The global pipeline integrity market is projected to reach USD 2.1 billion by 2024 from an estimated USD 1.7 billion in 2019, at a CAGR of 4.33% during the forecast period. This growth can be attributed to factors such as huge investment pool in the pipeline business, increased government mandate and regulations for pipeline assessment, concern over environment impact, the safety of pipelines and energy infrastructure, and increased focus on the remote management of oil & gas pipeline for process optimization & automation. Introduction of digital twin technology in pipeline operation and big data analytics are key advancements for pipeline integrity suppliers in the near future.
The global pipeline integrity market is dominated by few major players that have a wide regional presence. The leading players in the pipeline integrity market are Rosen (Switzerland), Baker Hughes, a GE Company (US), NDT Global (Germany), T.D. Williamson (US), SGS (Switzerland), Schneider Electric (France), Emerson (US), Applus (Spain), Altus Intervention (Malaysia), Enermech (UK), Intertek (UK), IKM Gruppen (Norway), and Lin Scan (UAE).
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The Americas is estimated to dominate the global pipeline integrity market. The US and Canada are the largest markets for pipeline integrity in the Americas. The US has a highly integrated network of pipelines for transporting natural gas throughout the continent. The network length includes over 3 million miles of mainline and other pipelines that link natural gas production and storage facilities. The region has crucial government regulations and mandates to be fulfilled by operators to maintain this vast pipeline network. These regulations promote pipeline inline inspection and visual inspection to ensure environmental safety. These factors are expected to drive the growth of the pipeline integrity market in the region.
The pipeline integrity market, by service, is segmented into testing, inspection, monitoring, and software segments. The pipeline monitoring segment is expected to grow at the fastest rate during the forecast period. The key companies offering pipeline monitoring products include Emerson, Schneider, ABB, Yokogawa, and Siemens. Increased focus on the remote management of oil & gas pipeline for process optimization & automation is expected to drive the pipeline monitoring segment.
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The report segments the pipeline integrity market, by application, into onshore and offshore segments. The onshore segment is expected to be the fastest growing market during the forecast period. Increasing demand for oil & gas and rising environmental concerns related to its transportation are expected to drive the onshore segment during the forecast period. Safety is the priority of energy infrastructure facilities as these pipelines carry Highly Volatile Liquid (HVL), petroleum products, and LNG. Operators that transport these materials from one place to other are committed to keeping the infrastructure safe as any negligence may lead to massive destruction of not just the infrastructure but also of the environment and human life.