Global Pipeline Integrity Management Market Size to Grow at a CAGR of 3.80% in the Forecast Period of 2023-2028
The ‘Global Pipeline Integrity Management Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global pipeline integrity management market, assessing the market on the basis of its segments like type, service, sector, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Pipeline Integrity Management Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.80%
Pipelines are integral to the oil and gas sector, owing to the need for their deployment to transport enormous amounts of oil and natural gas from one place to another. Hence, it is important to maintain them in order to enhance their efficiency for smoother oil and gas operations. Therefore, the increasing expansion of the oil and gas sector across the emerging economies, is driving the pipeline integrity management market. The favourable policies of various governments, leading to the emergence of asset integrity management (AIM) implementation, are further improving the market dynamics.
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Increasing concerns pertaining to environmental safety are proving to be boon for the market as pipelines usually transport harmful and flammable compounds which can pose great harm to the surroundings. In this regard, pipeline integrity management systems are gaining traction across various end use sectors to prevent environmental degradation, destruction of vegetation, water pollution, and to prevent adverse impacts on local wildlife.
The flourishing international trade of crude oil, petroleum, and natural gas between strong economies is another crucial driving factor of the pipeline integrity management market. Furthermore, pipeline integrity management services also offer root cause analysis of failure and risk assessment, which are expected to provide impetus to the market in the forecast period.
Pipeline Integrity Management Industry Definition and Major Segments
Pipeline integrity management is defined as a structured system which is aimed at ensuring proper functionality of a pipeline, effectively and efficiently, while ensuring safety and placement of people, environmental components, and other resources. Pipeline integrity management systems use modern computing technologies to improve the reliability of pipelines.
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Based on type, the market is bifurcated into:
By service, the market is categorised into:
• Inspection Services
• Cleaning Services
• Repair and Refurbishment Services
• Monitoring Services
On the basis of sector, the market is segmented into:
• Crude Oil
• Natural Gas
Based on region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Pipeline Integrity Management Market Trends
The key trends in the global pipeline integrity management market include the heightening adoption of pipeline integrity management software. This software provides advanced features such as provision of accurate integrity management data, information about safety and regulatory risks, and verification and storage of pipeline data.
Oil and gas plays a critical role in providing energy across various sectors and currently, major developing nations are heavily dependent on non-renewable sources of energy for electricity generation. In this regard, the increasing demand for power across the emerging economies, owing to rapid urbanisation, increasing per capita income, and expansion of the commercial and industrial sectors, is propelling the growth of the market for pipeline integrity management.
The growing expansion of the major market players is leading to extension of their product offerings which in turn are increasing the efficiency of pipeline integrity management. These offerings include sustainable operations, reduction of unplanned shutdowns, and optimisation of costs, among others.
In geographical terms, North America holds a decent share in the pipeline integrity management market. The strong and advanced oil and gas infrastructure across developed economies, such as the United States, is a major driving factor of the market. In addition, the growing demand for natural gas in the region is another critical market boosting factor.
Key Market Players
The major players in the global pipeline integrity management market report are
• Infosys Limited
• TUV Rheinland Mobility, Inc
• T.D. Williamson, Inc.
• SGS SA
• Emerson Electric Co.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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