Newark, NJ, May 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Fior Markets, the global pipeline and process market is expected to grow from USD 3.1 billion in 2020 to USD 4.7 billion by 2028, at a CAGR of 5.5% during the forecast period 2021-2028.
The pipeline and process market is witnessing significant growth form the past years. This growth is attributed to rising demand for crude oil and natural gas, especially in Asia Pacific, as well as the need for stable, cost-effective, and efficient connectivity. The demand for oil and other natural supplies is rapidly growing as the world's population grows and industrialization accelerates. The unfilled gap between oil demand and production is projected to push offshore reservoir growth and promote offshore pipeline building, such as flow lines and gathering lines. Imports of crude oil and natural gas are expected to expand, resulting in rapid expansion of pipeline networks and increased demand for pipeline and process services.
The terms "pipeline and process services" refer to two different categories of services: pipeline and process services. Pipeline facilities cover activities including pipeline flooding, gauging, and cleaning, as well as offshore pipeline commissioning and fracking. Nitrogen purging, chemical cleaning, hydrocarbon decontamination, and accelerated cooling are only a few of the activities that pipeline processes facilities perform to keep the pipeline network running. The process segment of the pipeline & process services industry is expected to grow at the fastest rate during the forecast period. Over the forecasted timeline, this is mostly attributed to expanded capability additions at gas processing plants, as well as LNG and FPS vessels.
The industry is being driven by the discovery of new gas and oil deposits, increased capacity additions at gas production plants, high investments planned for pipeline sector operations, an increase in refinery capacity decommissioning, increasing energy demand, and rising natural gas use. Political issues in cross-border oil and gas pipeline ventures are one of the factors limiting business growth. The high demand for refined fuels, as well as the rapid expansion of midstream supplies, has all led to the remarkable deep and ultra-deepwater oil and gas discoveries, which are expected to generate market growth opportunities.
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Key players operating in global pipeline and process market include Halliburton (US), Enermech (Scotland), Hydratight (UK), IKM Ocean Design (Norway), Techfem SpA (Italy), Altus Intervention (Norway), Blue Fin Group (US), Chenergy Services Limited (Nigeria), Tucker Energy Services (US), BHGE (US), IPEC Ltd. (UK), and Trans Asia Pipeline & Specialty Services (UAE). To acquire a significant market share in the global pipeline and process market, the key players are now focusing on adopting strategies such as collaborations, product innovations, mergers & acquisitions, recent developments, joint venture, and partnership. Halliburton and BHGE are some of the key manufacturers operating in pipeline and process market.
- For instance, in June 2018, BHGE signed a contract with Chevron Co. to provide pre-commissioning facilities. This move aided in expansion of company in the U.S. market.
- In August 2019, GAIL India Ltd. has planned to invest 45000 Crore to expand the national gas grid and city gas pipeline network. This investment would aid in retailing of CNG to automobiles and piped natural gas.
Pipeline segment dominated the market and held the largest market share of 67.2% in the year 2020
On the basis of type, the global pipeline and process market is segmented into pipeline and process. Pipeline segment dominated the market and held the largest market share of 67.2% in the year 2020. This growth is attributed to the fact that it is one of the most crucial and affordable modes of transportation for things like water and synthetic compounds.
Oil & Gas Food segment dominated the market and held the largest market share of 22.15% in the year 2020
On the basis of end user, the global pipeline and process market is segmented into power generation, chemicals & refined products, water & wastewater, oil & gas, and others. Oil & gas segment dominated the market and held the largest market share of 22.15% in the year 2020. This growth is attributed to the transmission of natural gas and crude oil over long distances across states, countries, and continents.
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Regional Segment of Pipeline and Process Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global pipeline and process market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest market share of 25.16% in the year 2020. This growth is ascertained by the U.S. in the North America region owing the shift in focus towards maintenance activities, this is also because of the transportation of processed oil and natural gas from remote areas in the area, North America has the highest pipeline and process services market share. Furthermore in 2018, commissioning activities for refineries, petrochemical plants, and gas processing plants increased in the region.
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About the report:
The global pipeline and process market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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