Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSIntroduction To Pipeline And Process Services
Fossil fuel usage by mankind in today’s generation have grown multifold. Oil drilling enterprises are on a regular search for high productive wells to mitigate demand supply gap. Presence of drilling sites in remote areas makes transportation of oil and gas difficult. Enterprises providing pipeline and process services, therefore, creates a roadmap to bridge the connectivity gap between drilling sites and storage terminals. Pipeline and process services also includes deployment of waterlines.
The pipeline and process services market comprises of pipeline and process. It includes activities such as pipeline flooding, gauging and cleaning, hydrostatic testing, umbilical flushing and testing, fiber optic testing and others.
The interconnecting pipeline network usually have the tendency to buildup wax, generate cracks, dents, abrasion or even corrosion and hence requires maintenance. Process services efficiently help to mitigate such problem areas. It includes activities such as nitrogen purging, hydrocarbon decontamination, chemical cleaning, accelerated cooling, flange integrity management and others.
Market Size And Forecast
The market of pipeline and process services is observing vibrant growth on account of rising demand for safe and reliable transportation of petroleum products from drilling sites to end-use locations. Furthermore, opportunities observed in the deployment of new drilling sites and its associated pipeline connectivity network are some of the significant factors that are expected to boost the growth of the pipeline and process services market.
The market is anticipated to record robust CAGR throughout the forecast period, i.e. 2019-2027. The market is segmented by asset type into pipeline and process, out of which, the pipeline model is further segmented into transmission and distribution. The distribution segment is anticipated to have largest market share, on account of growing demand for deployment of new pipeline networks and rise in the number of new oil drill sites. DOWNLOAD SAMPLE REPORT HERE
Growth Drivers
Need For Safe, Economical And Reliable Connectivity Of Pipeline Network
According to the Transportation Board of Canada, four pipeline transportation occurrences in the month of July, 2019. Out of the four incidents that happened, first occurred due to the release of low vapor pressure hydrocarbons, second due to fire, third due to pipeline contacted by object and the fourth due to environmental activity.
Riding on the back of these statistical data, rising oil spills arising from transportation occurrences is a major environmental concern. Driven by such incidences, there is a growing need amongst enterprises for safe and reliable pipeline connectivity network. Regular troubleshooting and maintenance activities are some of the steps taken by enterprises, in order to curb these growing incidences.
Rising Demand For Further Investments
According to a statistical data cited by Baker Hughes, rotary rigs in Saudi Arabia grew from 84 numbers in June, 2012 up to 125 numbers in July, 2019.
Enterprises are on a regular search for new oil drilling sites so as to mitigate demand supply gap. Increasing competition for exports of oil, and self-sufficiency amongst nations have led to growing investments for development of new oil rigs. The increase in demand for investments, combined with growing count of oil rigs are some of the factors anticipated to support the growth of the pipeline and process services market throughout the forecast period.
Restraints
Issues In Inter-Continental Laws And Regulations
Oil and oil products are transported by rail, water or pipeline networks. When the transportation medium is a pipeline network, the pipelines are laid and bridged amongst various in-between nations to reach the end-user from the point of supply. The process results in deployment of various law and regulatory processes on account of these inter-continental laid pipeline connections. Changes in regulatory norms for deployment of pipe networks in such nations are a threat to the pipeline and process services market.
Market Segmentation
Our in-depth analysis of the pipeline and process services market includes the following segments:
By Asset Type
By Product Type Transferred
By End User Location Of Deployment
By Services
By Region
On the basis of regional analysis, the pipeline and process services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Middle East is expected to have largest market share on the back of growing oil exports. In a statistical data provided by BP, oil export in Middle East grew from 8154.69 (thousand barrels daily) in the year 1980 to 15680.04 (thousand barrels daily) in the year 2017.
Further, Asia-Pacific is expected to gain significant market share on account of growing consumption of crude oil and natural gas. Developing nations, such as India and China are estimated augmented to lead the market in the region, owing to expansion of their existing pipeline network.
The pipeline and process services market is further classified on the basis of region as follows:
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