Market Leader - Pipeline & Process Services Market
The global pipeline & process services market is projected to reach USD 4.0 billion by 2025 from an estimated USD 3.1 billion in 2020, at a CAGR of 5.5% during the forecast period. The rising demand for energy from APAC has created an increased need for pipeline network and processing infrastructure development, and the need for the safety and reliability of operations and processing facilities drive the pipeline & process services market.
The pipeline & process services market is a highly fragmented market. The leading players in the pipeline & process services market who have a wide regional presence are Halliburton (US), Baker Hughes Company (US), EnerMech (UK), IKM Gruppen (Norway), and Enerpec Tool Group (UK).
The major strategies adopted by these players include contracts & agreements ,new product launches, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and mergers & acquisitions were the two most commonly adopted strategy from January 2017 to December 2020.
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Baker Hughes Company (US) is an energy company with a portfolio of technologies and services for customers from the energy and industrial sector. The company [(Baker Hughes, a GE company) (BHGE)] was formed as a result of a merger between Baker Hughes Incorporated and GE Oil & Gas in July 2017. The merger was administered to form a new full-stream digital industrial services company to increase financial performance, strengthen the competitive position, and increase shareholders’ returns. However, in September 2019, GE closed its sale of an interest in BHGE, after which GE holds a 36.8% stake in the company. As a result, the company changed its name on October 17, 2019, to Baker Hughes Company. The company began trading in the New York Stock Exchange under the symbol BKR. The company operates its business primarily through 4 segments: Oilfield Services, Oilfield Equipment, Turbomachinery & Process Solutions, and Digital Solutions. The company offers pipeline and process services under its turbomachinery & process solutions and digital solutions business segment. The digital solutions process and pipeline services product line (PPS) provides pre-commissioning and maintenance services. Services. The company conducts operations in more than 120 countries globally through affiliates, subsidiaries, alliances, and ventures. The company’s competitors for the Oilfield Services segment include Schlumberger (US), Halliburton (US), and Weatherford (Switzerland).
Halliburton (US) is one of the leading service providers and product suppliers across the value chain of the oil & gas industry. The company provides 14 product service lines under 2 main divisions: Drilling and Evaluation and Completion and Production. It provides consulting and project management study services through both divisions. The company offers its services through various brands, some of which include Baroid, Landmark, Multi-Chem, and Summit ESP. The company offers pipeline and process services under the Completion & Production segment. The company provides a complete range of pre-commissioning, commissioning, maintenance, and decommissioning services to the onshore and offshore pipeline and process plant construction, commissioning, and maintenance industries. During the fourth quarter of 2019, the company made a strategic decision to sell this business. The company has operations in more than 80 countries globally. Major technology centers, R&D laboratories, and corporate offices of its Completion & Production segment are located in Arbroath (UK), Johor Bahru (Malaysia), and Lafayette (US), while for the Drilling & Evaluation segment, they are located in Alvarado, Texas (US), Nisku (Canada), and the Woodlands, Texas (US). The company has its manufacturing facilities located in the US, China, Singapore, Canada, Malaysia, and the UK for all business segments.
Related Reports:
Pipeline & Process Services Market by Asset Type (Pipeline: T&D; Process: FPS, Refinery & Petrochemical, Gas Storage & Processing), Operation (Pre-commissioning & Commissioning, Maintenance, Decommissioning), Region - Global Forecast to 2025
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