Pipeline Integrity Market to register a CAGR of 4.34% through 2027 – Report by Market Research Future (MRFR)
New York, July 09, 2021 (GLOBE NEWSWIRE) — Pipeline Integrity Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Pipeline Integrity Market Research Report, Service, product, Application and Region – Forecast till 2027” the market to register a CAGR of 4.34% during the forecast period (2020 – 2027).
COVID-19 Analysis
Governments of various countries across the globe have imposed strict lockdowns for curbing the spread of the virus. Economic activities related to services and goods and movement of individuals have come to a halt because of lockdowns. The supply failed to adjust with the drop in consumption. This led to considerable building up of oil in storage. Unprecedented drop in the demand has led to difficulties for the upstream sector in regions with unfavorable production economies as pipeline integrity systems manage every stage of pipeline life cycle in downstream, midstream, and upstream activities. The adverse impact on upstream activities is limiting market growth.
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Key Players
Eminent players profiled in the global pipeline integrity industry report include-
- ROSEN Group (Switzerland)
- Baker Hughes (US)
- NDT Global Gmbh & Co. Kg. (UAE)
- Emerson Electric Co. (US)
- Applus+ (Spain)
- Intertek Group Plc (UK)
- EnerMech (UK)
- Schneider Electric (Japan)
- T.D WilliAMSON Inc (US)
- Altus Intervention (Norway)
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, partnerships, new product launches, and others.
Industry Updates
OneSoft Solutions Inc. and Advisian, have entered into a teaming agreement for conducting collaborative pipeline integrity projects using the CIM (cognitive integrity management) software-as-a-service solution developed by OneBridge Solutions Canada Inc., OneSoft’s subsidiary.
Browse In-depth Market Research Report (155 pages) on Pipeline Integrity
https://www.marketresearchfuture.com/reports/pipeline-integrity-market-8067
Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global pipeline integrity industry growth.
Drivers
Rise in Mishaps in Oil and Gas Sector to Lead Market Growth
The rise in mishaps in the oil and gas sector results to a rise in risks to the human beings and aquatic life. Thus, governments of various countries are imposing strict regulations in order to ensure the safety of the marine life. Such regulations are encouraging the adoption of pipeline integrity market systems, thereby boosting the pipeline integrity market share.
Opportunities
Rising Government Mandates to Offer Robust Opportunities
Rising government mandates and regulations for pipeline assessment is predicted to offer robust opportunities for the market in the forecast period.
Restraints
Difficulty in Pipeline Assessment to act as Market Restraint
Difficulty in Pipeline Assessment and cross-border pipelines are likely to act as market restraints over the forecast period.
Challenges
Lack of Interoperability to act as Market Challenge
The lack of interoperability is likely to act as market challenge over the forecast period.
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Market Segmentation
- By Service
By service, the inspection segment will lead the market over the forecast period. Pipeline inspection services are crucial to ensure the proper operation of pipelines for transporting oil, gas, and refined products efficiently and safely. Pipeline inspection helps in understanding the pipeline condition, finally ensuring that the assets are working in full operations with a long-life cycle.
- By Product
By product, the gas segment will dominate the market over the forecast period. Gas pipelines are used for transporting natural gas from production sites and exporting gas to other locations. The consumption of natural gas globally is growing is a rapid rate for the lower emissions produced from such hydrocarbons. Countries across the globe are creating offshore and onshore pipelines for transporting natural gas to end users. Besides, with the discovery of new gas reserves, the demand for pipelines is predicted to drive significantly during the coming years.
- By Application
By application, the onshore segment will spearhead the market over the forecast period. Onshore activities are growing globally and need pipelines for transporting oil, gas, and refined products. Thus, it is essential in safeguarding the pipelines ensuring every component is operating properly and making the pipelines safe and efficient.
Regional Analysis
North America to Head Pipeline Integrity Market
North America will head the pipeline integrity market. Increasing per capita energy consumption, increasing exploration and production of oil and gas, reduction in crude oil prices, concern over the environmental impact and safety of pipeline infrastructure, growing demand for energy, oil and gas shale discoveries in remote areas, and increasing E&P activities, are adding to the global pipeline integrity market growth in the region.
APAC to Have Admirable Growth in Pipeline Integrity Market
The Asia Pacific region will have admirable growth in the market over the forecast period. Rising investments in the pipeline infrastructure in China and India, rapid increasing demand for oil products, strong economic growth, the increasing need for oil and gas in the region, increased need for pipeline construction, Korea, China, India, and Japan being dependent on natural gas and crude oil imports for transportation, electricity generation, and domestic consumption, significant rise in the construction of pipelines, and increasing demand for crude oil for transporting products from the exporting countries are adding to the global pipeline integrity market value in the region.
Segmentation of Market covered in the research:
Information by Service (Testing, Monitoring, Inspection, and Software Service), product (Oil, Gas and Refined Product), Application (Onshore and Offshore), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)
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