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Pipeline And Process Services Market Size, Share, Trends, Outlook, Overview By 2024-2033
Pipeline And Process Services Market Size
As per the report, the pipeline and process services market size has grown strongly in recent years. It will grow from $3.78 billion in 2023 to $4.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The pipeline and process services market size is expected to see strong growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
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Fueling Growth Through Surge In Oil And Natural Gas Demand Propels Pipeline And Process Services Market
The increasing demand for oil and natural gas is expected to propel the pipeline and process services market growth. Oil and natural gas are energy resources derived from fossil fuels formed from the underground decomposition of prehistoric organisms for several to tens of millions of years. The pipeline and processes services are essential for the upkeep of pipes during the life cycle of an oil and gas pipeline so that transportation of the essential fuels can continue without any hindrance. For instance, according to India Brand Equity Foundation (IBEF), an India-based government export promotion agency, in India, the oil demand is expected to register double growth to reach 11 million barrels per day by 2045. Therefore, the increasing demand for oil and natural gas is driving the pipeline and process services market growth.
Cutting Edge Innovations Transforming The Pipeline And Process Services Market
Technological advancement is a key trend in the pipeline and process services market. Major companies operating in the market are developing innovative technologies such as, artificial intelligence, fast digital imaging, in-line robot inspections, magnetic flux leakage (MFL), and ultrasonic testing (UT) to sustain their position in the market. For instance, in September 2022, The Dacon Pipeline Services, a Thailand-based company that offers inspection of plastics and concrete material pipelines, launched 3" multi-channel ultrasonic pipeline inspection tool. The device goes through a pipeline while continuously taking measurements at very brief intervals to gather information and turn it into a high-resolution picture of the pipeline. The software then processes the pipeline data to create a readable and precise representation of the pipeline.
The pipeline and process services market covered in this report is segmented -
1) By Operation: Pre-Commissioning And Commissioning, Maintenance, Decommissioning
2) By Asset Type: Pipeline, Process
3) By Raw Material: Plastic, Carbon Steel, Steel
4) By End-Users: Oil And Gas Industry, Chemical Industry, Water Treatment Industry, Construction And Manufacturing Industry, Other By End-Users
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Major companies operating in the pipeline and process services market report are Halliburton Company, Baker Hughes Company, EnerMech Ltd., IKM Gruppen AS, Altus Intervention, Ideh Pouyan Energy Co, Trans Asia Pipeline Services, Techfem Spa, Enerpac Tool Group, STEP Energy Services, Chenergy Services Limited, CR Asia Group, Eunisell Limited, Alphaden Energy and Oilfield Limited, Cypress Pipeline & Process Services, Hydratight, Blue Fin Group, Tucker Energy Services, IPEC Ltd., Barnard Construction Company Inc., Sunland Construction Inc., Snelson Companies Inc., STATS Group, Intertek Group plc, Oil States Industries Inc., T.D. Williamson, MISTRAS Group Inc., Shawcor Ltd., Schlumberger Limited, Weatherford International
Contents of the report:
1. Executive Summary
2. Pipeline And Process Services Market Report Structure
3. Pipeline And Process Services Market Trends And Strategies
4. Pipeline And Process Services Market - Macro Economic Scenario
5. Pipeline And Process Services Market Size And Growth
…..
27. Pipeline And Process Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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