Pune, India, Oct. 06, 2021 (GLOBE NEWSWIRE) -- The global pipeline & process services market size is expected to gain momentum by reaching USD 4.90 billion by 2028. Fortune Business Insights, in its report titled “Pipeline & Process Services Market, 2021-2028.”, mentions that the market stood at USD 3.30 billion in 2020 and is likely to exhibit a CAGR of 5.4% between 2021 and 2028. This is attributable to the rising oil & gas trade activities and the presence of stringent regulations regarding oil & gas pipelines globally. In May 2021, Saudi Arabia reported a 428% surge in overall factory investments. It is termed to be a 27.92% year-on-year growth. The country aims to develop several industries such as petrochemicals, oil & gas, chemicals, mining, and others.
Stalled Operations amid COVID-19; Market Exhibited -2.9% Growth Rate in 2020
The complete halt in operational activities and significant disruption in the supply chain heavily impacted the oil & gas sector. Owing to reduced demand and low availability of workforce, the industry came to a standstill and exhibited a growth rate of -2.9% in 2020. However, collective efforts from the government and the oil companies, coupled with adhering to the social distancing norms, will bode well for the market to return to pre-pandemic levels.
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List of the Companies Profiled in the Global Market:
- Bluefin Group (United States)
- Baker Hughes (United States)
- Altus Intervention (Norway)
- CR Asia Group (Thailand)
- Eunisell Limited (Nigeria)
- Alphaden Energy & Oilfield Limited (Nigeria)
- Cypress Pipeline & Process Services (United States)
- Halliburton (United States)
- Chenergy Services Limited (Nigeria)
- Techfem (Italy)
- EnerMech (United Kingdom)
- BGS Energy Services (United States)
- Hydratight (United Kingdom)
- IPEC, Pipeline & Process Services (Iran)
- IKM Group (Norway)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.4 % |
| 2028 Value Projection | USD 4.90 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 3.30 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 2020 |
| Segments covered | Asset Type;Operation;Regional |
| Growth Drivers | Increasing Energy Demand Across Various Application Sectors to Augment Growth. Increasing Adoption of LNG to Surge Growth in Pipeline Infrastructure |
| Pitfalls & Challenges | Increasing Penetration of Renewables in Overall Energy Mix Poses Threat to Market Growth |
Market Segmentation:
Based on the asset type, the market is bifurcated into pipeline and process. On the basis of operation, the market is classified into pre-commissioning, maintenance, and decommissioning.
- Based on operation, the maintenance segment held a global pipeline and process services market share of about 61.9% in 2020. The segment is anticipated to experience considerable growth owing to the high demand for the maintenance of pipelines to ensure smooth functioning worldwide.
Lastly, on the basis of region, the market is segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia-Pacific.
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What does the Report Include?
The global market report includes an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Stringent Government Regulations Regarding Oil Operations to Augment Growth
The pipelines are extensively used to transport oil and gas across the globe. Any type of leakage often leads to major damageto human lives and money. For instance, according to the FRACTRACKER report, in 2019, around 614 pipeline incidents were reported in the United States. This resulted in USD 259 million damages and injured around 35 people. Therefore, to avoid any incidence due to the combustion of pipelines, stringent regulations have been imposed by the government agencies to ensure timely maintenance and efficient functioning of the pipelines. In the U.S., for example, the National Energy Board Act (NEB Act) and Onshore Pipeline Regulations (OPR) have imposed regulations that overlook timely supervision and advanced pressure testing activities. These factors are expected to contribute to the global pipeline & process services market growth during the forecast period.
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REGIONAL INSIGHTS
North America – The region stood at USD 1.44 billion in 2020 and is expected to showcase exponential growth during the forecast period. This is owing to the presence of vast oil & gas fields in countries such as the U.S. that will propel the adoption of advanced pipeline and process services in the region.
Asia-Pacific – The market in the region is anticipated to experience substantial growth during the forecast period. This is due to the increasing government focus on building advanced pipelines that will boost the demand for the product in the forthcoming years.
COMPETITIVE LANDSCAPE
Product Innovation by Key Players to Strengthen Their Market Positions
The market is segmented into several major companies striving to maintain their dominance. These companies are focusing on signing pipeline & process services contracts with government agencies and other players. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.
Industry Development:
- January 2021 - Oceaneering and Stork secured a contract worth USD 6.5 million from Neptune Energy regarding integrity management and fabric maintenance. The contract provides integrity management services consisting of erosion management,cover pressure systems,pipeline,structural,and offshore inspection services.
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Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Pipeline & Process Services Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Pipeline & Process Services Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Asset Type
- Pipeline
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- Transmission
- Distribution
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- Process
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- FPS
- Refinery & Petrochemical
- Storage & Processing
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- Market Analysis, Insights and Forecast – By Operation
- Pre-Commissioning
- Maintenance
- Decommissioning
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Operation
- North America Pipeline & Process Services Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Asset Type
- Pipeline
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- Transmission
- Distribution
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- Process
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- FPS
- Refinery & Petrochemical
- Storage & Processing
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- Market Analysis, Insights and Forecast – By Operation
- Pre-Commissioning
- Maintenance
- Decommissioning
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis and Forecast – By Operation
- Pre-Commissioning
- Maintenance
- Decommissioning
- Canada Market Analysis and Forecast – By Operation
- Pre-Commissioning
- Maintenance
- Decommissioning
- U.S. Market Analysis and Forecast – By Operation
- Market Analysis, Insights and Forecast – By Operation
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