Pipeline Integrity Management (PIM) Market Overview, Scope and Advancement Outlook till 2031
Pipeline Integrity Management (PIM) Market Overview, Scope and Advancement Outlook till 2031
Published by TMR Research Insights
Posted on September 28, 2021
Pipeline Integrity Management: Introduction
Pipeline Integrity Management (PIM) is the approach of understanding the operations of pipelines in a safe and reliable manner. PIM helps manage the process of securing pipelines from conception to engineering and design, operation, construction, inspection, and replacement.
Pipeline operators in the U.S. are mandated to adhere to regulations or standards on the basis of federal Pipeline and Hazardous Materials Safety Administration (PHMSA). These regulations mandate regular baseline evaluations for ensuring the safety of the environment.
Key Drivers and Restraints of Pipeline Integrity Management
Rise in mishaps in the oil & gas sector leads to an increases in risks to the aquatic life and human beings. Therefore, governments of various countries are imposing strict regulations in order to ensure the safety of the marine life. These regulations are encouraging the adoption of PIM systems, thereby propelling the global PIM market.
Regular checks and inspection improve the life and ensure the structural integrity of pipelines. Additionally, regular inspection helps lower the cost of pipeline maintenance. This is fueling the global PIM market. Growth in burden on the control room due to a rising pile of data is also boosting the adoption of PIM, thereby augmenting the PIM market.
PIM systems augment the sharing of real-time information from oil & gas fields to control rooms. This helps mitigate the risks of leakage or any other mishaps. This is a key factor driving the global PIM market.
Increase in awareness about renewable energy sources is estimated to hamper the PIM market. PIM system is a major infrastructure development deployed in the oil & gas industry. Lower dependence on non-renewable energy sources is expected to lead to less investment in the oil & gas sector. In turn, this is expected to adversely affect the PIM market.
Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities related to goods and services have come to a halt because of lockdowns. Supply could not adjust to the drop in consumption. This has resulted in considerable buildup of oil in storage. Unprecedented drop in demand has created difficulties for the upstream sector in regions with unfavorable production economies, as PIM systems manage all stages of pipeline life cycle in downstream (exploration of oil), midstream (storage and transport of oil), and upstream (refining of oil) activities. Adverse impact on upstream activities is hampering the global PIM market.
Pipeline Integrity Management Market Segmentation
The global PIM market can be segmented based on location of deployment and service type
In terms of location of deployment, the global PIM market can be bifurcated into onshore and offshore. The onshore segment is anticipated to expand at a faster pace, as it entails lower operating cost as compared to the offshore segment.
In terms of service type, the global PIM market can be segregated into inspection services, cleaning services, and repair & refurbishment services
In terms of region, the global PIM market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
According to Rystad Energy, well service spending is expected to rise to US$ 54 Bn in 2021 from US$ 50 Bn in 2020 in North America. Thus, the PIM market is projected to expand at a rapid pace in the region in the near future.
According to the Oil and Gas Journal, well intervention in Middle East & Africa is anticipated to rise at a faster pace, with around 10,000 active offshore wells in oil fields with average well age of 16-21 years compared to average well age of 10-15 years in other regions
Key Players Operating in Pipeline Integrity Management Global Market
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Pipeline Integrity Management (PIM) is the approach of understanding the operations of pipelines in a safe and reliable manner. PIM helps manage the process of securing pipelines from conception to engineering and design, operation, construction, inspection, and replacement.
Pipeline operators in the U.S. are mandated to adhere to regulations or standards on the basis of federal Pipeline and Hazardous Materials Safety Administration (PHMSA). These regulations mandate regular baseline evaluations for ensuring the safety of the environment.
Key Drivers and Restraints of Pipeline Integrity Management
Rise in mishaps in the oil & gas sector leads to an increases in risks to the aquatic life and human beings. Therefore, governments of various countries are imposing strict regulations in order to ensure the safety of the marine life. These regulations are encouraging the adoption of PIM systems, thereby propelling the global PIM market.
Regular checks and inspection improve the life and ensure the structural integrity of pipelines. Additionally, regular inspection helps lower the cost of pipeline maintenance. This is fueling the global PIM market. Growth in burden on the control room due to a rising pile of data is also boosting the adoption of PIM, thereby augmenting the PIM market.
PIM systems augment the sharing of real-time information from oil & gas fields to control rooms. This helps mitigate the risks of leakage or any other mishaps. This is a key factor driving the global PIM market.
Increase in awareness about renewable energy sources is estimated to hamper the PIM market. PIM system is a major infrastructure development deployed in the oil & gas industry. Lower dependence on non-renewable energy sources is expected to lead to less investment in the oil & gas sector. In turn, this is expected to adversely affect the PIM market.
Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities related to goods and services have come to a halt because of lockdowns. Supply could not adjust to the drop in consumption. This has resulted in considerable buildup of oil in storage. Unprecedented drop in demand has created difficulties for the upstream sector in regions with unfavorable production economies, as PIM systems manage all stages of pipeline life cycle in downstream (exploration of oil), midstream (storage and transport of oil), and upstream (refining of oil) activities. Adverse impact on upstream activities is hampering the global PIM market.
Pipeline Integrity Management Market Segmentation
The global PIM market can be segmented based on location of deployment and service type
In terms of location of deployment, the global PIM market can be bifurcated into onshore and offshore. The onshore segment is anticipated to expand at a faster pace, as it entails lower operating cost as compared to the offshore segment.
In terms of service type, the global PIM market can be segregated into inspection services, cleaning services, and repair & refurbishment services
In terms of region, the global PIM market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
According to Rystad Energy, well service spending is expected to rise to US$ 54 Bn in 2021 from US$ 50 Bn in 2020 in North America. Thus, the PIM market is projected to expand at a rapid pace in the region in the near future.
According to the Oil and Gas Journal, well intervention in Middle East & Africa is anticipated to rise at a faster pace, with around 10,000 active offshore wells in oil fields with average well age of 16-21 years compared to average well age of 10-15 years in other regions
Key Players Operating in Pipeline Integrity Management Global Market
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
