Pipeline Integrity Management Market Size [2022-2028] worth USD 11.26 Billion by 2028

Pipeline Integrity Management Market Size [2022-2028] worth USD 11.26 Billion by 2028

Surging Power Generation Industries to Offer Growth Opportunities; Increasing Demand for Natural Gas to Support Speedy Expansion

Pipeline Integrity Management Market

Global Pipeline Integrity Management Market

Pune, India, May 16, 2022 (GLOBE NEWSWIRE) — The global pipeline integrity management market size stood at USD 8.65 billion in 2020. The market is estimated to rise from USD 8.80 billion in 2021 to USD 11.26 billion by 2028 at 3.6% CAGR during the forecast period. Fortune Business Insights™ has provided these insights in its latest research report, titled, “Pipeline integrity management Market, 2021-2028.”

According to the analysis, the strict regulations by governments aimed at safety can have an imperative impact on the market. The rules are implemented to ensure maximum safety, smooth operations, and timely check for any accidents. These guidelines support transmission and distribution chain, which, in turn, boosts the pipeline integrity management market growth. For instance, in the U.S, all the facility integrity management of the oil and gas pipelines has to comply with the National Energy Board Act (NEB Act) and Onshore Pipeline Regulations (OPR.). The recent amendments adopted by countries will further improve pipeline integrity management prospects in the forthcoming years.

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Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

3.6%

2028 Value Projection

USD 11.26 billion

Base Year

2020

Market Size in 2020

USD 8.65 billion

Historical Data for

2017-2019

No. of Pages

180

Segments covered

By Location (Onshore, Offshore), By Service (Inspection, Cleaning, Repair, and Refurbishment)

Growth Drivers

Expansion of Natural Gas Pipeline Infrastructure to Augment Growth

Enormous investments in R&D by Companies to Intensify Business

A List of Key Manufacturers Operating in the Global Market:

  • Baker Hughes

  • Enbridge

  • GE

  • Schneider Electric

  • TC Energy

  • AVEVA

  • Applus+

  • NDT

  • ROSEN

  • Infosys

  • Emerson

  • DNV GL

  • Larsen & Toubro

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Driving factor:

Expansion of Natural Gas Pipeline Infrastructure to Augment Growth

The growing utilization of natural gas due to its low emissions and gasoline will contribute positively to market growth. The increased application of natural gas in the transportation industry (CNG), power generation industry, and industrial sectors will bolster the healthy growth of the market. The growing awareness regarding the low emissions of natural gas in developing nations will encourage its use in end-use sectors. The construction of new natural gas pipelines will subsequently boost the pipeline integrity management industry.

What Does the Report Offer?

The report provides unmatched information into the market drivers, trends, prospects, and obstructions. It also contains an in-depth analysis of all market segments, separately and collectively, and meticulous insights into the regional dynamics influencing the market growth. Apart from these, the market report delivers a far-reaching assessment of major companies and their growth strategies.

Geographically, the market has been analyzed across major regions which include North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

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Market Segments:

  • By Location Market is segmented into Onshore and Offshore.

  • Based on service, the global pipeline integrity management market is classified into inspection service, cleaning service, and repair and refurbishment. The repair and refurbishment segment held the lion’s share of 59.2% in 2020 and is expected to remain dominant during the forecast period.

Regional Insights:

Presence of Key Businesses to Incite Development in North America

The existing companies in the US will have an outstanding influence on the market in North America. Canada holds a major pipeline integrity management market share due to its well-established oil and gas infrastructure. The oil trade with neighboring countries will aid the expansion of the market. Europe is expected to hold a significant share in the global market. The ongoing production and transportation in Russia to foster growth in Europe. Furthermore, Norway, UK, Denmark, Italy, and others will back development in Europe.

Competitive Landscape:

Enormous investments in R&D by Companies to Intensify Business

The key companies in the market are focused on optimal solutions for pipeline integrity management. Moreover, the eminent players aim to robust research and development to enhance the management systems’ performance characteristics. The players are also adopting strategies to improve the efficiency of the pipeline and identify failures at the earliest to minimize the financial loss and negative impact on the environment.

Notable Development:

August 2020: Aegion Corporation, through its subsidiary, Corrpro Companies, Inc., was awarded a contract worth USD 6 million to deliver a comprehensive package of cathodic protection services to prevent corrosion on new midstream pipeline construction in West Texas.

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COVID-19 Impact:

Suspended Pipeline Projects to Hamper Market amid COVID-19

The coronavirus outbreak has had a damaging impact on the PIM industry. The heavy loss incurred by enterprises due to the pandemic has inhibited the market’s growth. Moreover, the dropped price and demand for oil and gas will restrict the business during the pandemic. For instance, in May 2020, the cost of oil dropped to USD 20.37 per barrel, its lowest level since February 2002. The temporary stop on travel activities will consequently impede businesses, thus destructively posing risks on pipeline integrity management investments.

Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1. Key Emerging Trends – For Major Countries

4.2. Latest Technological Advancement

4.3. Regulatory Landscape

4.4. Industry SWOT Analysis

4.5. Porters Five Forces Analysis

5. Qualitative Analysis – Impact of COVID-19

5.1. Impact of COVID-19 on the Pipeline Integrity Management Market

5.2. Steps Taken by the Government to Overcome the Impact

5.3. Key Developments by Industry Players in Response to COVID-19

5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak

6. Global Pipeline Integrity Management Market Analysis (USD Billion), Insights and Forecast, 2017-2028

6.1. Key Findings / Summary

6.2. Market Analysis, Insights and Forecast – By Location

6.2.1.Onshore

6.2.2.Offshore

6.3. Market Analysis, Insights and Forecast – By Service

6.3.1.Inspection

6.3.2.Cleaning

6.3.3.Repair and Refurbishment

6.4. Market Analysis, Insights and Forecast – By Region

6.4.1.North America

6.4.2.Europe

6.4.3.Asia Pacific

6.4.4.Latin America

6.4.5.Middle East & Africa

Continued…

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