CHICAGO, May 6, 2019 /PRNewswire/ --According to the new market research report "Pipeline Integrity Market by Service (Testing, Inspection [Ultrasonic, Magnetic Flux, Caliper], Monitoring, Software), Application (Onshore, Offshore), Product (Oil, Gas, Refined Product), and Region: Global Forecast to 2024", published by MarketsandMarkets™, 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 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 inspection segment is expected to hold the largest share of the Pipeline Integrity Market, by service, during the forecast period.
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 refined product segment is expected to be the fastest growing segment of the Pipeline Integrity Market, by product, during the forecast period.
The refined product segment accounted for the highest CAGR during the forecast period. Carbon dioxide (CO2), multiphase (oil and gas mixed), Mono-Ethelyne Glycol (MEG), refined petroleum products, and methanol have been considered under the refined product segment. Approximately only 1,000 km of less than 24" pipeline network is expected to be completed from 2019 to 2024. The Asia Pacific region, followed by Africa and the Middle East are expected to be the most attractive regions in this segment because of the commissioning of planned projects during the forecast period.
The Americas: The largest Pipeline Integrity Market.
In this report, the Pipeline Integrity Market has been analyzed with respect to 4 regions, namely, the Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas 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.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pipeline Integrity Market. Some of the key players 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). The leading players are adopting various strategies to increase their share in the Pipeline Integrity Market.
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