The global Pipeline Monitoring Systems Market size was USD 16 Billion in 2022 and is expected to reach USD 31.98 Billion in 2032, and register a rapid revenue CAGR of 8% during the forecast period. Rising need for monitoring systems brought on by concerns over pipeline security, tightening environmental regulations, and increasing Oil & Gas (O&G) leaks are major factors driving market revenue growth.
Systems for monitoring pipelines are essential for guaranteeing the secure flow of gas and oil. Need for such systems is increasing due to rising natural gas demand as a greener energy source. In addition, rising demand for O&G, which is being transported through pipelines, is the most economical and effective route of transportation, hence driving revenue growth of the market.
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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 systems 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 systems 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 systems market and what are its key drivers and trends?
The pipeline monitoring systems 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 systems 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)
- Non Metallic
Technology Outlook (Revenue, USD Billion; 2016-2026)
- Smart Ball
- Magnetic Flux Leakage Technology
End-Users Outlook (Revenue, USD Billion; 2016-2026)
- Water and Waste Treatment
Applications Outlook (Revenue, USD Billion; 2016-2026)
- Leakage Detection
- Operating Condition
- Pipeline Break Detection
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- 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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