Pipeline Integrity Market by Service (Testing, Inspection, Monitoring, Software), Application (Onshore, Offshore), Product (Oil, Gas, Refined Product) - Global Forecast to 2024 - ResearchAndMarkets.com
The "Pipeline
Integrity Market by Service (Testing, Inspection [Ultrasonic, Magnetic
Flux, Caliper], Monitoring, Software), Application (Onshore, Offshore),
Product (Oil, Gas, Refined Product), and Region: Global Forecast to 2024"
report has been added to ResearchAndMarkets.com's
offering.
The Global Pipeline Integrity Market is Projected To Reach USD 2.1
Billion by 2024 From an Estimated USD 1.7 Billion in 2019, at a CAGR of
4.33% During The Forecast Period
The growth can be attributed to factors such as a huge investment pool
in the pipeline business, increased government mandates and regulations
for pipeline assessment, concern over environment impact, the safety of
pipelines and energy infrastructure, and increased focus on the remote
management of oil & gas pipeline for process optimization & automation.
However, difficulty in pipeline assessment and cross-border pipelines
are expected to restrict the growth of the market.
The pipeline monitoring segment is expected to be the
fastest growing market from 2019 to 2024
The pipeline monitoring segment is driven by an increased focus on the
remote management of oil & gas pipeline for process optimization &
automation. Pipeline monitoring services detect smaller leaks faster and
more reliably, while simultaneously monitoring for third-party
interference and other external pipeline threats to prevent leaks
altogether. These services improve the control over their assets and
automate the process to improve productivity, which would enable the
readers to monitor the condition of their assets and raise an alarm in
case of unauthorized events.
The onshore segment, by application, is expected to be the
largest market from 2019 to 2024
Increasing demand for oil & gas and rising environmental concerns
related to its transportation are expected to drive the onshore segment
during the forecast period. Onshore pipelines are safer and more
economical means of transportation than other modes. Safety is the
priority of energy infrastructure facilities as these pipelines carry
Highly Volatile Liquid (HVL), petroleum products, and LNG. The
increasing incidents of leakages in oil & gas pipelines and storage
tanks at production facilities are generating a huge demand for the
inline inspection by pipeline integrity and monitoring systems for
addressing both physical threats and overall pipeline network risk
reduction.
Asia Pacific: The fastest growing pipeline integrity market.
Rising investments in the pipeline infrastructure, especially in China
and India, are expected to drive the demand for pipeline integrity in
the region. The demand for oil products in Asia Pacific is rapidly
increasing as the region is experiencing strong economic growth. An
increase in the demand for oil & gas in the region has contributed to
the increased need for pipeline construction. Japan, India, China, and
Korea are also dependent on crude oil and natural gas imports for
transportation, domestic consumption, and electricity generation.
Increase in demand for crude oil to transport products from the
exporting countries and a significant rise in the construction of
pipelines are likely to drive the need for pipeline integrity services
in the region.
The leading players in the pipeline integrity market are Rosen
(Switzerland), Baker Hughes, a GE Company (US), NDT Global (Germany),
T.D. Williamson (US), SGS (Switzerland), Schneider Electric (France),
and Emerson (US).
Market Dynamics
Drivers
-
Huge Investment Pool in the Pipeline Business
-
Increased Government Mandate and Regulations for Pipeline Assessment
-
Concern Over Environment Impact, the Safety of Pipelines and Energy
Infrastructure
-
Increased Focus on the Remote Management of Oil & Gas Pipeline for
Process Optimization & Automation
Restraints
-
Difficulty in Pipeline Assessment
-
Cross-Border Pipelines
Opportunities
-
Introduction of the Digital Twin Technology in Pipeline Operation
-
Offshore/Ultra-Deepwater Discoveries
-
Big Data Analytics Would Increase the Scope of Pipeline Monitoring
Systems
Challenges
-
Delays in Issuing A Permit By Statutory Government Bodies
-
High Time Consumption in the Data Analytics Process
Companies Mentioned
-
Altus Intervention
-
Applus
-
Baker Hughes, A GE Company
-
Dacon Inspection Technologies
-
Emerson
-
Enermech
-
IKM Gruppen
-
Intertek
-
Lin Scan
-
NDT Global
-
Quest Integrity Group
-
Rosen
-
SGS
-
Schneider Electric
-
T.D. Williamson
For more information about this report visit https://www.researchandmarkets.com/r/u8pkug
View source version on businesswire.com: https://www.businesswire.com/news/home/20190513005453/en/
Copyright Business Wire 2019
Source: Business Wire
(May 13, 2019 - 8:45 AM EDT)
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