23 September 2019
Pipeline & Process Services Market Report 2019-2029: Forecasts by Asset Type (Pipeline: Transmission, Distribution; Process: FPS, Refinery& Petrochemical, Gas Storage & Processing), Operation (Pre-commissioning & Commissioning, Maintenance, Decommissioning), by Region and Analysis of Leading Companies indicates that the Global Pipeline & Process Services Market was valued at $7.24 billion by 2029.
The demand for crude oil, natural gas and refined products is anticipated to rise in the coming years due to the growing population. Governments in several nations either invest or encourage private sector investment, construct networks of pipelines across their nations, and supply natural gas and refined goods to end customers. As of 2017, over 40,000 miles of pipeline network were under building worldwide, which is anticipated to drive the market for pipeline services during the forecast period.
Increasing demand for energy and the discovery of new gas and oil reserves globally are the main drivers of the global pipeline processing and pipeline services industry. Currently, oil and gas manufacturing has risen significantly across the globe. It is also anticipated that the demand will be supplemented by the implementation of new energy sources and the implementation of advance drilling technology. Moreover, it is anticipated that the changing focus on productive wells will increase oil and gas output in the near future, also increasing pipeline demand.
During the forecast period, the process segment of the pipeline & process services industry is projected to increase at the fastest rate. This is primarily due to the greater capacity additions during the forecast period at the gas handling centres and LNG & FPS ships. Increasing refinery capacity decommissioning in the African region of Europe & Sub-Saharan owing to the change in focus to renewables is also the process segment's growth driver.
Between 2019 and 2029, North America is anticipated to dominate the global market for pipeline & process services. Recent discovery of certain new extraction methods in highly distant areas has opened up various oil & gas shale regions. The transportation from these distant places of the manufactured crude & natural gas will drive the region's general pipeline industry.
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