Pipeline Integrity Market Size, Share, Growth Analysis, By Type(Onshore, and Offshore), By Product(Oil, Gas, and Refined Product), By Service(Inspection Services, Cleaning Services, Repair and Refurbishment Services, and Monitoring Services), By Sector(Crude Oil and Natural Gas), By Region - Industry Forecast 2024-2031

Drivers

• Increased Energy Requirements from Multiple Industries

The growing population and the migration of people from rural to urban areas increases the demand for energy from any utility industry. Currently, renewable energy is in the early stages of adoption, and oil and gas still fill a significant portion of electricity generation and energy. This resource will undoubtedly boost global oil and gas demand to higher levels in the coming years. According to a United Nations report, 68% of the world’s total population is expected to live in cities by 2050, which is currently 55% by 2018. This will affect manufacturing, supply chains, transportation networks, therefore increasing market growth.

Increased Cross-border Trade in Oil and Gas

• Not every country has reserves of crude oil and natural gas, over the past decade, cross-border oil and gas trade has grown as each country’s energy demand has grown has increased and this has led to the construction of offshore pipelines for crude oil and natural gas. For example, oil giants such as Russia, the United States, Kuwait and Saudi Arabia drive huge demand for oil from many countries such as China and India. This trend is expected to continue in the coming years in countries where population growth is expected. This will create a large number of pipelines for interstate commerce that will provide geographic power.

Restraints

• Innovative Products are Increasingly being Adopted

The increasing adoption of renewable energy sources such as solar and wind is one of the biggest risks in the PIM market. Widespread use of these resources due to their environmental and economic benefits would directly eliminate unnecessary oil and gas. This will directly affect oil and gas production negatively, thereby restricting market growth. Here are some of the renewable energy targets that countries have set out to achieve in the coming years. Brazil aims to have 42.5% of its primary energy supply by the end of 2023 renewable.

High Maintenance and Repair Costs

• Maintenance and repair are basically replacing parts or equipment in pipelines and maintenance, which costs more than inspection and cleaning so maintenance and repair parts have been a key segment in the market for years, and this trend is mandated will continue during the forecast period.