Pune, India, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global pipeline integrity management market size is expected to reach USD 11.26 billion by 2028, exhibiting a CAGR of 3.6% during the forecast period, states Fortune Business Insights™, in a report, titled “Pipeline Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Location (Onshore, Offshore), By Service (Inspection, Cleaning, Repair, and Refurbishment), and Regional Forecast, 2021-2028.” The market size stood at USD 8.65 billion in 2020.
Pipeline Integrity Management Industry Developments:
In January 2021 - Neptune Energy awarded an integrity management and fabric maintenance contract for its operated gas production platform Cygnus to Oceaneering and Stork. Following the contract, the company will supply integrity management services that will cover pressure systems, structural integrity, pipeline, erosion management, and offshore inspection services. The contracts are for three years, and worth around USD 6.5 million with two one-year options to extend.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 3.6% |
| 2028 Value Projection | USD 11.26 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 8.65 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | Pipeline Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Location (Onshore, Offshore), By Service (Inspection, Cleaning, Repair, and Refurbishment) And Regional |
| Growth Drivers | Amplified Energy Demand to Accelerate Industry |
| The Middle East and Africa to Lead the Global Market |
Pipeline Integrity Management Market Growth Drivers:
AIE Bags Offshore Integrity Service Contract in Southeast Asia
AIE, a major leader in asset integrity services. The company is focused on maximizing plant performance and mitigating the constant challenges and hazards faced by heavy industries such as oil and gas, power generation, and nuclear. Recently, AIE won an integrated Asset Integrity Management support and consultancy services contract in Southeast Asia for an offshore operator. The contract opportunity covers a broad range of services, including but not limited to integrity management of offshore and onshore pressure systems, structures, pipelines, and wells, as well as corrosion and chemical management, software, and training services. Besides, the company also announced the launch of Veracity Inspection. The new software is fully integrated with our Veracity Analysis modules and the NEW Veracity App. The software is introduced to learn from the industry's roadblocks to deliver a new optimized approach to data-driven asset management for industrial facilities. Such developments contribute to the pipeline integrity management market growth.
Amplified Energy Demand to Accelerate Industry
The rising population in urban areas has resulted in substantial energy demand across various nations. The growing proclivity towards renewable energy for power generation will subsequently influence the pipeline integrity management industry's growth. According to a United Nations report, 68% of the world’s total population is expected to be living in urban areas in 2050, which is currently at 55% in 2018. The ever-increasing population has subsequently heightened production capacities, supply lines, transportation lines, which, in turn, will bode well for the pipeline integrity management companies. Furthermore, offshore pipeline construction for the transmission of crude oil and natural gas in numerous nations will spur demand for pipeline integrity management to conduct smooth operations. For example, major oil-producing countries such as Russia, U.S., Kuwait, Saudi Arabia, and others cater to the oil demand from many nations, especially China and India.
COVID-19 Impact:
The impact of COVID-19 has been exceptionally disconcerting and harsh for the global market. Due to the outbreak, the global pipeline integrity management market exhibited a sluggish growth rate of 1.5% in 2020. However, the market is expected to alleviate the financial damages in the foreseeable future, predicts the analyst at Fortune Business Insights™.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Pipeline Integrity Management Market Segmentation:
Massive investment in Offshore Sector by Eminent Companies
Based on the location, the market is classified into onshore and offshore. The offshore segment held a significant pipeline integrity management market share due to the growing offshore production activities. For instance, Petrobras increased its offshore production activities to extract hydrocarbons. The onshore segment is expected to experience considerable growth due to the high demand for shale gas in North America.
Based on service, the global market is divided into inspection service, cleaning service, and repair and refurbishment
Based on geography, the market has been categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Pipeline Integrity Management Market Regional Insights:
The Middle East and Africa to Lead the Global Market
Asia Pacific is predicted to grow profoundly due to the rising production and refining capacities in countries such as India and China.
The Middle East and Africa are expected to hold the lion’s share during the forecast period due to its massive onshore and offshore oil production areas.
The well-established oil and gas infrastructure in Canada and the US will aid the market in North America.
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Pipeline Integrity Management Market Competitive Landscape:
Key Players to Expand Pipeline Projects to Attract Clientele
The prominent players are complying with rules and regulations set by government bodies to amplify their business. The companies are enlarging their customer base through strategies such as awards and contracts. The hefty investments in R&D by major companies will create lucrative opportunities for the PIM market in the forthcoming years.
A List of Key Pipeline Integrity Management Manufacturers Operating in the Global Market:
- Baker Hughes (United States)
- Enbridge (Canada)
- GE (United States)
- Schneider Electric (France)
- TC Energy (Canada)
- AVEVA (United Kingdom)
- Applus+ (Spain)
- NDT (United Kingdom)
- ROSEN (Switzerland)
- Infosys (India)
- Emerson (United States)
- DNV GL (Norway)
- Larsen & Toubro (India)
Pipeline Integrity Management Market Segmentation:
Pipeline Integrity Management Market By Location:
- Onshore
- Offshore
Pipeline Integrity Management Market By Service:
- Inspection Service
- Cleaning Service
- Repairs and Refurbishment
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Table of Content:
Pipeline Integrity Management: Global Market Analysis, Insights And Forecast, 2021-2028
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Pipeline Integrity Management Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Pipeline Integrity Management Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Location
6.2.1. Onshore
6.2.2. Offshore
6.3. Market Analysis, Insights and Forecast – By Service
6.3.1. Inspection
6.3.2. Cleaning
6.3.3. Repair and Refurbishment
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.2. Europe
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East & Africa
Continued…
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