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Pipeline And Process Services Market Size, Growth Analysis, Share, Leading Key Players, Trends, And Forecast To 2033
Pipeline And Process Services Market
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According to The Business Research Company's, The pipeline and process services market size has grown strongly in recent years. It will grow from $3.78 billion in 2023 to $4.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to infrastructure rehabilitation, globalization of energy trade, shifts in energy sources, economic factors, infrastructure expansion.
The pipeline and process services market size is expected to see strong growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to efficiency and cost reduction, water infrastructure services, geopolitical factors, increasing global energy demand, smart infrastructure development. Major trends in the forecast period include energy transition,maintenance and integrity, automation and digitalization, pipeline expansion projects, environmental regulations.
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Market Drivers and Trends:
The growing manufacturing industry is expected to propel the growth of the pipeline and process services market going forward. The manufacturing industry refers to the sector of the economy that involves the production of goods through various processes, typically involving the transformation of raw materials or components into finished products. Pipeline and process services in the manufacturing industry offer increased efficiency, cost savings, improved safety, and the ability to meet quality and environmental standards and contribute to the overall success and competitiveness of manufacturing operations. For instance, in March 2022, according to a report shared by the United Nations Industrial Development Organization, an Austria-based specialized agency of the United Nations that assists countries in economic and industrial development, global manufacturing production rose by 9.4% in 2021. Therefore, the growing manufacturing industry is driving the growth of the pipeline and process services market .
Technological advancement is a key trend in the pipeline and process services market. Major companies operating in the market are developing innovative technologies such as, artificial intelligence, fast digital imaging, in-line robot inspections, magnetic flux leakage (MFL), and ultrasonic testing (UT) to sustain their position in the market. For instance, in September 2022, The Dacon Pipeline Services, a Thailand-based company that offers inspection of plastics and concrete material pipelines, launched 3" multi-channel ultrasonic pipeline inspection tool. The device goes through a pipeline while continuously taking measurements at very brief intervals to gather information and turn it into a high-resolution picture of the pipeline. The software then processes the pipeline data to create a readable and precise representation of the pipeline.
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Major Key Players of the Market:
Halliburton Company, Baker Hughes Company, EnerMech Ltd., IKM Gruppen AS, Altus Intervention, Ideh Pouyan Energy Co, Trans Asia Pipeline Services, Techfem Spa, Enerpac Tool Group, STEP Energy Services, Chenergy Services Limited, CR Asia Group, Eunisell Limited, Alphaden Energy and Oilfield Limited, Cypress Pipeline & Process Services, Hydratight, Blue Fin Group, Tucker Energy Services, IPEC Ltd., Barnard Construction Company Inc., Sunland Construction Inc., Snelson Companies Inc., STATS Group, Intertek Group plc, Oil States Industries Inc., T.D. Williamson, MISTRAS Group Inc., Shawcor Ltd., Schlumberger Limited, Weatherford International
Pipeline And Process Services Market 2024 Key Insights:
• The pipeline and process services market size is expected to see strong growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Fueling Growth Through Surge In Oil And Natural Gas Demand Propels Pipeline And Process Services Market
• Cutting Edge Innovations Transforming The Pipeline And Process Services Market
• North America was the largest region in the pipeline and process services market share in 2023
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