Growing safety concerns and rise in demand for oil and gas industry is expected to drive the demand of the global pipeline monitoring system market for the forecast period.
According to TechSci Research report, “Pipeline Monitoring System Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Type (Metallic, Non-metallic, Others), By Technology (Ultrasonic testing, Smart ball, Magnetic flux leakage technology and Others), By End-User Industry (Crude & Petroleum, Water & Wastewater, Others), By Application (Operating Efficiency, Leak Detection, Pipeline Break Detection) and By Region”, the global pipeline monitoring system market is expected to grow at a steady CAGR for the forecast period, 2022-2026. Pipelines are used to carry liquids, including wastewater, water and oil, and gas. These pipes are constructed in extremely harsh conditions, which could deteriorate pipe quality, resulting in leakage. Pipeline monitoring systems are used to collect samples without producing the waste and therefore aids in taking precautionary measures for both the offshore and onshore fields. The increase in oil and gas leakage and the presence of strict government regulations providing the required safety and monitoring of pipelines are expected to fuel the market demand. The growing concerns regarding pipeline security and the surge in the expenditure to build durable and quality pipeline monitoring systems are expected to accelerate the market demand.
However, the need for high initial investment and the unavailability of funding in developing economies may restrain the growth of the global pipeline monitoring system market for the forecast period.
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Global pipeline monitoring system market is segmented into type, technology, end-user industry, application, regional distribution, and company. Based on the type, the market is divided into metallic, non-metallic, and others. The metallic segment type is expected to account for major market share for the forecast period, 2022-2026. Metals are the core material used for the construction of pipes and are superior in strength and durability. Metal pipes exhibit excellent properties independent of the liquid flowing through the pipe.
Based on the end-user industry, the market is divided into crude & petroleum, water & wastewater, and others. The crude & petroleum segment is expected to hold a significant market share for the forecast period, 2022-2026. The rise in the number of pipeline construction activities due to the growing energy requirements influences market demand.
Based on the technology, the market is divided into ultrasonic testing, smart ball, magnetic flux leakage technology, and others. The ultrasonic testing technology segment is expected to dominate the market for the next five years. It is in high demand the maintain the quality and fault detection in the manufacturing and metallurgy industry. Ultrasonic testing for pipeline inspection does not harm the pipe or the operators and provides instantaneous results. It is highly sensitive, which aids in providing precise results along with the presence of a wide detection range, thereby making it suitable for various applications.
Based on application, the market is divided into operating efficiency, leak detection, pipeline, and break detection. The leak detection segment is expected to hold a significant market share for the forecast period. The leak detection system detects the presence of a leak on the basis of physical parameters such as pressure, temperature, flow, and density which aids in the damage detection of the pipeline infrastructure. The increase in the investments by the oil and gas companies to ensure the safe transportation and pipeline monitoring system is contributing to the market growth.
Orbcomm Inc., Transcanada, Honeywell International Inc, PSI AG, Siemens AG, Huawei Technologies Co. Ltd., Bae Systems Inc., Pure Technologies, C-Fer Technologies, Perma-Pipe Inc. are the leading players operating in global pipeline monitoring system market.
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“Market players are investing a vast amount in technological advancements to monitor the pipeline monitoring system efficiently. Innovative techniques to monitor the pipeline performance, utilize the resources, and use the automation technology to achieve higher security and safety of the workplace and workers are expected to contribute to market growth. Also, the use of novel technologies, including the internet of things, connected pipelines, digital acoustic sensing, and stringent government regulations emphasizing the safety of the pipelines to avoid the occurrence of accidents, is expected to propel the global pipeline monitoring system market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Pipeline Monitoring System Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026,Segmented By Type (Metallic, Non-metallic, Others), By Technology (Ultrasonic testing, Smart ball, Magnetic flux leakage technology and Others), By End-User Industry (Crude & Petroleum, Water & Wastewater, Others), By Application (Operating Efficiency, Leak Detection, Pipeline Break Detection) and By Region” has evaluated the future growth potential of global pipeline monitoring system market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global pipeline monitoring system market.
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