DUBLIN--(BUSINESS WIRE)--The "Pipeline & Process Services Market by Asset Type (Pipeline: Transmission, Distribution; Process: FPS, Refinery & Petrochemical, Gas Storage & Processing), Operation, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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%.
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.
The pre-commissioning & commissioning segment, by operation, is expected to be the largest and the fastest-growing market from 2019 to 2024
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. An 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 vessels 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.
Companies Mentioned
- Altus Intervention
- BHGE
- Bluefin Group
- Chenergy Services
- Enermech
- Halliburton
- Hydratight
- IKM
- IPEC
- Techfem Spa
- Trans Asia Pipelines
- Tucker Energy Services
For more information about this report visit https://www.researchandmarkets.com/r/lxw985
