Pune, June 09, 2021 (GLOBE NEWSWIRE) -- Pipeline & Process Services Market Analysis
Market Research Future (MRFR) predicts the global pipeline & process services market to reach USD 4.8 billion at a CAGR of approximately 5.2 % from 2020 to 2027 (forecast period).
The terms pipeline and process services refer to two types of services: pipeline services and process services. Pipeline services involve activities for distribution of the pipeline network like pipeline flooding, gauging & cleaning, offshore pipeline commissioning & drilling services, and others. Pipeline processes services include activities that are required to maintain the installed pipeline network, such as nitrogen purging, chemical cleaning, hydrocarbon decontamination, and accelerated cooling.
Growing natural gas consumption and high investments lined up for pipeline business procedures are the primary factors driving the growth of the worldwide pipeline & process services market. For example, GAIL India Ltd. invested Rs. 45000 crores in August 2019 to enhance the national gas grid and city gas pipeline network. This helped in the retailing of compressed natural gas to automobiles and piped natural gas to household kitchens throughout the country. Several oil and gas construction projects in deep-water explorations, on the other hand, would present an opportunity for the worldwide pipeline & process services industry.
Many significant players, including Halliburton, BHGE, and Hydratight, are actively pursuing pipeline and process services contracts and agreements with utilities and industries. The biggest pipeline service companies are also concentrating on the pipeline and process services industries in order to become complete service providers. In June 2018, for example, BHGE inked a deal with Chevron Corporation (US) to offer pipeline pre-commissioning services, as well as gas turbines and subsea production systems, for its Gorgon LNG Project Phase 1. This contract has enabled the company to extend its operations in the United States. However, challenges with cross-border oil and gas pipeline projects due to technical and political instability in the Middle East and Asia Pacific areas are projected to limit the market's growth. Similarly, Cypress Pipeline & Process Services is involved in providing services to the upstream, midstream, and downstream oil and gas industries.
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COVID-19 Impact on the Global Pipeline & Process Services Market
The COVID-19 outbreak has had a detrimental impact on the whole power industry. The COVID-19 situation, according to the IEA, has had a substantial impact on oil and gas exploration and production activities. The reduction is primarily the result of project construction delays and supply chain disruptions caused by major governments imposing lockdown, social distancing measures for workers, and financial issues.
Competitive Landscape
With a number of worldwide and regional competitors, the worldwide pipeline & process services market is relatively fragmented and competitive. Industry players are heavily spending on technical advancement, global expansion, and mergers and acquisitions in order to maintain their market position.
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Market Segmentation
The global pipeline & process services industry has been segmented based on asset type, operation, and end-user.
Based on asset type, the global pipeline & process services market has been segmented into pipeline and process. The pipeline segment is predicted to hold the greatest share of the market and to be the fastest-growing sector during the forecast period, as it is one of the most important and cost-effective modes of transportation for transporting a variety of items, including water and synthetic compounds.
Based on operation, the global pipeline & process services market has been segmented into pre-commissioning & commissioning, maintenance, and de-commissioning. The pre-commissioning & commissioning segment is projected to hold the largest market share and grow with the highest CAGR during the forecast period.
Based on end-user, the global pipeline & process services market has been segmented into power generation, chemicals & refined products, water & wastewater, oil & gas, and others. The oil & gas segment is anticipated to hold the largest market share and be the fastest-growing segment during the review period due to the transmission of crude oil and natural gas over long distances across states, countries, and continents.
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Regional Analysis
Region-wise, the global pipeline & process services market has been segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
North America holds the biggest pipeline & process services market share due to the transportation of the produced crude & natural gas from the remote locations in the region. The rising demand for energy in North America demonstrates the oil exploration activities that are bolstering the market. Extraction techniques have opened up numerous oil and gas shale regions in exceedingly remote areas, according to the current study. The transportation of manufactured crude and natural gas from these remote regions is likely to drive the region's entire pipeline market.
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