The Pipeline Integrity market size is likely to witness exponential growth during the forecast period: MRFR :
Market Research Future Published a Half-Cooked Research Report on Pipeline Integrity market size.
Market Research Future published a Cooked Research Report on the Pipeline Integrity market size that contains information from 2020 to 2026. The global pipeline integritymarketis projected to progress with ~3.95% CAGR from 2020to 2026.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 150 pages of the project report. Avail the in-depth table of content & market synopsis on “Pipeline Integrity market size Information from 2020 to 2026."
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A pipeline integrity system refers to services provided in the midstream oil & gas industry sector, ensuring all the components of pipelines are operating properly in terms of reliability and efficiency. The management of pipeline integrity includes engineering, inspection, maintenance, and other aspects of oil & gas pipelines
There has been a rise in the demand forpipeline integrity in North America and Asia-Pacific.The market in Asia-Pacificis one of the largest markets for pipeline integrityin the world. The increasing per capita energy consumption, reducing crude oil prices, increasingexploration and production of oil and gas, and concerns over the environmental impact and safety of pipeline infrastructure are likely to drive the growth of the regional market. For instance, as per ICF International, approximately USD 333 billion investment is required between 2015 and 2035, including transmission pipelines, compressors, and gas storage. Moreover, the US and Canada would require average natural gas midstream infrastructure investments of about USD 44 billion per year from 2018 to 2035. Moreover, the development of strategic petroleum reserves and the increase in oil demand are expected to provide significant growth opportunities for the pipeline integrity management market.
The global pipeline integritymarket is estimated to witness ~3.95% CAGR during the period from 2020 to 2026: MRFR
The global market for pipeline integrityis segmented based onservice, product, application and region. By service, the global pipeline integritymarket has been segmented into testing, monitoring, inspection, and software service. The inspection segment held the largest share of the market during the study period. Pipeline inspection services are crucial for ensuring the proper operation of pipelines to transport oil, gas, and refined products safely and efficiently.Pipeline inspection helps understand the pipeline condition, ultimately ensuring that the assets are working in full operations with a long-life cycle.
By product, the global pipeline integritymarket has been segmented into oil, gas and refined product.The gas segment held the largest share of the market in 2019.Gas pipelines are used to transport natural gas from production sites and export gas to other locations. Globally, the consumption of natural gas is growing at a rapid rate due to the lower emissions produced from these hydrocarbons. Hence, countries around the world are building onshore and offshore pipelines to transport natural gas to end-users. Additionally, with the discovery of new gas reserves, the demand for pipelines is expected to drive significantly during the coming years.
By application, the global pipeline integritymarket has been dividedinto onshore and offshore. Theonshore segment is anticipated to hold the larger share during the forecast period. The onshore segment refers to the oil and gas exploration sites located on land. Onshore exploration activities are growing globally and require pipelines to transport oil, gas, and refined products. Thus, it is essential to safeguard the pipelines, ensuring all the components are operating properly and making the pipelines safe and efficient. According to the Oil and Gas Forecast to 2050 report published by DNV-GL, unconventional onshore oil production is expected to get double and reach 22 million barrels per day (mbpd) by 2035. This is a major factor driving the demand for the onshore segment in the global pipeline integritymarket.
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By region, the pipeline integritymarket is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. North America dominates the pipeline integritymarket.It is one of the prominent regions in the world. The increasing per capita energy consumption, reduction in crude oil prices, increasing exploration and production of oil and gas, and concern over the environmental impact and safety of pipeline infrastructureare likely to drive the growth of the pipeline integrity management market in the region. For instance, as per ICF International, approximately USD 333 billion investment is required between 2015 and 2035, including transmission pipelines, compressors, and gas storage. Moreover, the US and Canada would require average natural gas midstream infrastructure investments of about USD 44 billion per year from 2018 to 2035. Additionally, according to the BP Statistical Review of World Energy report, 2019, the primary energyconsumption per capita of North America increased by 1.9% from 235.3 Gigajoules per capita (GJ/Capita) in 2017 to 239.8 GJ/Capita in 2018 of the regions.Such factors are expected to drive the growth of the pipeline integrity management market in North America during the forecast period.
The keyplayers operating in the global pipeline integritymarketareROSEN Group (Switzerland), Baker Hughes (US), NDT Global Gmbh & Co. Kg. (UAE), Emerson Electric Co. (US), Applus+ (Spain), Intertek Group Plc (UK), and EnerMech (UK), Schneider Electric (Japan), T.D WilliAMSON Inc (US), and Altus Intervention (Norway).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global pipeline integritymarket, including high-growth regions and/or countries and political and economic environments. The project report further provides historical market values and pricing & cost analysis.
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