Pune, India, Aug. 03, 2023 (GLOBE NEWSWIRE) --
The global pipeline and process services market size was valued at USD 3.49 billion in 2022. The market is projected to grow from USD 3.63 billion in 2023 to USD 5.53 billion by 2030, exhibiting a CAGR of 6.21% during the forecast period. Various activities are involved in pipeline and process services throughout an oil and gas pipeline’s life cycle. Several safety checks are carried out to guarantee that the pipelines will not cause any harm to living things or the surrounding environment.
Market Drivers & Restraints-
Rising Demand for Oil & Natural Gas to Foster Market Growth during the Projected Period
The pipeline industry is an active part of the oil and gas industry as it enables the transfer of these products from production areas to facilities for marketing and refining. The discovery of millions of tons of oil reserves has increased the demand for various pipeline and process services. Advanced and developing nations are looking forward to increasing the use of natural gas across various end-use industries by replacing coal and oil with natural gas in all possible scenarios.
Renewable energy sources are nowadays used at excessive rates for power generation, which is one of the main reasons causing hindrances to the market. The excessive usage of renewables to restrict carbon emissions straight omits the necessity for oil and gas exploration happenings and obstructs the global pipeline and process services industry.
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Pipeline and Process Services Market Scope:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 6.21 % |
| 2030 Value Projection | USD 5.53 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 3.49 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 220 |
| Segments covered | Asset Type, Operation, and Region |
| Growth Drivers | Increasing Worldwide Demand for Oil & Natural Gas Contributes to the Market Growth |
| Strict Regulations over the Operation of Pipelines to Aid Market Growth |
COVID-19 Impact:
COVID-19 Pandemic has Impacted Pipeline and Process Services Market Growth Negatively
The COVID-19 pandemic has affected the pipeline and process services market growth adversely. The levels of development and exploration in the offshore oil and gas industry have fluctuated considerably over time. Oil and gas prices and market expectations of possible price changes considerably impact the pipeline and process services. Hence, the outbreak of COVID-19 has impacted the market negatively.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/pipeline-and-process-services-market-105466
Segmentation:
Pipeline Segment Holds the Largest Share Owing to Increased Use in the Transportation of Numerous Products
On the basis of asset type, the market is divided into process and pipeline, where the pipeline segment is dominating the market as it is applicable in the transmission and distribution of many substances, moreover, they consume less energy, have low cost, have a smaller footprint, and are reliable. Natural gas and refined petroleum products are transported through transmission pipelines to customers for further usage or distribution.
Maintenance Segment is Dominating as it is an Unavoidable & Essential Need of Companies
Based on operation, the market is divided into maintenance, decommissioning, and pre-commissioning. Pipeline commissioning and pre-commissioning procedures are crucial to their future operation, where maintenance is dominating the market as pipeline construction maintenance is of critical importance. If not maintained, all sorts of disastrous consequences, including service disruptions, environmental damage, and even explosions can happen.
Geographically, the market is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
North America to Dominate the Market Owing to Increasing Demand for Fuels
North America dominated the pipeline and process services market share in 2022. North America comprises developed nations, such as Canada and the U.S., which hold massive market share for oil transportation, supporting the rising energy demand.
Europe stands at the second position due to the region’s huge oil and gas market potential. Pipeline segment is expected to grasp a considerable market share during the projected period.
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Competitive Landscape-
Prominent Players Focus on New Product Development to Foster Market Growth
The market includes a few global players and various small and medium-scale players. Launching new products has been the key market strategy incorporated by key players. Key players include BlueFin Services (Gate Energy), Techfem and Eunisell Limited, Halliburton, Baker Hughes, EnerMech, Chenergy Services Limited, and others.
Key Industry Developments:
November 2022: Halliburton introduced NeoCem E+ and EnviraCem cement barrier systems to lengthen its portfolio of high-performance reduced Portland cement systems, which comprises 50% or better reduction of mass cement.
List of Key Players Present in the Report:
- Halliburton
- BlueFin Services
- Altus Intervention
- Techfem
- Eunisell Limited
- EnerMech
- Chenergy Services Limited
- CR3 (Thailand)
- Alphaden Energy & Oilfield Limited
- Trans Asia Group
- T.D. Williamson, Inc
- STATS Group
- Oceaneering International, Inc
- TEAM, Inc.
- Baker Hughes
- BGS ES
- Hydratight Limited
- Ideh Pouyan Energy Co
- IKM Group
- Dexon Technology PLC
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Pipeline and Process Services Market
- Global Pipeline and Process Services Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights and Forecast – By Asset Type
- Pipeline
- Transmission
- Distribution
- Process
- FPS
- Refinery & Petro-chemical
- Storage & Processing
- Pipeline
- Market Analysis, Insights and Forecast – By Operations
- Pre-Commissioning
- Maintenance
- Decommissioning
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis
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- Company Profile
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- Business Overview
- Product Application, & Services
- Recent Developments
- Financials (Based on Availability)
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Continued…
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