PUBLISHER: The Business Research Company | PRODUCT CODE: 1425726
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425726
Pipeline Integrity Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pipeline integrity management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pipeline integrity management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pipeline integrity management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Pipeline Integrity Management (PIM) embodies a comprehensive approach aimed at ensuring the secure and reliable operation of pipelines. This strategic framework is essential for handling the distribution and transportation of various substances like natural gas and hazardous liquids. Its implementation involves stringent adherence to pipeline safety regulations to ensure complete integrity management throughout the process.
Within the realm of Pipeline Integrity Management, distinct services are pivotal for effective operations such as inspection services, cleaning services, and repair and refurbishment services. Inspection services are instrumental in conducting periodic structural assessments of pipeline systems. These assessments are geared towards identifying and addressing potential pipeline defects such as corrosion and cracks. These services are deployed across diverse sectors like crude oil and natural gas, encompassing both onshore and offshore locations.
The pipeline integrity management market research report is one of a series of new reports from The Business Research Company that provides pipeline integrity management market statistics, including pipeline integrity management industry global market size, regional shares, competitors with a pipeline integrity management market share, detailed pipeline integrity management market segments, market trends and opportunities, and any further data you may need to thrive in the pipeline integrity management industry. This pipeline integrity management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pipeline integrity management market size has grown strongly in recent years. It will grow from $9.63 billion in 2023 to $10.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. During the historical period, growth in the pipeline industry was primarily driven by several factors. These included the implementation of stringent regulatory standards, addressing aging pipeline infrastructure, prioritizing incident prevention and safety concerns, adopting risk-based inspection strategies, and integrating data analytics into pipeline operations. These elements collectively contributed to the industry's growth and development in the specified historical period.
The pipeline integrity management market size is expected to see strong growth in the next few years. It will grow to $12.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. In the upcoming forecast period, the growth of the pipeline industry is expected to be fueled by several factors. These include a transition towards condition-based maintenance practices, government initiatives emphasizing safety standards, a heightened focus on remote monitoring and inspection methods, integration of predictive maintenance techniques, and increased investment in infrastructure renewal projects. These factors collectively contribute to the projected growth of the industry in the forecasted period.
Expansion of the oil and gas pipeline network continues to fuel the growth of the pipeline integrity management (PIM) market. PIM represents a suite of measures employed by pipeline operators to ensure safety from inception to decommissioning. It involves activities ensuring pipeline integrity, crucial for the secure transportation of hazardous liquids and natural gas. Notably, in 2021, the US saw the completion of 14 petroleum liquid pipeline projects. Similarly, in March 2021, India's Petroleum and Natural Gas Regulatory Board authorized the construction of a vast natural gas pipeline network spanning over 33,000 kilometers. These expansions are pivotal drivers for the future growth of the PIM market.
Rising instances of pipeline failures are significant drivers propelling the pipeline integrity management market. These failures, encompassing disruptions, leaks, or structural issues, compromise pipeline integrity and functionality. To counter this, pipeline integrity management adopts a proactive approach to prevent and mitigate such incidents. For instance, data from 2022 in the US reported over 2,600 gas pipeline leaks causing substantial financial damages, fatalities, injuries, and fuel release, underscoring the critical need for effective integrity management to avert such situations.
Innovation emerges as a prominent trend in the pipeline integrity management (PIM) market. Key market players concentrate on research and development, aiming for product innovations to maintain market positions. An example in November 2021, is Schneider Electric SE's collaboration with Prisma Photonics, introducing PrismaFlow featuring Hyper-ScanTM technology for real-time intelligence and precise monitoring. This innovation not only prevents accidental and malicious activities but also enhances efficiency and sustainability in energy transportation via pipelines. The solution boasts improved event classification and detection capabilities with high precision and minimal false alarms, setting a new benchmark in pipeline monitoring.
Technological advancements drive the pipeline integrity management market, with companies developing cutting-edge products like AI-based gas cloud imaging systems. Honeywell's Gas Cloud Imaging (GCI) system, incorporating artificial intelligence, stands out for automated monitoring of hazardous gas leaks at industrial facilities. Rolled out in Europe in May 2021, the GCI system aids in swift gas leak detection and alerts facility operators promptly for necessary intervention. The system, powered by AI and hyperspectral gas analytics, provides a clear visual representation of critical gas plume attributes, revolutionizing safety measures within industrial setups.
In June 2022, OneSoft Solutions Inc., a Canada-based software-as-a-service (SaaS) company, acquired Bass Engineering Company for an undisclosed amount. Through this acquisition, OneSoft Solutions Inc. aims to strengthen its product portfolio in integrity management solutions and gain a competitive advantage in the market. Bass Engineering Company is a US-based company operating in pipeline integrity management solutions.
Major companies operating in the pipeline integrity management market report are T. D. Williamson Inc., Bureau Veritas Group, Emerson Electric Co., Baker Hughes Company, TUV 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
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.
The countries covered in the pipeline integrity management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pipeline integrity management (PIM) market includes revenues earned by entities through preventive maintenance, compact flange, and ultrasonic thickness inspection. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.