CHICAGO, Aug. 9, 2019 /PRNewswire/ -- According to the new market research report "Pipeline & Process Services Market by Asset Type(Pipeline: Transmission, Distribution; Process: FPS, Refinery& Petrochemical, Gas Storage& Processing) Operation(Pre-commissioning& Commissioning, Maintenance, Decommissioning) Region-Global Forecast to 2024", published by MarketsandMarkets™, 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. 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 process segment is expected to be the fastest growing Pipeline & Process Services Market, by asset type, during the forecast period.
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.
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The pre-commissioning & commissioning services operation segment is expected to dominate the Pipeline & Process Services Market, by operation, during the forecast period.
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: The largest 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. 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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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pipeline & Process Services Market. The report also provides an outlook for key EPC, and operators/owner companies, thus covering the entire value chain in the Pipeline & Process Services Market ecosystem.
Some of the key players are Halliburton (US), BHGE (US), EnerMech (UK), IKM (Norway), and Hydratight (UK). The leading players are adopting various strategies to increase their share in the Pipeline & Process Services Market. Contracts & agreements has been a widely adopted strategy by the major players in the Pipeline & Process Services Market.
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