The increasing prevalence of oil and gas leakage due to negelegency in monitoring in pipelines is propelling the market growth of the Pipeline Monitoring System.
The global Pipeline Monitoring System Market is forecast to reach USD 8.96 Billion by 2026, according to a new report by Reports and Data. Pipeline Monitoring System are special technology used to detect multiple threats in real-time to prevent leakage, accidents, and burglary.
Pipelines are flow lines which are used in order to carry fluids or gases. The pipeline monitors are used to check the corrosion levels of the pipes to prevent the serious ecological outcome. The market for pipeline monitoring system is influenced by the rising demand from the oil and gas industries since there is a rise in the incidence of oil and gas leakage. The governments all around the globe have made strict regulations to prevent the occurrence of such hazardous incidents making use of pipeline monitors mandatory in all oil and gas industries.
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Top Lading Players: Perma Pipes, Honeywell International Inc., Transcanada, Pure Technology, Huawei, Orbcomm Inc., Future Fiber Technologies, Thales Group, Radiobarrier, and Krohne Group, among others.
Some Key Highlights from the Report:
- Ultrasonic technology held the largest market share of 38.6% in the year 2018. The ultrasonic technology is preferred because it senses the thickness and direction of the flow of oil and gas in the pipelines. This system also detects the amount of corrosion that occurs in the pipe with the help of a monitoring device.
- The metallic monitoring systems segment is estimated to witness the highest CAGR of 8.1% during the forecast period. The metallic pipeline monitoring system is preferred because of its high strength for the transportation of any material through these pipelines.
- Petroleum segment held the largest market share of 49.5% in the year 2018. This segment is growing since petroleum derivatives have various applications in the present world. Moreover, petroleum is a source of energy used for transportation. The government has made strict regulations for the use of Pipeline Monitoring System to prevent theft since the petroleum industry affects the economy of the world.
- Asia Pacific is anticipated to observe the highest CAGR of 10.6% during the forecast period. Countries like India, China, and Japan are rapidly catching up with the growth in the Pipeline Monitoring System market. The rise in population in this region has shown a generation of huge amount of wastewater for which pipeline monitoring market has propelled.
What is the Pipeline Monitoring System market and what are its key drivers and trends?
The Pipeline Monitoring System market refers to the industry that provides technology solutions for monitoring pipelines in various industries, such as petroleum, waste, and water. The market is expected to reach USD 8.96 Billion by 2026, with a CAGR of 7.1% from 2019 to 2026.
The growth of the global Pipeline Monitoring System market is being driven by the increasing application of monitoring systems in the petroleum refinery sector, where the products are used to improve the quality of pipes and prevent hazardous incidents. The oil and gas industry is one of the fastest-growing industries worldwide and among the most exported products globally. Additionally, the pipeline monitoring market is witnessing the development of monitoring solution technology to prevent wastewater, oil, and gas leakage.
One of the key trends in the market is the increasing demand for ultrasonic technology, which uses various sensors such as acoustic emission sensors, accelerometers, fiber optics, and many others. Another trend is the advent of 5% wall thickness notch, which creates a demand for better quality monitoring in manufacturing vendors. The market is also seeing the implementation of stringent laws by governments to prevent damages caused due to oil and gas leakage.
Segments covered in the report:
Pipeline Monitoring Outlook (Revenue, USD Billion; 2016-2026)
- Metallic
- Non Metallic
- Others
Technology Outlook (Revenue, USD Billion; 2016-2026)
- PIGs
- Smart Ball
- Ultrasonic
- Magnetic Flux Leakage Technology
- Others
End-Users Outlook (Revenue, USD Billion; 2016-2026)
- Petroleum
- Water and Waste Treatment
- Others
Applications Outlook (Revenue, USD Billion; 2016-2026)
- Leakage Detection
- Operating Condition
- Pipeline Break Detection
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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