Pipeline Integrity Market Financial Overview, Company Profiles, Competitive Scenario and Investment Analysis

iCrowd Newswire
30 Dec 2020, 05:15 GMT+10

The global pipeline integrity market is growing at a rapid pace. The market growth attributes to the growing oil and gas industry witnessing automation revolution, increasing investments, and integration of advanced technologies in offshore and onshore drilling activities. Besides, substantial investments in the developments of techniques and pipeline integrity process to detect, characterize, and verify pipeline defects in the asset lifecycle stages drive the market growth.

According to Market Research Future (MRFR), the global pipeline integrity market is poised to USD 2.14 BN by 2024, growing at 4.34% CAGR throughout the forecast period (2018 to 2023).

Rising concerns of environmental impact, the safety of pipelines & energy infrastructure, and significant investments in the pipeline business are key driving forces for the market growth. Therefore, most oil and gas companies have developed attractive investment plans to increase pipeline development worldwide.

Additionally, stringent government regulations for pipeline assessment and the increase in focus on remote management of O&G pipelines for process optimization and automation foster market growth. Furthermore, increasing regulatory actions by the government and growing use of pipelines in residential and commercial applications act as significant tailwinds for the growth of the market. Oilfield companies invest considerably in technology upgrades, which pushes the market growth.

The O&G industry looks to adopt advanced technologies, and the demand for automation in the industry is growing continually. Furthermore, augmenting demand for energy and the rising crude oil prices led by the increasing population, urbanization, and industrialization impact the growth of the market. On the other hand, the lack of interoperability is a significant factor projected to impede the growth of the market. Nevertheless, technological advances would support market growth throughout the review period, mitigating interoperability issues.

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Global Pipeline Integrity Market - SegmentationThe report is segmented into four dynamics;

By Service: Testing Services, Inspection Services, Monitoring Services, and Software Services, and others.

By Application: Onshore and Offshore.

By Product: Oil, Gas, and Refined Products

By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.

Global Pipeline Integrity Market - Regional Analysis

North America dominates the global pipeline integrity market. The region is one of the largest regions with the maximum numbers of oil and gas pipelines than other regions. Also, North America is the largest producer and consumer of oil & gas, globally. The largest market share attributes to technological advances and increasing onshore & offshore infrastructures in the region.

Besides, increased government mandate and regulations for pipeline assessment and increased focus on O&G pipelines' remote management for process optimization and automation drive the regional market growth. With its largest pipeline network, the US accounts for the leading share and the largest revenue share in the regional market.Europe stands second in the global pipeline integrity market. Market growth is driven by the presence of notable players integrating robotics in onshore and offshore oilfields. Moreover, increasing drilling activities are widening the uptake of pipeline integrity in the oilfields. Additionally, the presence of well-developed oilfield infrastructure and the increasing demand for fossil fuels in the region substantiate market growth.

Most European countries are initiating on transforming regulations to increase the use of pipeline integrity in oilfield applications, which, in turn, boosts the expansion of the pipeline integrity market in the region. Furthermore, increasing R & D activities and modifications are prominent factors acting as major tailwinds for regional market growth.The Asia Pacific pipeline integrity market is growing rapidly. Factors such as the rising demand for new autonomous technology, burgeoning O&G sector, and increasing investments & activities in R&D due to rapid economic growth in the region substantiate the market growth. Furthermore, the increase and the demand from the burgeoning are propelling the regional market.

Rapidly developing countries in the APAC, such as India and China, hold major shares in the regional market due to the improving drilling technologies and robotics in oilfields. The APAC pipeline integrity market is expected to witness significant growth during the forecast period.

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Global Pipeline Integrity Market - Competitive Analysis

Highly competitive, the pipeline integrity market appears fragmented due to the presence of several well-established players. Acquisition, collaboration, expansion, and product/ technology launch are strategic initiatives that these players incorporate to gain a competitive advantage. Players focus on product development and geographical expansion. The global pipeline integrity market is projected to witness relentless innovations and new product launches that would eventually result in intensifying the competition among manufacturers.

Major Players:

Baker Hughes

Rosen (Switzerland)

A GE Company (US)

Applus (Spain)

T.D. Williamson (US)

Altus Intervention (Sweden)

Intertek (UK)

Enermech (UK)

IKM Gruppen (Norway)

Quest Integrity Group (US)

Lin Scan (UAE)

Dacon Inspection Technologies (Thailand)

Emerson (US)

Schneider Electric (France)

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