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Oil and Gas Integrity Market by Deployment (Onshore, Offshore) by Sector (Upstream, Midstream, Downstream)- Global Industry Overview, Market Intelligence, Future Prospects And Competitive Analysis, 2016 - 2028

Global Oil and Gas Integrity Market Analysis

Oil and gas integrity services help track and monitor the performance of assets, improve safety plant safety, carry out routine and regular inspections, and much more. This includes services like inspecting, detecting, and preventing pipeline leaks, improving the reliability and efficiency of the equipment in use, and preventative maintenance. Onshore and Offshore are two major types of Oil and Gas Integrity.

The oil and gas integrity market uses equipment like cloud computing, sensor technologies, and much more to provide data analytics, fleet management, and predictive maintenance. This preventative maintenance is especially important in pipelines carrying liquified natural gas as those are at higher risks due to their low temperatures at high pressures. Also, pipelines carrying natural gas usually corrode much faster than pipelines carrying other materials like water or crude oil.

oil-and-gas-integrity-market

There is huge growth potential for the industry participants in global Oil and Gas Integrity market in the years to come. Global Oil and Gas Integrity market is likely to extend growth opportunity that equals to USD 182 billion for the period ranging between 2022 and 2028. The global Oil and Gas Integrity market is anticipated to post CAGR of over 6.62% during the forecast period to generated yearly revenue of over USD 31,213 million in 2028 as compared to USD 19,493 million in 2021.       

Interesting Facts about Oil and Gas Integrity Industry

  • As of now there are over 2,380 operational oil & gas pipelines are there around the world
  • The combine length of worldwide oil & gas pipelines equals to 1.18 million kilometres
  • North America accounted for large share of total oil & gas pipelines installed worldwide
  • S. is largest market for Oil and Gas Integrity industry in 2021
  • Midstream has largest market share in revenue generation in 2021

Huge Investment in New Oil & Gas Pipelines to Dive the Demand for Oil and Gas Integrity

Upstream, Midstream and Downstream are major sectors where Oil and Gas Integrity solutions are deployed. Many different factors fuel the growth of the oil and gas integrity market. The first driving force is the enormous investments being made in the pipeline industry. There is a growing concern about the environmental impact of the oil and gas industry, which has led to growing government mandates and regulations over oil and gas pipelines. New safety guidelines and efficiency regulations will push the market forward as more manufacturers try to meet these newer regulations.  

Another significant driving factor of this industry is the depreciation of all assets in the oil and gas industry. Assets like pipelines, oil rigs, and offshore platforms are reaching the end of their designed lifecycle. But there is still a continued demand for oil and gas globally, which means all these assets will have to be repaired or replaced, which will grow this market over the forecasted period.

Efficient Asset Management Feature to Trigger the Demand for Oil and Gas Integrity 

Also, there is a demand for newer, more optimized, and automated oil and gas infrastructure. The oil and gas sector as a whole is moving towards modernizing its operations. The need for remote monitoring in order to minimize human involvement, which in turn minimizes mistakes and manual errors, will also fuel this market over the years. There is a rising need for real-time data monitoring and asset integrity management services to improve the oil and gas industry's overall production quality and volume.

The last major driving factor in this market is going to be the rise of exploration activities for finding new reserves and oilfields globally. Oil prices are expected to rise in the forecasted period, increasing the number of oil field operations and investments into the industry. More and more independent exploration companies are investing in oil and gas discovery and exploration services. 

Russia – Ukraine War and Its Impact

Russia is one of the major suppliers of oil & gas to Europe and most of its export takes place through pipelines. Ongoing war has halted many new projects including new pipeline between Russia and Germany. Uncertainty of economy and extending war is likely affect the growth rate of Oil and Gas Integrity in the region.  

Volatile Prices to Offer Major Challenge to Growth of Oil and Gas Integrity

The biggest restraining factor of the oil and gas integrity market is the high volatility of oil and gas prices. These constant fluctuations in prices can hamper the growth of this market significantly. The lowered oil and gas prices had led to greatly reduced capital and investment spending by operators globally. 

The rise of alternative energy solutions and technologies like solar, hydro, and wind greatly reduce the world's dependency on oil and gas. The general public and manufacturers globally are working on making themselves as environmentally friendly as possible, which will greatly impact this market's growth.

Intertek Group PLC, Oceaneering International Inc., Technip FMC, Aker Solutions ASA, Bureau Veritas SA, Genesis Oil & Gas Consultants Limited, Meridium Inc., Worley Parson Limited, Fluor Corporation, Applus RTD Group, EM&I Ltd and ABS Consulting Inc. are major players operating in global Oil and Gas Integrity industry. North America dominated the demand for Oil and Gas Integrity in 2021. It can be attributed to the longest oil & gas pipeline installation in the region. More than 40% of total oil & gas pipelines installed across the world belongs to North America. This in turn fuelling the demand for Oil and Gas Integrity in the region. While, Europe is sitting on the second position. There is strong network of oil & gas pipelines between Russia and Rest of Europe as well as between Northern Europe and other European countries. On the other hand, Asia Pacific is growing in number of oil & gas pipeline projects and likely to experience rising demand for Oil and Gas Integrity in the years to come.

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Frequently asked questions about global Oil and Gas Integrity industry

Like other industries, Oil and Gas Integrity market also suffered from COVID 19 pandemic which resulted into decline of over 8.46% in revenue generated in 2020

North America is the largest regional market with highest share in the total volume of Oil and Gas Integrity consumed in 2021

Growing Oil and Gas pipeline across the world coupled with new safety guidelines and efficiency regulations is driving the demand for Oil and Gas Integrity

Onshore segment dominated the Oil and Gas Integrity market in 2021 with over 55% share

Midstream segment was the largest application of Oil and Gas Integrity in 2021 with over 40% share

Global Oil and Gas Integrity Market

Report Attribute Details
Market Value in 2021 USD 19,493 million
Market Value in 2028 USD 31,213 million
CAGR 6.62% between 2021 and 2028
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  May 2022
Category:  Oil & Gas
Report ID:   60549
Report Format:   PDF
Pages:   190
Rating:    4.8 (43)
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