Pipeline & Process Services Market: Overview
The global pipeline and process services market is predicted to rise at a steady growth rate over the forecast period from 2020 to 2030. Factors such as rising demand for petroleum and natural gas especially from Asia Pacific, and the increasing need for safe, reliable, and economical transmission of crude oil products fuels the pipeline & process services market.
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Key parameters based on which the pipeline & process services market is divided in this report are type, operation, and region.
The report studies the pipeline & process services market to provide an exhaustive analysis of the said market for the 2020 – 2030 forecast period. Analysts examined the demand dynamics, trends, and opportunities that could influence the growth trajectory of the pipeline & process services market over the 2020 – 2030 forecast period. Furthermore, the report presents insights into key segments along with their growth rate projections over the aforementioned forecast period. Lastly, the report analyzes the competitive landscape, with valuable insights into growth strategies and revenue share projections of key players for the 2020 – 2030 forecast period.
Pipeline & Process Services Market: Competitive Landscape
The pipeline & process services market is largely consolidated with the presence of some large players that hold sizeable revenue share. Key growth strategies of large players include contracts & agreements, mergers & acquisitions, and investments & expansions.
Furthermore, keen players are engaged to integrate digital technologies in pipeline & process services to gain an edge in the pipeline & process services market.
Prominent companies in the pipeline & process services market include:
- Baker Hughes Company
- Enerpac Tool Group
- Step Energy Services
- Altus Intervention
- IKM Grupen
- Trans Asia Pipeline & Specialty Services
- Chenergy Services
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Pipeline & Process Services Market: Key Trends
The impact of COVID-19 on the entire energy sector is alarming. According to the International Energy Agency (IEA), the COVID-19 pandemic severely impacted oil and gas exploration and production activities. This is because the pandemic caused disruptions in project construction and supply chain activities due to nationwide lockdowns, social distancing measures for workers, and financial challenges.
The onset of the pandemic in China – world’s largest consumer of oil, gas, and refined petroleum products – and subsequent lockdown for about 2 months had a severe impact on the overall energy sector and ancillary business sectors.
In the following months of the pandemic, ups and downs in oil prices due to economic impact on oil-producing countries indirectly impacted several ancillary business sectors. For example, the supply of petrochemicals from refineries to consumers was hampered due to imposed lockdowns to control the pandemic. This includes slowdown in the pipeline & process services market.
Nonetheless, remarkable discoveries of deep and ultra-deep water oil and gas reserves, growing demand for refined products, and rapid rise in the development of energy infrastructure across several regions is likely to impel the pipeline & process services market in the forthcoming years.
Pipeline & Process Services Market: Regional Assessment
Regionally, North America and the Middle East & Africa are prominent regions in the pipeline & process services market. The presence of vast crude oil reserves in these regions account for their sizeable share in the pipeline & process services market.
In addition, vast exports of crude oil to non-OECD countries further boosts the growth of pipeline & process services market in these regions.
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