Market Analysis
The global pipeline & process services market will touch USD 4.8 billion at a 5.2% CAGR in the forecast period 2023- 2030, according to the latest Market Research Future (MRFR) analysis.
The pipeline and process services offer pre-commissioning services for oil and gas construction sector through project management and detailed engineering. It also offers turnaround services, shutdown, and maintenance to the midstream and upstream sectors of the oil and gas industry.
Various factors are fuelling the global pipeline & process services market growth. As per the recent MRFR market estimates, such factors include the growing natural gas consumption, high investment lined for pipeline business procedures, rising demand for energy and discovery of new oil and gas reserves, increasing need for reliable, economical, and safe connectivity, the production of oil and gas, increased substantiality of new sources of energy, deployment of advancement drilling technology, and shifting focus on productive wells.
On the contrary, the impact of the COVID-19 pandemic, rapid shift to renewable energy, severe climate conditions, high construction cost of offshore pipelines, political instability affecting cross-border projects, and rapid shift to renewable energy generation may limit the global pipeline & process services market growth over the forecast period.
Key Players
· Baker Hughes Company (US)
· Trans Asia Pipelines (UAE)
· EnerMech (UK)
· IPEC (Iran)
· IKM Gruppen (Norway)
· STEP Energy, Services (US)
· Enerpac Tool Group (UK)
· BlueFin a GATE Energy company (US)
· Altus Intervention (Norway)
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global pipeline & process services market based on end user, operation, and asset type.
Based on asset type, the global pipeline & process services market is segmented into process and pipeline. Of these, the pipeline segment will lead the market over the forecast period.
Based on operation, the global pipeline & process services market is segmented into de-commissioning, and pre-commissioning and commissioning. Of these, the pre-commissioning and commissioning will dominate the market over the forecast period.
Based on end user, the global pipeline & process services market is segmented into oil and gas, water and wastewater, chemicals and refined products, power generation, and others. Of these, the oil and gas segment will spearhead the market over the forecast period.
Regional Analysis
By region, the global Oil and gas pipeline services market size covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period.
The transportation of produced crude and natural gas from remote locations, and recent discovery of certain new extraction techniques that has opened multiple oil and gas shale regions in remote areas, are adding to the global pipeline & process services market growth in the region.
In the APAC region, the pipeline & process services market is predicted to grow at a fast pace over the forecast period. Surging need for natural gas and crude oil in the country, increase in refining capacities, and higher refined product pipeline additions due to the increasing need for petroleum products are adding to the global pipeline & process services market growth in the region.
In Europe, the pipeline & process services market is predicted to have healthy growth over the forecast period. Increasing production of oil & natural gas and upcoming oil and gas pipeline in the country are adding to the global pipeline & process services market growth in the region. Norway, Germany, and Russia hold the utmost market share.
In the MEA, the pipeline & process services market is predicted to have sound growth over the forecast period for the development in new projects coupled with the expansion of gas storage/processing and refineries.
In South America, the pipeline & process services market is predicted to have steady growth over the forecast period.
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