Pipeline Integrity Market Growth Factors, Developments Strategy, Historical Analysis, Covid 19 Impact on Industry and Regional Forecast 2024

Pipeline Integrity Market Overview

The efficiency of pipelines in the oil and gas industry is of utmost importance to curb wastes and prevent accidents caused by leakages. Reports that analyze the energy and power industry has been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is estimated to accomplish a CAGR of 4.34% while earnings revenues worth USD 2.14 Billion by 2024.

The market for pipeline integrity is increasing favorably owing to the escalating environmental concerns that have taken center stage recently. Moreover, the concerns around the safety of pipelines & energy infrastructure are expected to further motivate the market for pipeline integrity in the coming years. Also, the demand for remote management of pipelines is expected to open up new prospects for growth in the upcoming forecast period.

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Segmental Analysis

The segmental evaluation of the pipeline integrity market has been segmented on the basis of application, service, product, and region. 

On the basis of service, the pipeline integrity market has been segmented into inspection services, monitoring services, testing services, and software services. 

Based on the applications, the pipeline integrity market is divided into offshore and onshore. Based on the product, the pipeline integrity market is segmented into gas, oil, and refined products. 

On the basis of regions, the pipeline integrity market is segmented into North America, the Middle East & Africa, Europe, Asia Pacific, and South America.

Regional Analysis    

The regional examination of the pipeline integrity market has been segmented into regions such as North America, the Middle East & Africa, Europe, Asia Pacific, and South America. 

The principal market scope of the North American region can be accredited to the incidence of numerous oilfield services firms and the application of new technologies, particularly in the US. The digitalization of the oil & gas industry, shale gas search in the US, and encouraging government strategies for upstream oil and gas uses are projected to push the market for pipeline integrity in this region. The market in the Asia Pacific region is anticipated to be the next largest due to the upsurge in drilling activities owing to increasing crude oil prices. Moreover, the oil & gas industry in the region is expected to exhibit positive trends due to the increasing demand, growing commodity charges, and continuing trends of mergers and acquisitions. The upsurge in pipeline installations in the Southeast Asian nations is anticipated to improve the market for pipeline integrity in the region throughout the forecast period. 

Competitive Analysis

The upgrading of the production facilities is anticipated further the market’s growth pace in the coming years. The market is being defined by the driving forces that are exerting an authoritative influence. The improvements in the extraction of natural resources are further reinforcing market expansion. The development of alternative raw material sources is expected to further address the supply demands in the market. The fluxes in the currency are projected to steady and therefore leave a favorable effect on the market. The advancement of investment into physical capital is anticipated to reinforce the market’s expansion in the forecast period. Moreover, breakthroughs in technology are expected to exert a positive influence on the development of the market. The impact of governmental plans is inspiring additional progress in the market. The improvements in the logistic chain are expected to create favorable prospects for growth in the coming period.

Prominent Players

The significant companies operating in the pipeline integrity market are Baker Hughes, Schneider Electric (France), A GE Company (US), T.D. Williamson (US), Applus (Spain), Rosen (Switzerland), Enermech (UK), Intertek (UK), IKM Gruppen (Norway), Lin Scan (UAE), Quest Integrity Group (US), Altus Intervention (Sweden), Dacon Inspection Technologies (Thailand), and Emerson (US).

Industry Updates: 

July 2019 Halfwave, an in-line oil and gas pipeline inspection technology business has been presented four contract successes for subsea inspection in the opening half of 2019, considering its ROV mounted ARTEMIS tool used on major oilfield projects around the world. The tool, which uses Acoustic Resonance Technology to offer wall thickness review of subsea assets, has been positioned offshore in the Gulf of Mexico by a key multi-national operator.

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