In 2020 the global pipeline & process services market size is expected to value at USD 3,324.8 million and is expected to reach USD 4,988.6 million by 2030 at a CAGR of 4.1%.
Pipeline is one of the most important and inexpensive modes of transportation for the purpose of moving different types of products such as fuel, additives, liquid petroleum gas, natural gas, refined petroleum products, petroleum products, and crude oil, from manufacturing and exploration sites to end users and storage terminals, among others. Mainly, the deep pipes are submerged one to two metres. In general, the pipelines are made of carbon steel, plastic tubes or steel. Such pipeline tubes have a diameter varying from two inches to almost 60 inches.
Increasing demand for energy and the discovery of new gas and oil deposits worldwide are the key drivers of the global pipeline production and pipeline services industry. Currently oil and gas production has increased significantly around the globe. It is also expected that the demand will be supplemented by the introduction of new energy sources and the deployment of advance drilling technology. In addition, the changing emphasis on profitable fields is projected to raise oil and gas production in the near future, while elevating pipeline demand. Mounting demand for new gas and oil pipelines is also expected to expand and maintain the existing pipelines.
In 2019, spending on oil and gas exploration rose by 18% and reached USD 60 billion, while investments in Exploration & Production (E&P) continued to recover (+ 7%). Estimates for discovered resources give volumes of more than 9.8 giga-barrels of oil equivalent (Gboe) in 2019 as against 9 Gboe in 2019. In total, 140 discoveries were made globally in 2018, and gas resources accounted for about 40% of the volumes found. Offshore discoveries predominated, with 70% of the new volumes found over the year. Only four discoveries were of unconventional hydrocarbons. They accounted for nearly 7% of the resources discovered in 2019.
Rising consumption of natural gas in power, transport, non-combusted, buildings, and industrial sector is expected to offer potential opportunity for pipeline & process services industry over the coming years. According to BP Magazine on energy outlook, natural gas consumption for power applications is expected to account for nearly 30% in 2020 and will reach nearly 34% of overall natural gas consumption in 2030.
Source: ASDReports - Market Research
Date: Feb 19, 2020