Global Pipeline and Process Services Market: Overview
Pipeline and process services form an integral role in maintaining the integrity of pipeline and process assets in onshore as well as offshore applications. Increasing numbers of oil and gas industry have been employing these services in various stages of operation, ranging from pre-commissioning and commissioning, to maintenance, and decommissioning. Over the past few years, pipeline and process services have played crucial role in improving the profitability of hydrocarbon industry. Providers in the pipeline and process services market offer engineering services, including specialized equipment, to their clients in the oil and gas construction sector.
Around the middle of the decade, the oil and gas industry witnesses several pipeline projects getting derailed. But around 2017, the commissioning of numerous projects gained momentum, imparting headwinds to pipeline pre-commissioning and commissioning services, especially in North America and Asia Pacific. In the coming years, pre-commissioning and commissioning services are likely to contribute a whopping share of revenue to the global pipeline and process services market.
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Global Pipeline and Process Services Market: Notable Developments
Deepwater oil projects have been behind the expansion of the pipeline and process services market. Top players find substantial revenue streams in meeting the demands for pipeline and process services for deepwater exploration. The following offshore project emphasizes the latent opportunity.
Halliburton Company, a U.S.-based multinational corporation that offer oilfield services, has in August 2019 been awarded a set of nine offshore contracts by Woodside Energy. The contracts offered by the Perth-based company entail completing oil wells off the coast of Senegal, West Africa. The contracts will include a range of pipeline and process services. The drilling campaign is expected to start somewhere around early 2021; the investment decision isn’t final yet. Of note the agreement follows a contract the Australian company awarded to the Houston-based company for offering drilling and completion fluids.
Several other pipeline and process services providers hope to capitalize on opportunities by catering to their clients’ needs of offshore explorations in various parts of the world. Marked momentum to the pipeline and process services market came from growing deepwater explorations, especially in Gulf of Mexico, Brazil, and the Philippines.
The names of some of the well-entrenched players are:
- Tucker Energy Services
- Bluefin Group
- Techfem Spa
- Baker Hughes, a GE company (BHGE)
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Global Pipeline and Process Services Market: Growth Drivers
A few drivers and trends underpinning the contours of the market are:
- New Oil & Gas Reserves Drive Demand for Pipeline & Process Services
Over the past couple years, oil and gas reserves have expanded considerably in key energy markets such as the U.S. and Asia Pacific with new oil discoveries. Million tonnes of oil reserves discovered have proliferated the demand for a range of pipeline and process services. With the need for fast completion of pre-commissioning projects in these energy markets, the pipeline and process services market is witnessing substantially lucrative avenues for providers.
- Deepwater Markets Adopting Pipeline & Process Services
Several oil and gas construction projects in deepwater explorations have offered a robust fillip to the expansion of the pipeline and process services market. Deepwater are characterized by unique challenges pertaining to use of specialized equipment and engineering services. This has offered copious opportunities to companies in the pipeline and process services market. The last few years has seen a constant flux of multiple product service lines to meet these challenges, thereby increasing the potential of the market.
Global Pipeline and Process Services Market: Regional Outlook
Of the various regions, North America has been one of the key markets over the past few years. Rising demands for pipeline commissioning services in the region are likely to lead to sizable revenues in the global pipeline and process services market for the next few years. A fast expanding offshore market in the region, notably in the U.S., has thrown unique engineering challenges that prominent pipeline and process services show eagerness to address through their top portfolio. Furthermore, extensive uptake of such services in transportation of natural gas across the region has also consolidated revenue prospects of the global pipeline and process services market.
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