Press release
Pipeline & Process Services Market to Hit $4.0 Billion by 2025
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The pipeline segment is the largest contributor in the pipeline & process services market
The pipeline segment dominated the pipeline & process services market by asset type in 2019. The rising demand for crude oil has led to an increase in offshore exploration and drilling activities, which, in turn, has driven the growth of the market for transmission pipeline services. Whereas rapid industrialization and urbanization foster the demand for distribution pipeline services. Europe, Asia Pacific, and the Middle East are expected to be the most attractive markets for pipeline services owing to the commissioning of planned offshore oil and gas projects during the forecast period. For example, the Cyprus-Greece Gas Pipeline, a 1,900 km pipeline, is expected to have a transport capacity of 16 billion cubic meters per year from the offshore gas reserves in the Levantine Basin and the potential gas reserves in Greece. The pipeline is expected to be completed by 2025.
Maintenance services are expected to hold the largest share of the pipeline & process services market
Maintenance services are expected to hold the largest share of the operation segment during the forecast period. Oil and gas infrastructure depreciates over time, and if it is not appropriately maintained, it can pose serious threats, including the risk of injury, death, environmental destruction, and system interruption. Therefore, it is critical to carry out on-time maintenance and repair of these assets to reduce the risk of failure, improve profitability, and increase the asset life. Changes to the internal pipe surface can significantly impact both pipeline throughput and energy requirements for maintaining desired flow rates. A clean pipeline helps maximize the flow capacity of media and increase system longevity, thereby enhancing the system reliability while minimizing associated safety risks. This ultimately improves the bottom-line profitability of pipeline owners and operators. The rising emphasis on maintaining profitability, especially after the decline in crude oil price, drives the need for maintenance services.
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North America is expected to be the largest pipeline & process services market
In this report, the Pipeline & Process Services Market has been analyzed with respect to 6 regions, namely, North America, Latin America, Middle East & North Africa, Europe & Sub-Saharan Africa, Asia Pacific, and Eurasia. North America is expected to dominate the global Pipeline & Process Services Market between 2019 and 2024. Recent discovery of certain new extraction techniques has opened multiple oil & gas shale regions in extremely remote areas. The transportation of the produced crude & natural gas from these remote locations will drive the overall pipeline market in the region.
Some of the key players of the Pipeline & Process Services Market are Halliburton (US), Baker Hughes Company (US), EnerMech (UK), IKM Gruppen (Norway), and Enerpac Tool Group (UK). The leading players are adopting various strategies to increase their share in the Pipeline & Process Services Market. Contracts & agreements has been a widely adopted strategy by the major players in the Pipeline & Process Services Market.
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