The pipeline integrity management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Pipeline Integrity Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The pipeline integrity management market size has grown strongly in recent years. It will grow from <b>$9.63 billion in 2023 to $10.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. </b> The growth in the historic period can be attributed to stringent regulatory standards, aging pipeline infrastructure, incident prevention and safety concerns, risk-based inspection strategies, integration of data analytics.
The pipeline integrity management market size is expected to see strong growth in the next few years. It will grow to <b>$12.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. </b> The growth in the forecast period can be attributed to shift towards condition-based maintenance, government initiatives for safety standards, focus on remote monitoring and inspection, integration of predictive maintenance, rise in investment for infrastructure renewal. Major trends in the forecast period include adoption of digital twin technology, implementation of risk-based integrity management, focus on data integration and visualization, development of leak detection technologies.
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Scope Of Pipeline Integrity Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pipeline Integrity Management Market Overview
Market Drivers –
The significant expansion of the oil and gas pipeline network is driving the growth of the pipeline integrity management (PIM) market going forward. Pipeline integrity management (PIM) is a method that pipeline operators employ to assure the safety of a pipeline from conception through retirement. It is a collection of activities aimed at ensuring pipeline integrity. Pipeline integrity management in oil and gas pipeline networks contributes to the safety of hazardous liquids and natural gas transportation by increasing integrity assessments to avoid leaks or ruptures during routine operations and emergencies. For instance, in 2021, according to the US Energy Information Administration, a US-based energy agency, pipeline companies completed 14 petroleum liquid pipeline projects in the United States, including seven crude oil pipeline projects and seven hydrocarbon gas pipeline projects. Furthermore, in March 2021, according to the Ministry of Petroleum and Natural Gas, an India-based government, the Petroleum and Natural Gas Regulatory Board (PNGRB) authorized the construction of a 33,764-kilometer natural gas pipeline network to build the national gas grid and increase the supply of natural gas throughout the nation. Therefore, the significant expansion of the oil and gas pipeline network is driving the growth of the pipeline integrity management (PIM) market in the coming years.
Market Trends –
Product innovations are the key trend that is gaining popularity in the pipeline integrity management (PIM) market going forward. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the pipeline integrity management (PIM) market. For instance, in November 2021, Schneider Electric SE, a France-based company operating in the digital transformation of energy management and automation, partnered with Prisma Photonics, an Israel-based company operating in designing and manufacturing fiber sensing for oil and gas infrastructure, and introduced PrismaFlow with its Hyper-ScanTM technology and the integration of real-time intelligence and precise monitoring to prevent accidental and malicious activity, which enhances efficiency and sustainability in energy transportation via pipelines and avoids resource loss. It also integrates an innovative pay-as-you-grow model. PrismaFlow is a pipeline monitoring solution made up of both hardware and software, significantly lowering positive and negative false alarm rates as compared to other fiber-sensing technologies. PrismaFlow offers improved event classification and detection with a precision resolution of fewer than 10 m and can recognize multiple simultaneous events without interference or crosstalk.
The pipeline integrity management market covered in this report is segmented –
1) By Service Type: Inspection Services, Cleaning Services, Repair and Refurbishment Services
2) By Sector: Crude Oil, Natural Gas
3) By Location of Deployment: Onshore, Offshore
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Regional Insights –
North America was the largest region in the pipeline integrity management market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pipeline integrity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the pipeline integrity management market report are T. D. Williamson Inc., Bureau Veritas Group, Emerson Electric Co., Baker Hughes Company, TÜV Rheinland Holding AG & Co. KG, SGS SA, Det Norske Veritas Co., Aegion Corporation, Aker Solutions ASA, Audubon Engineering Company LLC, Matcor Inc., Fluor Corporation, General Electric Company, Halliburton Company, Infosys Limited, Intertek Group plc, Pembina Pipeline Corporation, Shawcor Ltd., TechnipFMC plc, EnerMech Ltd., TWI Ltd., ROSEN India Private Ltd., NDT Global GmbH & Co. KG, Applus+ RTD, MISTRAS Group Inc., Corrpro Companies Inc., Quest Integrity Group LLC, ABB Ltd., Wood Group Mustang plc, Penspen Ltd., Petrofac Limited, Oceaneering International Inc., STATS Group Limited, IKM Testing AS, Enduro Pipeline Services Inc., Onstream Pipeline Inspection Services Inc., Dynamic Risk Assessment Systems Inc., Corrosion Service Company Limited
Table of Contents
1. Executive Summary
2. Pipeline Integrity Management Market characterstics
3. Pipeline Integrity Management Market Trends And Strategies
4. Pipeline Integrity Management Market – Macro Economic Scenario
5. Global Pipeline Integrity Management Market Size And Growth
…..
31. Global Pipeline Integrity Management Market Competitive Benchmarking
32. Global Pipeline Integrity Management Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pipeline Integrity Management Market
34. Pipeline Integrity Management Market Future Outlook and Potential Analysis
35. Appendix
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