Press release
Pipeline And Process Services Industry Set to Achieve $5.54 Billion Milestone by 2029 | Steady 7.5% CAGR
Pipeline And Process Services Market
What Is the Long-Term Growth Forecast for the Pipeline And Process Services Market Size 2025?
The market size for pipeline and process services has seen significant growth over the past few years. The market, which is projected to expand from $3.95 billion in 2024 to $4.15 billion in 2025, will experience a compound annual growth rate (CAGR) of 5.2%. The historical growth is primarily due to factors such as infrastructure revitalization, the globalization of energy trade, changes in energy sources, economic elements, and infrastructure development.
What CAGR is Forecasted for the Pipeline And Process Services Market Through 2029?
In the coming years, the pipeline and process services market is predicted to witness notable expansion. The market size is forecasted to climb to $5.54 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%. Factors contributing to this surge during the projected period include efficiency improvements, cost decreases, water infrastructure services, geopolitical considerations, rising global energy requirements, and the advancement of smart infrastructure. Key trends to look out for during this period are energy transitions, maintenance and integrity, automation and digitalisation, pipeline extension initiatives, and environmental norms.
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What Are the Critical Factors Driving Pipeline And Process Services Market Development?
The surge in the need for oil and natural gas is anticipated to foster the growth of the pipeline and process services market. Derived from the fossil fuels created by the decay of prehistoric organisms underground over millions of years, oil and natural gas stand as crucial energy supplies. Pipeline and process services are critical to maintain pipelines during their lifespan, ensuring the uninterrupted transport of these vital fuels. For example, as per the India Brand Equity Foundation (IBEF), a government export agency in India, the oil requirement is set to double, reaching approximately 11 million barrels per day by 2045. Consequently, the escalating need for oil and natural gas is triggering an expansion in the pipeline and process services market.
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How Does the Pipeline And Process Services Market Break Down Across Major Segments?
The pipeline and process services market covered in this report is segmented -
1) By Operation: Pre-Commissioning And Commissioning, Maintenance, Decommissioning
2) By Asset Type: Pipeline, Process
3) By Raw Material: Plastic, Carbon Steel, Steel
4) By End-Users: Oil And Gas Industry, Chemical Industry, Water Treatment Industry, Construction And Manufacturing Industry, Other By End-Users
Subsegments:
1) By Pre-Commissioning And Commissioning: Pipeline Testing And Inspection, Flushing And Cleaning Services, Hydrostatic Testing, Commissioning Support Services
2) By Maintenance: Routine Inspection And Monitoring, Pipeline Repairs And Rehabilitation, Corrosion Management, Leak Detection Services
3) By Decommissioning: Pipeline Abandonment Services, Environmental Assessment And Remediation, Dismantling And Removal Services, Waste Management Services
What Are the Major Trends Transforming the Pipeline And Process Services Industry?
Key players in the pipeline and process services sector are focusing on innovation, particularly in the creation of pipeline inspection tools, as a means to maintain their market share. Pipeline inspection tools are specially designed devices or systems used to check the safety and efficiency of pipelines by evaluating their condition and integrity. For example, in September 2022, The Dacon Pipeline Services, a company based in Thailand known for their inspection services for plastic and concrete pipelines, introduced a new 3 multi-channel ultrasonic pipeline inspection tool. This tool functions by traversing the pipeline, continuously taking readings at extremely short intervals in order to collect data, which is then converted into a high-resolution image of the pipeline. The related software interprets this data, developing an accurate and easily interpretable rendition of the pipeline.
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Which Players Are Driving Innovation in the Pipeline And Process Services Market?
Major companies operating in the pipeline and process services market are 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
Which Regions Are Driving Global Pipeline And Process Services Market Expansion?
North America was the largest region in the pipeline and process services market share in 2024. The regions covered in the pipeline and process services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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