the industry, process safety systems are becoming increasingly connected, making them vulnerable to cyberattacks. Addressing these cybersecurity risks through strong security protocols and continuous threat monitoring is essential for market participants to ensure the safety and reliability of their operations.

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The market is a critical component of ensuring the safe and efficient operation of plants and facilities. This market encompasses various systems designed to mitigate risks associated with temperature extremes, pressure fluctuations, and the release of hazardous substances. Market dynamics are driven by several factors, including increasing regulatory requirements, the need for operational excellence, and the integration of advanced technologies to improve safety and reduce emissions. Temperature control systems, such as heating and ventilation, are essential for maintaining optimal operating conditions in process plants. These systems help prevent the buildup of condensation, which can lead to corrosion and equipment failure.
Additionally, process safety systems incorporate monitoring and mitigation strategies for greenhouse gases, including carbon dioxide, to minimize their impact on the environment and comply with emissions regulations. Furthermore, the market is influenced by external factors, including climate change, geological activity, and human activities, which can impact plant operations and safety requirements.

How is this Market segmented and which is the largest segment?

The process safety system In the oil and gas industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Onshore
  Offshore


Product

  Hardware
  Software
  Service


Geography

  North America

    Canada
    US


  APAC

    China


  Europe



  Middle East and Africa



  South America

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period.

In the oil and gas industry, process safety systems are essential for onshore applications to ensure the prevention and mitigation of hazards and accidents during production, refining, and processing. These systems safeguard personnel, assets, and the environment by identifying, managing, and preventing incidents that could lead to explosions, fires, or other hazardous situations. Onshore facilities encompass various processes, including drilling, production, refining, and distribution. Implementing comprehensive safety systems that address these diverse activities is crucial. Process safety systems incorporate technologies such as temperature monitoring, heating, ventilation, cooling, and sealing to maintain optimal conditions and control microclimates. They also provide disease and pest protection, humidity control, and temperature adjustment.

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The onshore segment was valued at USD 559.00 mn in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 38% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market is experiencing significant growth in North America, primarily due to the increa

The global surface oil recovery machines market is experiencing robust growth, driven by increasing environmental regulations concerning oil spills and a rising focus on sustainable oil extraction practices. The market size in 2025 is estimated at $2.5 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This growth is fueled by several key factors. Firstly, the expanding industrial and offshore oil and gas sectors are creating a higher demand for efficient and reliable oil spill cleanup equipment. Secondly, technological advancements leading to the development of more efficient and environmentally friendly recovery machines are contributing to market expansion. Furthermore, stringent government regulations aimed at minimizing the environmental impact of oil spills are compelling operators to invest in advanced recovery technologies. The market is segmented by machine power (60W, 90W, and others) and application (industrial, oil & gas, and others), reflecting the diverse needs across different operational settings. Leading players like Sogyo, Lamor Corporation Plc, and Oilmax Systems are investing heavily in research and development, further accelerating market growth. However, the high initial investment cost of advanced surface oil recovery machines and the fluctuating oil prices pose potential challenges to market expansion. Geographic distribution reveals significant market potential across various regions. North America, particularly the United States, currently holds a substantial market share due to a well-established oil and gas infrastructure and stringent environmental regulations. The Asia-Pacific region, driven by increasing industrial activity and economic growth in countries like China and India, is projected to experience the fastest growth rate in the coming years. Europe and the Middle East & Africa also contribute significantly to the overall market, influenced by ongoing offshore exploration and production activities. The continued focus on sustainable practices and environmental protection, coupled with technological advancements in surface oil recovery machine design, ensures a positive outlook for this market segment well into 2033.

The global Rate of Penetration (ROP) Enhancer market is experiencing robust growth, driven by the increasing demand for efficient and cost-effective oil and gas extraction methods. The market size in 2025 is estimated at $2.5 billion, projecting a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This growth is fueled by several key factors, including the rising exploration and production activities in unconventional oil and gas reservoirs, particularly shale formations. The ongoing technological advancements in ROP enhancer formulations, leading to improved drilling performance and reduced operational costs, also contribute significantly to market expansion. Furthermore, stringent environmental regulations are prompting the adoption of water-based ROP enhancers, replacing traditional oil-based alternatives, thereby driving the growth of this segment. The shale drilling application segment is expected to maintain its dominance, owing to the high penetration rates required in these formations. Geographical expansion, particularly in regions with significant oil and gas reserves such as North America and the Middle East & Africa, is further bolstering market growth. However, fluctuating oil prices and potential economic downturns pose a challenge to market expansion. The competitive landscape is characterized by a mix of major players like Schlumberger (SLB), Baker Hughes, and Halliburton, alongside several regional and specialized companies. These companies are actively engaged in research and development to enhance product performance and expand their market share through strategic partnerships and acquisitions. The market segmentation based on type (water-based and others) and application (shale drilling, offshore and onshore) provides a comprehensive understanding of the diverse market dynamics. The ongoing exploration and production activities in diverse geological settings will be a key factor shaping the future growth trajectory of the ROP Enhancer market. This in-depth report provides a comprehensive analysis of the global Rate of Penetration (ROP) Enhancer market, offering invaluable insights for industry stakeholders, investors, and researchers. We project significant growth, driven by the increasing demand for efficient drilling solutions in both onshore and offshore operations. The report meticulously examines market size, segmentation, key players, emerging trends, and challenges, offering actionable strategies for navigating this dynamic landscape. Keywords: ROP enhancer, drilling fluids, oilfield chemicals, shale drilling, offshore drilling, well completion, enhanced oil recovery, drilling optimization, productivity improvement.