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Energy Industry News Releases

Pipeline & Process Services Market: Growth Opportunities and Recent Developments


(EnergyIndustry.Net, June 19, 2020 ) 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).

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441


Mr. Aashish Mehra


Source: EmailWire.Com

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