Deep-diving into the Global Pipeline Integrity Market Size; A Brilliant Study Report by MRFR for 2019 - 2024
The global Pipeline Integrity Market Size is growing at a
rapid pace. The market growth attributes to the growing oil and gas industry
witnessing automation revolution, increasing investments, and integration of
advanced technologies in offshore and onshore drilling activities. Besides,
substantial investments in the developments of techniques and pipeline integrity
process to detect, characterize, and verify pipeline defects in the asset
lifecycle stages drive the market growth.
According to Market Research Future (MRFR), the global Pipeline Integrity Market Size is poised to USD 2.14 BN by 2024, growing at 4.34% CAGR
throughout the forecast period (2018 to 2023). Rising concerns of environmental
impact, the safety of pipelines & energy infrastructure, and significant
investments in the pipeline business are key driving forces for the market
growth. Therefore, most oil and gas companies have developed attractive
investment plans to increase pipeline development worldwide.
Additionally, stringent government regulations for pipeline
assessment and the increase in focus on remote management of O&G pipelines
for process optimization and automation foster market growth. Furthermore,
increasing regulatory actions by the government and growing use of pipelines in
residential and commercial applications act as significant tailwinds for the
growth of the market. Oilfield companies invest considerably in technology
upgrades, which pushes the market growth.
Get
a FREE Report Sample - https://www.marketresearchfuture.com/sample_request/8067
The O&G industry looks to adopt advanced technologies,
and the demand for automation in the industry is growing continually.
Furthermore, augmenting demand for energy and the rising crude oil prices led
by the increasing population, urbanization, and industrialization impact the
growth of the market. On the other hand, the lack of interoperability is a
significant factor projected to impede the growth of the market. Nevertheless,
technological advances would support market growth throughout the review
period, mitigating interoperability issues.
Global Pipeline
Integrity Market Size - Segmentation
The report is segmented into four dynamics;
By Service: Testing Services, Inspection Services,
Monitoring Services, and Software Services, and others.
By Application: Onshore and Offshore.
By Product: Oil, Gas, and Refined Products
By Regions: Asia Pacific, Americas, Europe, and the
Rest-of-the-World.
Global Pipeline
Integrity Market Size - Regional
Analysis
North America dominates the global Pipeline
Integrity Market Size. The region is one of the largest regions with the
maximum numbers of oil and gas pipelines than other regions. Also, North
America is the largest producer and consumer of oil & gas, globally. The
largest market share attributes to technological advances and increasing
onshore & offshore infrastructures in the region.
Besides, increased government mandate
and regulations for pipeline assessment and increased focus on O&G
pipelines' remote management for process optimization and automation drive the
regional market growth. With its largest pipeline network, the US accounts for
the leading share and the largest revenue share in the regional market.
Europe stands second in the global Pipeline
Integrity Market Size. Market growth is driven by the presence of notable
players integrating robotics in onshore and offshore oilfields. Moreover,
increasing drilling activities are widening the uptake of pipeline integrity in
the oilfields. Additionally, the presence of well-developed oilfield
infrastructure and the increasing demand for fossil fuels in the region
substantiate market growth.
Most European countries are initiating
on transforming regulations to increase the use of pipeline integrity in
oilfield applications, which, in turn, boosts the expansion of the Pipeline
Integrity Market Size in the region. Furthermore, increasing R & D
activities and modifications are prominent factors acting as major tailwinds
for regional market growth.
The Asia Pacific Pipeline Integrity
Market Size is growing rapidly. Factors such as the rising demand for new
autonomous technology, burgeoning O&G sector, and increasing investments
& activities in R&D due to rapid economic growth in the region
substantiate the market growth. Furthermore, the increase and the demand from
the burgeoning are propelling the regional market.
Rapidly developing countries in the
APAC, such as India and China, hold major shares in the regional market due to
the improving drilling technologies and robotics in oilfields. The APAC Pipeline
Integrity Market Size is expected to witness significant growth during the
forecast period.
Global Pipeline
Integrity Market Size - Competitive
Analysis
Highly competitive, the Pipeline
Integrity Market Size appears fragmented due to the presence of several
well-established players. Acquisition, collaboration, expansion, and product/
technology launch are strategic initiatives that these players incorporate to
gain a competitive advantage. Players focus on product development and
geographical expansion. The global Pipeline Integrity Market Size is projected
to witness relentless innovations and new product launches that would
eventually result in intensifying the competition among manufacturers.
Major Players:
Key players leading the global Pipeline
Integrity Market Size include Baker Hughes, Rosen (Switzerland), A GE Company
(US), Applus (Spain), T.D. Williamson (US), Altus Intervention (Sweden),
Intertek (UK), Enermech (UK), IKM Gruppen (Norway), Quest Integrity Group (US),
Lin Scan (UAE), Dacon Inspection Technologies (Thailand), Emerson (US), and
Schneider Electric (France), among others.
Industry/ Innovation/ Related News
August 13, 2020 ----- Spire Capital Partners LLC (the US), a
private equity firm, announced investments in DBI Group, provider of pipeline
integrity inspections, and heat treatment services throughout the United States.
Spire Capital Partners specializes in technology-enabled business services,
media, communications, and education sectors. The acquisition brings together
two testing, inspection, certification, and compliance providers, adding DBI's
existing portfolio company ERI Solutions. DBI provides non-destructive testing,
mechanical integrity inspections, pipeline integrity inspections, heat treat
services, industry training, and consulting services.
Browse Complete Report - https://www.marketresearchfuture.com/reports/pipeline-integrity-market-8067
Comments
Post a Comment