Pipeline & Process Services Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2024(Trending Report)

Japan, Japan, Thu, 06 Jan 2022 04:24:25 / Comserve Inc. / -- The 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.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The 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. Increasing demand for crude oil & natural gas, especially from the Asia Pacific region; 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 and shift towards renewable energy are expected to restrict the growth of the pipeline & process services market.

"The process segment, by asset type, is expected to be the fastest growing market from 2019 to 2024"
The asset type segment is categorized into pipeline and process. The pipeline sub-segment accounts for the largest market share, whereas the process sub-segment is expected to grow at the fastest rate during the forecast period. Currently, oil prices are more stabilized and are gaining; this is most likely to result in a positive and steady increase in the overall market in the short term. Subsequently, the process pre-commissioning market witnesses an increase of 30% in 2018 from 2017 because of higher capacity additions in the overall process facilities segment in most of the regions except Asia Pacific. The process segment is expected to grow at the highest pace owing to the pre-commissioning of various process facilities in the Middle East and Asia Pacific regions.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Pipeline & Process Services Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2024(Trending Report)

The operation segment is categorized into pre-commissioning & commissioning, maintenance, and decommissioning services. The pre-commissioning & commissioning sub-segment accounted for the largest share of the pipeline & process services market. Higher volume of gas processing & gas storage pre-commissioning activities in the Middle East & North Africa and refinery capacity pre-commissioning in the Asia Pacific regions are expected to drive the global pre-commissioning & commissioning segment during the forecast period. Pipeline pre-commissioning & commissioning activities accounted for 68.3% of the overall pre-commissioning & commissioning PPS market, owing to the high volume of pipeline (km) pre-commissioning in the North America region.

"Middle East & North Africa: The fastest growing region in the pipeline & process services market"
In this report, the pipeline & process services market has been analyzed with respect to 6 regions, namely, North America, Latin America, Middle East & North Africa, Europe & Sub-Saharan Africa, Asia Pacific, and Eurasia. North America is expected to dominate the global pipeline & process services market between 2019 and 2024. Whereas Middle East & North Africa (MENA) is expected to grow at the fastest rate during the forecast period. Increase in demand for crude oil to be transported to importing countries and the rise in capacity additions across process facilities are likely to drive the pipeline & process services market in the region. MENA region is expected to witness high demand for LNG vessel and the second highest amount of Gas processing capacity additions during the forecast years. The key countries in the MENA—Saudi Arabia and Iran—with their current programs for developing new projects and expansions of refineries and gas storage/processing have attracted major construction and services companies to the region.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information, as well as to assess market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 40%, Director Level- 35%, and Others- 25%
By Region: North America- 39%, Middle East & North Africa – 14, Asia Pacific- 14%, Europe & Sub-Saharan Africa - 13%, Eurasia – 12% and Latin America- 8%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: The pipeline & process services market is dominated by a few major players that have a wide regional presence. The leading players in the pipeline & process services market are BHGE (US), Halliburton (US), EnerMech (UK), IKM (Norway), and Hydratight (UK).

Research Coverage:
The report defines, describes, and forecasts the pipeline & process services market, by asset type, operation, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the pipeline & process services market.

Why Buy this Report?
1. The report identifies and addresses the key markets for pipeline & process services operations, which would help EPC companies and pipeline & process services providers review the growth in demand.
2. The report helps service providers understand the pulse of the market and provides insights into the drivers, restraints, opportunities, and challenges specific to the market.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

TABLE OF CONTENTS

1. INTRODUCTION
1.1. OBJECTIVES OF THE STUDY
1.2. DEFINITION
1.3. SCOPE OF THE STUDY
1.3.1. MARKET SEGMENTATION
1.3.2. GEOGRAPHY
2. RESEARCH METHODOLOGY
2.1. RESEARCH METHODOLOGY
2.2. ASSUMPTIONS
2.2.1. PIPELINE
2.2.1.1. Pre-Commissioning & Commissioning
2.2.1.2. Maintenance
2.2.1.3. De-Commissioning
2.2.2. PROCESS
2.2.2.1. Pre-Commissioning & Commissioning
2.2.2.2. Maintenance

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