The global pipeline & process services market accounted for a value of USD 3.0 billion in 2019 and is projected to register growth at a CAGR of 3.9% during forecast period.
COVID-19 has impacted the pipeline & process services. It has significantly impacted the oil & gas industry. Many companies have to shut their units due to lockdown. Many projects have been suspended or postponed due to pandemic. The supply chain of oil & gas is also disrupted due to travel restrictions. The market will foresee decline during forecast period due to COVID-19.
For more details, visit: Global Pipeline & Process Services Market By Asset Type (Pipeline and Process), By Operation (Maintenance, Decommissioning, Others), By End-User (Oil & Gas, Power Generation, Others) By Region, Forecast & Opportunities to 2026
The consumption of natural gas is increasing around the world. The demand for energy is increasing along with discovery of new gas and oil reserves in various regions of the world. The companies are focused on installing pipelines are introducing different projects related to this. Thus, drives growth in pipeline & process services market during forecast period.
On the basis of asset type, the pipeline & process services market is segmented into pipeline and process. The pipeline segment is estimated to hold largest market share during forecast period. The delayed projects are likely to commission during forecast period. New pipelines are likely to be added in various countries. This drives growth in pipeline segment during forecast period.
On the basis of operation, the pipeline & process services market is segmented into pre-commissioning & commissioning, maintenance and decommissioning. The pre-commissioning & commissioning segment is estimated to be the largest market during forecast period. Pipeline pre-commissioning & commissioning activities accounted for XX% of total market share. New projects are initiated by various companies around the globe. The pipeline projects which are halted previously are likely to start post COVID-19 and this increase demand for pre-commissioning & commissioning services and this drives growth in pre-commissioning & commissioning segment during forecast period.
North America region is estimated to be the largest market during forecast period. In US and Canada major amount of natural gas, petroleum products and crude oil are shipped using pipelines. The demand for energy is increasing largely in this region. The exploration activities are increasing in North America region and there are many discoveries of new extraction techniques took place in this region. The transportation of crude oil, natural gas and petroleum products from pipelines is likely to increase the market for pipeline and process services. This drives growth in North America region during forecast period.
The key market players in pipeline and process services market are Halliburton, BHGE, Enermech, IKM, Hydratight, Techfem Spa, Altus Intervention, Bluefin Group, Chenergy Services, Tucker Energy Services, IPEC, Trans Asia Pipelines, Future Pipe Industries, Saudi Aramco and Schlumberger.
- What are the expected industry trends over the next three to five years?
- Which of the pipeline & process services asset type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?