The global pipeline & process services market is projected to reach USD 4.0 billion by 2024 from an estimated USD 3.3 billion in 2019, at a CAGR of 4.3% during the forecast period. Increase in demand for safe, economical, and reliable connectivity; and high investments lined up for pipeline business are driving the pipeline & process services market. However, problems faced by cross-border oil & gas pipeline projects due to technical and political instability in the Middle East and Asia Pacific regions are expected to restrict the growth of the pipeline & process services market.
The pipeline segment is expected to make the largest contribution to the pipeline & process service market
The pipeline segment is projected to hold the largest market share by 2024. Many pipeline projects were delayed during the period 2014–2016 because of the oil price decline. However, due to the price rise since early 2017, the delayed projects are getting commissioned in the coming years. During the forecast period, around 250,000 km of pipeline is estimated to be added globally. Asia Pacific region is estimated to witness the highest pipeline km additions.
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The process segment is expected to be the fastest growing pipeline & process services market
The process segment of the pipeline & process services market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the higher capacity additions at the gas processing facilities and LNG & FPS vessels during the forecast period. The rise in decommissioning of refineries capacities in the Europe & Sub-Saharan African region due to the shift in focus towards renewables is also growth driver of the process segment.
The pre-commissioning & commissioning services operation segment is expected to dominate the pipeline & process services market
Pre-commissioning & commissioning services are the initial set of processes which are carried out on the pipeline & process assets before the asset is introduced with the final product. The pre-commissioning & commissioning segment accounted for the largest share of the pipeline & process services market, owing to the large volume of pipeline (km) additions in the North America and Asia Pacific regions during the forecast period.
North America is expected to be the largest pipeline & process services market
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.
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The major players in the global Pipeline & Process Services Market are Halliburton (US), BHGE (US), EnerMech (UK), IKM (Norway), Hydratight (UK), Altus Intervention (Norway), Bluefin Group (US), Tucker Energy, Services (US), IPEC (Iran), Trans Asia Pipelines (UAE), Chenergy (Nigeria), and Techfem (Italy).
