The pipeline maintenance services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Pipeline Maintenance Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The pipeline maintenance services market size has grown strongly in recent years. It will grow from $23.39 billion in 2023 to $25.00 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to aging infrastructure, incident analysis and lessons learned, asset management and optimization, industry standards and best practices, globalization and expansion.
The pipeline maintenance services market size is expected to see strong growth in the next few years. It will grow to $31.20 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to digitalization and automation, predictive maintenance, regulatory evolution, asset integrity management, resilience planning, and risk management. Major trends in the forecast period include skill development and training, collaborative maintenance strategies, integration of AI (artificial intelligence) and machine learning, adoption of predative analysis.
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Scope Of Pipeline Maintenance Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pipeline Maintenance Services Market Overview
Market Drivers –
The rising oil and gas production is expected to propel the growth of the pipeline maintenance services market going forward. Oil and gas production refers to the process of extracting hydrocarbons, such as crude oil and natural gas, from underground reservoirs to the surface for various purposes. Oil and gas production is rising due to increasing global energy demand, expanding industrialization, and the discovery of new reserves. Pipeline maintenance services in oil and gas production ensure the integrity, reliability, and safety of pipelines by minimizing disruptions, preventing leaks, and optimizing operational efficiency. For instance, in February 2024, according to the Energy Information Administration, a US-based government agency, crude oil production in the United States increased to 13,315 barrels per day in December 2023, marking a 6.68% growth from the 12,138 barrels per day recorded in December 2022. Similarly, natural gas production in the US rose to 128,810 million cubic feet per day in December 2023, compared to 121,123 million cubic feet per day in December 2022. Therefore, rising oil and gas production is driving the growth of the pipeline maintenance services market.
Market Trends –
Major companies operating in the pipeline maintenance services market are increasing their focus on developing innovative products, such as hydrogen-compatible fittings, to gain a competitive edge in the market. Hydrogen-compatible fittings are specialized components designed and manufactured to safely and effectively handle the unique properties and requirements associated with hydrogen gas applications. For instance, in September 2023, Pipe Line Development Company (PLIDCO), a US-based pipeline manufacturer, launched a range of hydrogen-compatible fittings suitable for high-pressure emergency repairs and routine maintenance in onshore and subsea applications. They meet quality standards such as the American Society of Mechanical Engineers (ASME) and American National Standards Institute (ANSI) codes and adhere to strict quality control measures. Furthermore, they have a high-pressure rating, tight seals, and thermal stability, which minimizes the risk of leaks, maintains performance across varying temperatures, and is suitable for various piping systems, including hydrogen, oil, gas, water, chemical, steam, and slurry pipelines.
The pipeline maintenance services market covered in this report is segmented –
1) By Service Type: Inspection And Monitoring Services, Repair And Maintenance Services, Cleaning And Pigging Services, Leak Detection Services, Corrosion Protection Services
2) By Location Of Deployment: Onshore, Offshore
3) By Application: Oil And Gas Pipelines, Water And Wastewater Pipelines, Industrial Pipelines, Chemical And Petrochemical Pipelines, Power And Utilities Pipelines
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Regional Insights –
North America was the largest region in the pipeline maintenance services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pipeline maintenance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the pipeline maintenance services market are Siemens AG, Denso Corporation, Aker Solutions ASA, Enbridge Inc., Honeywell International Inc., Schlumberger Limited, Baker Hughes Company, Halliburton Company, Kinder Morgan Inc., Emerson Electric Co., TC energy corporation, Saipem S.p.A., National Oilwell Varco Inc., TechnipFMC PLC, John Wood Group PLC, Subsea 7 S.A., Weatherford International PLC, Mistras Group, Clock Spring Company Inc., Hydratight Limited, NDT Global LLC, Cortec Corporation, Deepwater Corrosion Services Inc., Romstar Sdn Bhd
Table of Contents
1. Executive Summary
2. Pipeline Maintenance Services Market Characteristics
3. Pipeline Maintenance Services Market Trends And Strategies
4. Pipeline Maintenance Services Market – Macro Economic Scenario
5. Global Pipeline Maintenance Services Market Size and Growth
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32. Global Pipeline Maintenance Services Market Competitive Benchmarking
33. Global Pipeline Maintenance Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Pipeline Maintenance Services Market
35. Pipeline Maintenance Services Market Future Outlook and Potential Analysis
36. Appendix
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