PUBLISHER: The Business Research Company | PRODUCT CODE: 1270489
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270489
“Pipeline Integrity Management Global Market Report 2023 ” 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the pipeline integrity management market are T. D. Williamson Inc., Bureau Veritas, Emerson Electric Co., Baker Hughes Company, TUV Rheinland, SGS S A, DNV, Aegion Corporation, Aker Solutions ASA, Audubon Engineering Company LLC, MATCOR Inc., Fluor Corporation, General Electric, Halliburton Company, Infosys Limited, Intertek Group plc., Pembina Pipeline Corporation, Shawcor Ltd., and TechnipFMC plc..
The global pipeline integrity management market is expected to grow from $9.06 billion in 2022 to $9.60 billion in 2023 at a compound annual growth rate (CAGR) of 6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pipeline integrity management market is expected to grow to $11.63 billion in 2027 at a CAGR of 4.9%.
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.
Pipeline integrity management (PIM) is a comprehensive strategy for understanding and managing pipelines securely and reliably. The process ensure the distribution and transfer of natural gas, hazardous liquids, and other types of gas through pipelines must implement complete integrity management procedures in accordance with pipeline safety rules.
North America was the largest region in the pipeline integrity management market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pipeline integrity management (PIM) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of pipeline integrity management are inspection services, cleaning services and repair and refurbishment services. Inspection services in pipeline integrity management are used to perform a structural evaluation of pipeline systems periodically to detect pipeline defects such as corrosion and cracks. The various sectors including crude oil and natural gas are deployed through onshore and offshore locations.
The significant expansion of the oil and gas pipeline network is driving the growth of the pipeline integrity management (PIM) market going forward. Pipeline integrity management (PIM) is a method that pipeline operators employ to assure the safety of a pipeline from conception through retirement. It is a collection of activities aimed at ensuring pipeline integrity. Pipeline integrity management in oil and gas pipeline networks contributes to the safety of hazardous liquids and natural gas transportation by increasing integrity assessments to avoid leaks or ruptures during routine operations and emergencies. For instance, in 2021, according to US Energy Information Administration, a US-based energy agency, pipeline companies completed 14 petroleum liquids pipeline projects in the United States including seven crude oil pipeline projects and seven hydrocarbon gas liquids pipeline projects. Furthermore, in March 2021, according to the Ministry of Petroleum and Natural Gas, an India-based government, the Petroleum and Natural Gas Regulatory Board (PNGRB) authorized the construction of an about 33,764 km natural gas pipeline network to build national gas grid and increase the supply of natural gas throughout the nation. Therefore, the significant expansion of the oil and gas pipeline network is driving the growth of the pipeline integrity management (PIM) market in the coming years.
Product innovations are the key trend that is gaining popularity in the pipeline integrity management (PIM) market going forward. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the pipeline integrity management (PIM) market. For instance, in November 2021, Schneider Electric SE, a France-based company operating in the digital transformation of energy management and automation, partnered with Prisma Photonics, an Israel-based company operating in designing and manufacturing fiber sensing for oil and gas infrastructure, and introduced PrismaFlow with its Hyper-ScanTM technology and the integration of real-time intelligence and precise monitoring to prevent accidental and malicious activity, which enhances efficiency and sustainability in energy transportation via pipelines and avoids resource loss. It also integrates an innovative pay-as-you-grow model. PrismaFlow is a pipeline monitoring solution made up of both hardware and software, significantly lowering positive and negative false alarm rates as compared to other fiber-sensing technologies. PrismaFlow offers improved event classification and detection with a precision of resolution of fewer than 10m and can recognize multiple simultaneous events without interference or crosstalk.
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 to gain a competitive advantage in the market. Bass Engineering Company is a US-based company operating in pipeline integrity management solutions.
The countries covered in the pipeline integrity management (PIM) market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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.