Pipeline & Process Services Market Size Ongoing Trends, Opportunities & Forecast To 2027
The global pipeline & process services market size is projected to reach USD 4.3 billion by 2025. It is expected to expand at a CAGR of 4.51% over the forecast period.
Major drivers of the market are investments by oil & gas manufacturers and consumption of natural gas. The expansion of the natural gas pipeline network and construction of various pipelines in the design and development phases can positively impact the market growth. In 2019, GAIL India Pvt. Ltd. had decided to spend close to USD 6.1 billion for expanding its national grid and pipeline structure. Furthermore, the high demand for petroleum products will favor the market greatly. Several deep water exploration projects for oil and gas can be opportune for the market.
The global pipeline & process services market has been segmented based on asset type, operation, and end-user.
Based on asset type, the global market is segmented into pipeline and process. The pipeline segment is expected to hold the largest share of the market and is expected to be the fastest-growing segment during the forecast period as pipelines are pivotal and affordable modes of transportation for shipping of water, synthetic compounds, and others. The delay of major projects due to dip in oil prices had affected the segment. But the laying of pipelines in the APAC can provide the segment the necessary boost.
Based on operation, the global pipeline & process services market growth is segmented into pre-commissioning & commissioning, maintenance, and de-commissioning. The pre-commissioning & commissioning segment is expected to hold the largest market share and grow with the highest CAGR during the forecast period.
Based on end-user, the global market has been segmented into power generation, chemicals & refined products, water & wastewater, oil & gas, and others. The oil & gas segment is expected to hold the largest market share and be the fastest-growing segment during the forecast period due to the transmission of crude oil and natural gas over long distances across states, countries, and continents.
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Based on the region, the global pipeline & process services market is segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America. North America holds the largest pipeline & process services market share due to the transportation of the produced crude and natural gas from remote locations to the region. The demand for energy and undertaking of deep water exploration projects in remote areas can drive the regional market demand over the forecast period.
IPEC Ltd., IKM Ocean Design, Enermech, Halliburton, Hydratight, Blue Fin Group, Techfem SpA, Trans Asia Pipeline & Specialty Services, Altus Intervention, Chenergy Services Limited, Tucker Energy Services, and BHGE are key companies of the global pipeline & process services market. Majority of the players in the industry are signing agreements with utility major for provision of pipeline processes and services. For instance, BHGE signed a contract with Chevron Corporation for precomissioning services of gas turbines and subsea production systems for its Gorgon LNG Project Phase 1.
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