Pipeline Integrity Market Foreseen to Grow Exponentially by 2024

Pipeline Integrity Market

The global Pipeline Integrity Market is projected to reach $2.1 billion by 2024 from an estimated $1.7 billion in 2019, at a CAGR of 4.33% during the forecast period. This growth can be attributed to 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.

The gas segment is expected to be the largest contributor to the pipeline integrity market

The gas segment of the pipeline integrity is driven by an increase in demand for safe, economical, and reliable connectivity. The natural gas market is becoming more globalized, driven by the availability of shale gas and the rising supplies of liquefied natural gas. Natural gas, Natural Gas Liquids (NGL), shale gas, Coal Seam Gas (CSG), and Coal Bed Methane (CBM) have been considered under the gas segments. Gas pipelines are more prone to threats such as deformation and corrosion compared to liquid pipelines. Operators are laying more emphasis that the safety of pipelines complies with the environmental regulations.

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The America is expected to be the largest pipeline integrity market

America is estimated to dominate the global Pipeline Integrity Market in 2019. The growth of the Pipeline Integrity Market in the Americas is driven by the rising shale gas & oil production and favorable regulations related to the licensing of Exploration & Production (E&P) activities. The US has a high integrated network of pipelines for transferring natural gas throughout the continent. Moreover, the country has a network of approximately 3 million miles of mainline and other pipelines that link natural gas production areas and storage facilities with consumers. Furthermore, in 2018, the country planned to expand the offshore drilling to more than 90% of waters in the Atlantic, the Pacific, the Gulf of Mexico, and the Arctic.

The inspection segment is expected to hold the majority of share of the pipeline integrity market

The inspection segment is estimated to dominate the Pipeline Integrity Market in 2019 and is projected to be the largest market during the forecast period. Rising government regulations and mandates associated with the inspection of pipelines are expected to drive the market during the forecast period. Inspection services are carried out using technologies such as magnetic flux, ultrasonic, and caliper. Magnetic flux is the most widely adopted technology in inspection services. It is a nondestructive testing method, which is used to detect corrosion, surface pitting, cracks, and weld defects. It is used to provide information on the condition of the pipe wall. It scans the circumference and length of the pipeline helping determine the remaining wall thickness, depth, and location of metal, which is lost due to deterioration mechanisms.

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The Leading players in the global 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).