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Pipeline Integrity Management Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments
Pipeline Integrity Management Global Market Report 2024
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According to The Business Research Company's, The pipeline integrity management market size has grown strongly in recent years. It will grow from $9.63 billion in 2023 to $10.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to stringent regulatory standards, aging pipeline infrastructure, incident prevention and safety concerns, risk-based inspection strategies, integration of data analytics.
The pipeline integrity management market size is expected to see strong growth in the next few years. It will grow to $12.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to shift towards condition-based maintenance, government initiatives for safety standards, focus on remote monitoring and inspection, integration of predictive maintenance, rise in investment for infrastructure renewal. Major trends in the forecast period include adoption of digital twin technology, implementation of risk-based integrity management, focus on data integration and visualization, development of leak detection technologies.
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Market Drivers and Trends:
Increasing incidences of pipeline failures are propelling market growth in the pipeline integrity management market. Pipeline failures refer to incidents or instances where pipelines, typically designed for the transportation of liquids, gases, or other substances, experience disruptions, leaks, or structural issues that compromise their integrity or functionality. Pipeline integrity management is a proactive and comprehensive approach used to prevent and mitigate pipeline failures, which also involves the implementation of strategies and practices to ensure the reliable and safe operation of pipelines throughout their lifecycle. For instance, in June 2022, according to the U.S. PIRG Education Fund, a non-profit organization, over 2,600 gas pipeline leaks in the U.S. caused $4 billion in damages, led to 122 fatalities and 603 injuries, and released 26.6 billion cubic feet of fuel. Moreover, about 33% resulted in fires and 13% in explosions, with 122 people losing their lives in these incidents till 2021. Thus, increasing incidences of pipeline failures will drive pipeline integrity management market growth going forward.
Product innovations are the key trend that is gaining popularity in the pipeline integrity management (PIM) market going forward. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the pipeline integrity management (PIM) market. For instance, in November 2021, Schneider Electric SE, a France-based company operating in the digital transformation of energy management and automation, partnered with Prisma Photonics, an Israel-based company operating in designing and manufacturing fiber sensing for oil and gas infrastructure, and introduced PrismaFlow with its Hyper-ScanTM technology and the integration of real-time intelligence and precise monitoring to prevent accidental and malicious activity, which enhances efficiency and sustainability in energy transportation via pipelines and avoids resource loss. It also integrates an innovative pay-as-you-grow model. PrismaFlow is a pipeline monitoring solution made up of both hardware and software, significantly lowering positive and negative false alarm rates as compared to other fiber-sensing technologies. PrismaFlow offers improved event classification and detection with a precision resolution of fewer than 10 m and can recognize multiple simultaneous events without interference or crosstalk.
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Major Key Players of the Market:
T. D. Williamson Inc., Bureau Veritas Group, Emerson Electric Co., Baker Hughes Company, TÜV Rheinland Holding AG & Co. KG, SGS SA, Det Norske Veritas Co., Aegion Corporation, Aker Solutions ASA, Audubon Engineering Company LLC, Matcor Inc., Fluor Corporation, General Electric Company, Halliburton Company, Infosys Limited, Intertek Group plc, Pembina Pipeline Corporation, Shawcor Ltd., TechnipFMC plc, EnerMech Ltd., TWI Ltd., ROSEN India Private Ltd., NDT Global GmbH & Co. KG, Applus+ RTD, MISTRAS Group Inc., Corrpro Companies Inc., Quest Integrity Group LLC, ABB Ltd., Wood Group Mustang plc, Penspen Ltd., Petrofac Limited, Oceaneering International Inc., STATS Group Limited, IKM Testing AS, Enduro Pipeline Services Inc., Onstream Pipeline Inspection Services Inc., Dynamic Risk Assessment Systems Inc., Corrosion Service Company Limited
Pipeline Integrity Management Market 2024 Key Insights:
• The pipeline integrity management market size is expected to see strong growth in the next few years. It will grow to $12.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Expanding Oil And Gas Pipeline Networks Propel Pipeline Integrity Management Market Growth
• Innovative Solution Redefines Pipeline Integrity Management
• North America was the largest region in the pipeline integrity management market share in 2023
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