Pipeline Integrity Market Projected To Reach USD 2.86 Billion, Expanding A CAGR Of 4.34% Between 2023 And 2032 Report By Market Research Future (MRFR)

(MENAFN- GlobeNewsWire - Nasdaq) New York, US, June 14, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR),“pipeline integrity market Information By Service, Product, Application, and Region - Forecast till 2030”, The pipeline integrity market can soar from USD 2.03 billion in 2023 to USD 2.86 billion by 2032, at a rate of 4.34% over the course of the review period (2023-2032).

Pipeline Integrity Market Overview

In order to assure safe and dependable operations, pipeline integrity management (PIM) is the practise of continuously assessing the pipeline utilised for the transfer of gas and oil. Concerns about the environment and public safety must be taken into account when building a pipeline. These pipelines contain highly combustible gases and liquids, therefore any leaks or mishaps while they are in use would be extremely harmful to the environment and human life. PIM programmes are managed by pipeline owner-operators. The management programmes consider every phase of the pipeline life cycle, beginning with conception and continuing through engineering, design, construction, operation, inspection, and eventually repair or replacement as needed.

Pipeline Integrity Market Competitive Landscape:

The major companies in the pipeline integrity market are

• ROSEN Group (Switzerland)
• Baker Hughes (US)
• NDT Gmbh & Co. Kg. (UAE)
• Emerson Electric Co. (US)
• Applus+ (Spain)
• Intertek Group Plc (UK)
• EnerMech (UK)
• Schneider Electric (Japan)
• T.D WilliAMSON Inc. (US)
• Altus Intervention (Norway)
• Among others.
  

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Pipeline Integrity Market USP Covered:

Pipeline Integrity Market Drivers:

The oil and gas pipeline network has burgeoned in many nations as a result of the rising global energy demand. In light of this, one of the main worries that has prompted governments to enact strict laws is the safety of operational pipelines. These regulations aim to assure the highest level of safety, seamless operations, and prompt inspections that will prevent any mishaps like leakages and accidents. Additionally, these rules encourage market competition, which enhances the entire transmission and distribution network. For instance, in the United States, all facility integrity management of the oil and gas pipelines must adhere to the Onshore Pipeline Regulations (OPR) and National Energy Board Act (NEB Act). Since these were put into effect in 1999, a number of changes have been seen.

The oil and gas trade between nations has exploded in the past ten years due to the fact that no country has abundant deposits of natural gas and crude oil. Due to this, offshore pipelines for the transmission of natural gas and crude oil have been built. For instance, the main oil producers-Russia, the United States, Kuwait, Saudi Arabia, and others-can provide the needs of numerous countries, including China and India. With rising population expectations, this trend is anticipated to remain in the upcoming years. This would result in an increase in the number of transmission pipelines for international trade to provide energy in various regions.

Pipeline Integrity Market Restraints:

One of the major risks to the growth of the PIM industry is the surging adoption of renewable energy sources like solar and wind. Oil and gas will no longer be needed as a result of the greater utilization of these resources due to their economic and environmental benefits. The production of oil and gas will be directly harmed by this, which will limit market expansion. Here are a few goals for renewable energy that different nations have established for the upcoming years. By the end of 2023, Brazil hopes to have a primary energy supply that is 42.5% renewable. The UK government intends to have approximately half of its electricity from renewable sources in 2025, per the quick carbon analysis.

Report Scope:

Report Metrics	Details
Market Size 2032	2032: USD 2.86 Billion
CAGR during 2023-2032	4.34% CAGR
Base Year	2022
Forecast	2023-2032
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Service, Product, Application, and Region
Key Market Opportunities	Developments in technology and the adoption of digitalization methods
Key Market Dynamics	A growing trend toward automating oil and gas pipeline operations via remote monitoring and management

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Pipeline Integrity Market COVID 19 Analysis

Every industry suffered due to the COVID-19 outbreak; which emerged as a global health emergency. Due to the implementation of rigorous regulations like lockdowns to stop the virus's spread, industries had to lose a significant amount of operational time. As a result, the disease outbreak has had a highly negative impact on the demand for crude oil and natural gas, which has caused a decline in oil prices. For instance, the price of oil fell to USD 20.37 per barrel in May 2020, the lowest level since February 2002. Travel restrictions across nations have limited demand, which has caused the pipeline projects currently under construction to take longer to complete. The management of the pipeline's integrity will suffer as a result of this.

Pipeline Integrity Market Segmentation

By Service

Testing, monitoring, inspection, and software service are all included in the service-based pipeline integrity market segmentation. The pipeline integrity market's software service segment had the highest revenue in 2022. With the capacity to manage pipeline integrity, record risk, monitor regulatory compliance, and give a thorough overview of pipeline and gas distribution system reliability, this software system enables safe and effective pipeline operations.

By Product

Oil, gas, and refined products are included in the pipeline integrity market segmentation with respect to product. Due to the rising demand for dependable, affordable, and secure network connections, it is estimated that the gas category will expand at a CAGR of 4.34% over the forecasted period and account for the biggest market share. The market is becoming more globally integrated because to liquefied natural gas (LNG) and shale gas.

By Application

Onshore and offshore are two application-based segments of the pipeline integrity industry. Due to rising environmental concerns related to its transportation and increased demand for oil and gas, the onshore segment is anticipated to develop at the quickest rate going forward, with a CAGR of 4.34%.

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Pipeline Integrity Market Regional Insights

Given the sophisticated pipeline infrastructure in the region, the North American pipeline integrity industry will secure the lead in the near future. In terms of oil and gas pipeline infrastructure, the United States is a global leader and commands the largest national market. Investment in this area has also been drawn by the existence of multiple significant firms in the market. When it comes to developed oil and gas infrastructure, Canada is likewise a powerful player. The market in North America has also benefited from the oil trade with South American neighbours. Due to all of these elements, North America dominates the worldwide PIM market.

With much of the production taking place in Russia and then being transported to the surrounding nations, Europe also enjoys a substantial position in the market. The market in the region has also been influenced by other countries that produce oil and gas, like Norway, the UK, Denmark, Italy, and others.

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As production and refining capacity increase in China and India, the Asia Pacific market can expect to attain a fairly healthy rate in the next years. Over the past ten years, the region has also become one of the biggest consumers of energy, which has boosted the amount of goods imported from Middle Eastern nations.

Leading oil-producing countries are located in the Middle East, Africa, and Latin America, respectively. These regions have a sizable market with lots of transmission, distribution, and collection lines.

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