DUBLIN--(BUSINESS WIRE)--The "Pipeline Integrity Market by Service (Testing, Inspection [Ultrasonic, Magnetic Flux, Caliper], Monitoring, Software), Application (Onshore, Offshore), Product (Oil, Gas, Refined Product), and Region: Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Pipeline Integrity Market is Projected To Reach USD 2.1 Billion by 2024 From an Estimated USD 1.7 Billion in 2019, at a CAGR of 4.33% During The Forecast Period
The growth can be attributed to factors such as a huge investment pool in the pipeline business, increased government mandates and regulations for pipeline assessment, concern over environment impact, the safety of pipelines and energy infrastructure, and increased focus on the remote management of oil & gas pipeline for process optimization & automation. However, difficulty in pipeline assessment and cross-border pipelines are expected to restrict the growth of the market.
The pipeline monitoring segment is expected to be the fastest growing market from 2019 to 2024
The pipeline monitoring segment is driven by an increased focus on the remote management of oil & gas pipeline for process optimization & automation. Pipeline monitoring services detect smaller leaks faster and more reliably, while simultaneously monitoring for third-party interference and other external pipeline threats to prevent leaks altogether. These services improve the control over their assets and automate the process to improve productivity, which would enable the readers to monitor the condition of their assets and raise an alarm in case of unauthorized events.
The onshore segment, by application, is expected to be the largest market from 2019 to 2024
Increasing demand for oil & gas and rising environmental concerns related to its transportation are expected to drive the onshore segment during the forecast period. Onshore pipelines are safer and more economical means of transportation than other modes. Safety is the priority of energy infrastructure facilities as these pipelines carry Highly Volatile Liquid (HVL), petroleum products, and LNG. The increasing incidents of leakages in oil & gas pipelines and storage tanks at production facilities are generating a huge demand for the inline inspection by pipeline integrity and monitoring systems for addressing both physical threats and overall pipeline network risk reduction.
Asia Pacific: The fastest growing pipeline integrity market.
Rising investments in the pipeline infrastructure, especially in China and India, are expected to drive the demand for pipeline integrity in the region. The demand for oil products in Asia Pacific is rapidly increasing as the region is experiencing strong economic growth. An increase in the demand for oil & gas in the region has contributed to the increased need for pipeline construction. Japan, India, China, and Korea are also dependent on crude oil and natural gas imports for transportation, domestic consumption, and electricity generation. Increase in demand for crude oil to transport products from the exporting countries and a significant rise in the construction of pipelines are likely to drive the need for pipeline integrity services in the region.
The leading players in the pipeline integrity market are Rosen (Switzerland), Baker Hughes, a GE Company (US), NDT Global (Germany), T.D. Williamson (US), SGS (Switzerland), Schneider Electric (France), and Emerson (US).
- Huge Investment Pool in the Pipeline Business
- Increased Government Mandate and Regulations for Pipeline Assessment
- Concern Over Environment Impact, the Safety of Pipelines and Energy Infrastructure
- Increased Focus on the Remote Management of Oil & Gas Pipeline for Process Optimization & Automation
- Difficulty in Pipeline Assessment
- Cross-Border Pipelines
- Introduction of the Digital Twin Technology in Pipeline Operation
- Offshore/Ultra-Deepwater Discoveries
- Big Data Analytics Would Increase the Scope of Pipeline Monitoring Systems
- Delays in Issuing A Permit By Statutory Government Bodies
- High Time Consumption in the Data Analytics Process
- Altus Intervention
- Baker Hughes, A GE Company
- Dacon Inspection Technologies
- IKM Gruppen
- Lin Scan
- NDT Global
- Quest Integrity Group
- Schneider Electric
- T.D. Williamson
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