Pipeline Integrity Market Overview
The
efficiency of pipelines in the oil and gas industry is of utmost importance to
curb wastes and prevent accidents caused by leakages. Reports that analyze the
energy and power industry has been presented by Market Research Future, which
produces reports on industry verticals that appraise the market expansion and
prospects. The market is estimated to accomplish a CAGR of 4.34% while earnings
revenues worth USD 2.14 Billion by 2024.
The
market for pipeline integrity is increasing favorably owing to the escalating
environmental concerns that have taken center stage recently. Moreover, the
concerns around the safety of pipelines & energy infrastructure are expected
to further motivate the market for pipeline integrity in the coming years.
Also, the demand for remote management of pipelines is expected to open up new
prospects for growth in the upcoming forecast period.
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Segmental Analysis
The
segmental evaluation of the pipeline integrity market has been segmented on the
basis of application, service, product, and region.
On
the basis of service, the pipeline integrity market has been segmented into
inspection services, monitoring services, testing services, and software
services.
Based
on the applications, the pipeline integrity market is divided into offshore and
onshore. Based on the product, the pipeline integrity market is segmented into
gas, oil, and refined products.
On
the basis of regions, the pipeline integrity market is segmented into North
America, the Middle East & Africa, Europe, Asia Pacific, and South America.
Regional Analysis
The
regional examination of the pipeline integrity market has been segmented into regions such as North
America, the Middle East & Africa, Europe, Asia Pacific, and South America.
The
principal market scope of the North American region can be accredited to the
incidence of numerous oilfield services firms and the application of new
technologies, particularly in the US. The digitalization of the oil & gas
industry, shale gas search in the US, and encouraging government strategies for
upstream oil and gas uses are projected to push the market for pipeline
integrity in this region. The market in the Asia Pacific region is anticipated
to be the next largest due to the upsurge in drilling activities owing to
increasing crude oil prices. Moreover, the oil & gas industry in the region
is expected to exhibit positive trends due to the increasing demand, growing
commodity charges, and continuing trends of mergers and acquisitions. The
upsurge in pipeline installations in the Southeast Asian nations is anticipated
to improve the market for pipeline integrity in the region throughout the
forecast period.
Competitive Analysis
The
upgrading of the production facilities is anticipated further the market’s
growth pace in the coming years. The market is being defined by the driving
forces that are exerting an authoritative influence. The improvements in the
extraction of natural resources are further reinforcing market expansion. The
development of alternative raw material sources is expected to further address
the supply demands in the market. The fluxes in the currency are projected to
steady and therefore leave a favorable effect on the market. The advancement of
investment into physical capital is anticipated to reinforce the market’s
expansion in the forecast period. Moreover, breakthroughs in technology are
expected to exert a positive influence on the development of the market. The
impact of governmental plans is inspiring additional progress in the market.
The improvements in the logistic chain are expected to create favorable
prospects for growth in the coming period.
Prominent Players
The
significant companies operating in the pipeline integrity market are Baker
Hughes, Schneider Electric (France), A GE Company (US), T.D. Williamson (US),
Applus (Spain), Rosen (Switzerland), Enermech (UK), Intertek (UK), IKM Gruppen
(Norway), Lin Scan (UAE), Quest Integrity Group (US), Altus Intervention
(Sweden), Dacon Inspection Technologies (Thailand), and Emerson (US).
Industry Updates:
July
2019 Halfwave, an in-line oil and gas pipeline inspection technology business
has been presented four contract successes for subsea inspection in the opening
half of 2019, considering its ROV mounted ARTEMIS tool used on major oilfield
projects around the world. The tool, which uses Acoustic Resonance Technology
to offer wall thickness review of subsea assets, has been positioned offshore
in the Gulf of Mexico by a key multi-national operator.
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