Feb 25, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Pipeline Integrity Market.
It was estimated prior to this unanticipated outbreak that the Pipeline Integrity Market is likely to witness an impressive CAGR of 4.5% during the forecast period. This growth of the pipeline integrity market can be attributed to the enormous investment pool in the pipeline business, growing government mandate and regulations for pipeline assessment, concern over environmental impact, the safety of pipelines and energy infrastructure, and rising focus on the remote management of oil & gas pipeline for process optimization & automation.
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Pipeline Integrity defines the process to assure the smooth and efficient working of a pipeline and also ensuring the related components.
Pipeline Integrity refers to the state of pipelines that are damage-free. The maintenance of pipeline integrity is a primary aim of trenchless construction. Several trenchless rehabilitation techniques are available to ensure the integrity of underground pipes.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the service type, the market is segmented as testing, inspection, monitoring, and software. The inspection segment led the market in 2019, and is estimated to dominate the market during the forecast period. Increasing government regulations associated with the inspection of pipelines are the major factors expected to drive the market during the forecast period. Magnetic flux is the most used technology in inspection services. It is an obnoxious method of testing, which is used to detect corrosion, surface pitting, cracks, and weld defects. It scans the periphery and length of the pipeline helping determine the remaining wall thickness, depth, and location of metal, which is lost due to deterioration mechanisms.
Based on the product type, the market is segmented as oil, gas, and refined product. The gas segment is estimated to lead the market owing to rise in demand for safe, economical, and reliable connectivity. The natural gas market has become more globalized, driven by the availability of shale gas and the increasing supplies of liquefied natural gas.
Based on the application type, the pipeline integrity market is segmented as onshore and offshore. The onshore segment is expected to dominate the market and grow at a faster rate. Rising demand for oil & gas and environmental concerns related to its transportation are expected to drive the onshore segment during the forecast period. The onshore segment holds for various assessments, such as metal loss/corrosion, geometry deformation, and crack & leak detection. Metal loss/corrosion detection accounts for the largest share of the onshore pipeline applications.
In terms of regions, North America is estimated to lead the pipeline integrity market during the forecast period. In the US, nearly 70% of the crude oil and petroleum products are shipped through pipelines; and in Canada, around 97% of natural gas and petroleum products are shipped through pipelines. As the demand for energy produced in the Americas continues to increase, the E&P activities would continue to surge further toward harsh environments. For example, most of recent oil & gas shale discoveries has been in remote areas. Transportation of these reserves from the harsh environment till storage locations needs more focus, which is expected to increase demand for pipeline integrity services in the region.
Key players operating in the global Pipeline Integrity market are-
- Baker Hughes,
- a GE Company,
- NDT Global,
- T.D. Williamson,
- Schneider Electric,
- Altus Intervention,
- IKM Gruppen,
- Lin Scan.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Pipeline Integrity analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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