Pipeline and Process Services Market to Grow Gradually by Achieving a Valuation of USD 5.53 Billion by 2030 with a CAGR of 6.21% during the Forecast Period

The pipeline and process services market size is projected to grow from USD 3.63 billion in 2023 to USD 5.53 billion by 2030. As per a report by Fortune Business Insights™ titled “Pipeline and Process Services Market Size, Share & COVID-19 Impact Analysis, By Asset Type (Pipeline and Process), By Operation (Pre-Commissioning, Maintenance, and Decommissioning), and Regional Forecasts, 2023-2030.” The market stood at USD 3.49 billion in 2022. It is set to exhibit a CAGR of 6.21% during 2023-2030.

COVID-19 Pandemic has Impacted Pipeline and Process Services Industry

 The COVID-19 outbreak has affected the market negatively. According to International Energy Association (IEA), the pandemic has subsequently impacted the oil & gas industry. The demand for products from various industries slowed down due to the decline in need and demand for oil and gas. Hence, the pipeline and process services market growth was hindered during the projected period.

 Stringent Regulations over the Operation of Pipelines to Foster Market Growth

 Oil and gas, two combustible fuels, are transported through pipelines, and any leak would subsequently harm the environment and life. While technological advancements in pipeline material and monitoring systems have enhanced pipeline efficiency and safety, offshore pipelines are riskier than onshore pipelines.

Baker Hughes Acquired Altus Intervention to Propel Efficiency from Mature Fields

In March 2020, Altus Intervention, a prominent international supplier of well intervention services & down-hole oil & gas expertise with 40 years of industry experience, has announced that Baker Hughes would acquire it. The acquisition will enhance the company's life-of-well capabilities, which adds to Baker Hughes' existing portfolio of integrated solutions and technologies for oilfields as operators seek to increase efficiency from mature fields.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/pipeline-and-process-services-market-105466

Competitive Landscape:

Prominent Participants Inclined on Expanding their Product Capabilities

Key players of pipeline and process services include BlueFin Services (Gate Energy), Halliburton, Techfem and Eunisell Limited, Altus Intervention, EnerMech, Chenergy Services Limited, Baker Hughes, and others. The major players are more inclined toward expanding and advancing product capabilities.

Notable Industry Development:

• November 2022: Halliburton unveiled the BrightStar resistivity service, a novel resolution that discloses the trail ahead of the drill bit to empower upbeat drilling decisions. BrightStar service includes visualization technology, data, and calculations to diminish operational risks in unidentified environments and deliver higher confidence to evade unwanted formation exits.

List of the Companies Profiled in the Report:

• Halliburton (U.S.)
• BlueFin Services (Gate Energy) (U.S.) 
•  Altus Intervention (Norway)
• Techfem (Italy)
• Eunisell Limited (Nigeria)
• EnerMech (U.S.)
• Chenergy Services Limited (Nigeria)
• CR3 (Thailand)
• Alphaden Energy & Oilfield Limited (U.S.)
• Trans Asia Group (UAE)
• T.D. Williamson, Inc (U.S.)
• STATS Group (United Kingdom)
• Oceaneering International, Inc (U.S.)
• TEAM, Inc. (U.S.)
• Baker Hughes (U.S.)
• BGS ES (U.S.)
• Hydratight Limited (U.K.)
• Ideh Pouyan Energy Co (Iran)
• IKM Group (Norway)
• Dexon Technology PLC (Thailand)

Further Report Findings:

• North America held the largest pipeline and process services market share in 2022. North America comprises developed nations, such as Canada, and the U.S., which hold a potentially huge market for oil transportation, supporting the increasing demand, which propels the market.
• Asia Pacific will probably see the most pipeline kilometers added over the next five years. Oil and gas pipelines, tank farms, stations, oil-gas field gathering and transportation, and central processing plants are just a few examples of the facilities that CPPCOC is capable of commissioning and operating.

Table of Segmentation: