PUBLISHER: The Business Research Company | PRODUCT CODE: 1465858
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465858
Pipeline maintenance services encompass a range of activities and procedures designed to ensure the proper functioning, integrity, and safety of pipelines utilized in diverse industries. These services include routine inspections, repairs, and preventive measures to address issues such as corrosion, leaks, and mechanical failures, ultimately optimizing the performance and longevity of the pipeline infrastructure.
The primary categories of pipeline maintenance services include inspection and monitoring services, repair and maintenance services, cleaning and pigging services, leak detection services, and corrosion protection services. Inspection and monitoring services entail the systematic examination, evaluation, and surveillance of various assets, processes, or environments to ensure compliance, safety, and optimal performance. These services can be implemented in various locations, including onshore and offshore, and cater to multiple applications such as oil and gas pipelines, water and wastewater pipelines, industrial pipelines, chemical and petrochemical pipelines, and power and utilities pipelines.
The pipeline maintenance services market research report is one of a series of new reports from The Business Research Company that provides pipeline maintenance services market statistics, including pipeline maintenance services industry global market size, regional shares, competitors with a pipeline maintenance services market share, detailed pipeline maintenance services market segments, market trends and opportunities, and any further data you may need to thrive in the pipeline maintenance services industry. This pipeline maintenance services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be ascribed to factors such as aging infrastructure, incident analysis, and lessons learned, asset management and optimization, adherence to industry standards and best practices, as well as 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 anticipated growth in the forecast period can be attributed to factors such as digitalization and automation, predictive maintenance practices, ongoing regulatory evolution, robust asset integrity management, resilience planning, and effective risk management. Key trends expected in the forecast period encompass skill development and training initiatives, the implementation of collaborative maintenance strategies, integration of artificial intelligence (AI) and machine learning, and the widespread adoption of predictive analysis.
The anticipated growth of the pipeline maintenance services market is driven by the increasing production of oil and gas. Oil and gas production involves extracting hydrocarbons such as crude oil and natural gas from underground reservoirs to the surface for various applications. The surge in oil and gas production results from the growing global energy demand, expanding industrialization, and the discovery of new reserves. In the realm of oil and gas production, pipeline maintenance services play a crucial role in ensuring the integrity, reliability, and safety of pipelines by minimizing disruptions, preventing leaks, and optimizing operational efficiency. For example, in February 2024, the Energy Information Administration reported that crude oil production in the United States increased to 13,315 barrels per day in December 2023, showing 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. Hence, the escalating oil and gas production is a key driver for the growth of the pipeline maintenance services market.
Major players in the pipeline maintenance services market are intensifying their focus on creating innovative products, such as hydrogen-compatible fittings, to secure a competitive advantage. Hydrogen-compatible fittings are specialized components designed to handle the unique properties and requirements associated with hydrogen gas applications safely and effectively. For instance, in September 2023, Pipe Line Development Company (PLIDCO), a US-based pipeline manufacturer, introduced a range of hydrogen-compatible fittings suitable for high-pressure emergency repairs and routine maintenance in onshore and subsea applications. These fittings adhere to quality standards such as the American Society of Mechanical Engineers (ASME) and American National Standards Institute (ANSI) codes, maintaining strict quality control measures. They boast a high-pressure rating, tight seals, and thermal stability, minimizing the risk of leaks, ensuring performance across varying temperatures, and suiting various piping systems, including hydrogen, oil, gas, water, chemical, steam, and slurry pipelines.
In July 2023, Mitsui & Co. Ltd., a Japan-based trading and investment company, acquired STATS (UK) Ltd. for an undisclosed amount. This strategic acquisition enhances Mitsui's portfolio by adding capabilities in the pipeline repair and maintenance sector, potentially expanding its service offerings and market reach. STATS (UK) Ltd. is a UK-based pipeline maintenance service provider.
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
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.
The countries covered in the pipeline maintenance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pipeline maintenance services market includes revenues earned by entities by providing services, such as pipeline rehabilitation, emergency response, monitoring and surveillance, documentation, and record-keeping. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pipeline Maintenance Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pipeline maintenance services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pipeline maintenance services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pipeline maintenance services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.