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Pipeline Maintenance Services Market Size and Forecast 2024-2033: Comprehensive Market Overview
Pipeline Maintenance Services Market Size and Forecast 2024-2033: Comprehensive Market Overview
Pipeline Maintenance Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $31.20 Bn In 2028 At A CAGR Of 5.7% :
The pipeline maintenance services market size has grown strongly in recent years. It will grow from $23.39 billion in 2023 to $25.00 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to aging infrastructure, incident analysis and lessons learned, asset management and optimization, industry standards and best practices, globalization and expansion.
The pipeline maintenance services market size is expected to see strong growth in the next few years. It will grow to $31.20 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to digitalization and automation, predictive maintenance, regulatory evolution, asset integrity management, resilience planning, and risk management. Major trends in the forecast period include skill development and training, collaborative maintenance strategies, integration of AI (artificial intelligence) and machine learning, adoption of predative analysis.
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Pipeline Maintenance Services Market Major Segments
The pipeline maintenance services market covered in this report is segmented -
1) By Service Type: Inspection And Monitoring Services, Repair And Maintenance Services, Cleaning And Pigging Services, Leak Detection Services, Corrosion Protection Services
2) By Location Of Deployment: Onshore, Offshore
3) By Application: Oil And Gas Pipelines, Water And Wastewater Pipelines, Industrial Pipelines, Chemical And Petrochemical Pipelines, Power And Utilities Pipelines
Key Driver - Surging Oil And Gas Production Fuels Pipeline Maintenance Services Market Growth
The rising oil and gas production is expected to propel the growth of the pipeline maintenance services market going forward. Oil and gas production refers to the process of extracting hydrocarbons, such as crude oil and natural gas, from underground reservoirs to the surface for various purposes. Oil and gas production is rising due to increasing global energy demand, expanding industrialization, and the discovery of new reserves. Pipeline maintenance services in oil and gas production ensure the integrity, reliability, and safety of pipelines by minimizing disruptions, preventing leaks, and optimizing operational efficiency. For instance, in February 2024, according to the Energy Information Administration, a US-based government agency, crude oil production in the United States increased to 13,315 barrels per day in December 2023, marking a 6.68% growth from the 12,138 barrels per day recorded in December 2022. Similarly, natural gas production in the US rose to 128,810 million cubic feet per day in December 2023, compared to 121,123 million cubic feet per day in December 2022. Therefore, rising oil and gas production is driving the growth of the pipeline maintenance services market.
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Prominent Trend - Hydrogen-Compatible Fittings Revolutionizing The Pipeline Maintenance Services Market
Major companies operating in the pipeline maintenance services market are increasing their focus on developing innovative products, such as hydrogen-compatible fittings, to gain a competitive edge in the market. Hydrogen-compatible fittings are specialized components designed and manufactured to safely and effectively handle the unique properties and requirements associated with hydrogen gas applications. For instance, in September 2023, Pipe Line Development Company (PLIDCO), a US-based pipeline manufacturer, launched a range of hydrogen-compatible fittings suitable for high-pressure emergency repairs and routine maintenance in onshore and subsea applications. They meet quality standards such as the American Society of Mechanical Engineers (ASME) and American National Standards Institute (ANSI) codes and adhere to strict quality control measures. Furthermore, they have a high-pressure rating, tight seals, and thermal stability, which minimizes the risk of leaks, maintains performance across varying temperatures, and is suitable for various piping systems, including hydrogen, oil, gas, water, chemical, steam, and slurry pipelines.
Pipeline Maintenance Services Market Players
Major companies operating in the pipeline maintenance services market are Siemens AG, Denso Corporation, Aker Solutions ASA, Enbridge Inc., Honeywell International Inc., Schlumberger Limited, Baker Hughes Company, Halliburton Company, Kinder Morgan Inc., Emerson Electric Co., TC energy corporation, Saipem S.p.A., National Oilwell Varco Inc., TechnipFMC PLC, John Wood Group PLC, Subsea 7 S.A., Weatherford International PLC, Mistras Group, Clock Spring Company Inc., Hydratight Limited, NDT Global LLC, Cortec Corporation, Deepwater Corrosion Services Inc., Romstar Sdn Bhd
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Largest And Fastest Growing Region In The Market
North America was the largest region in the pipeline maintenance services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pipeline maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pipeline Maintenance Services Market Report Structure
3. Pipeline Maintenance Services Market Trends And Strategies
4. Pipeline Maintenance Services Market - Macro Economic Scenario
5. Pipeline Maintenance Services Market Size And Growth
…..
27. Pipeline Maintenance Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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