NEW YORK, Nov. 15, 2016 /PRNewswire/ -- "The increased spending by oil & gas companies for infrastructure and network protection and upgradation of oil refineries, pipelines, and drilling sites are some of the factors expected to drive the pipeline market"
The pipeline safety market size is estimated to grow from USD 5.57 billion in 2016 to USD 8.67 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.3%. The growth is attributed to the increasing pipeline infrastructure all around the globe and increasing cyber-attacks on critical infrastructure. The growing number of pipeline projects in the Asia-Pacific (APAC) owing to the increasing energy needs are driving the growth of the market in the region; high technological spending in North America and Europe are also contributing to the growth of the pipeline safety market in these regions. However, lack of apprehension about security implementation by operators is restraining the pipeline safety growth.
"SCADA for pipelines and pipeline monitoring systems are expected to gain noticeable traction during the forecast period"
The Supervisory Control and Data Acquisition (SCADA) for pipeline segment is expected to grow at the highest CAGR among all the technologies and solutions during the forecast period. SCADA provides a real-time solution specific to the requirements of oil and gas industry. The flexible solution is gaining traction, as it provides open interface for customization depending upon pipeline requirements.
"North America is expected to witness high growth during the forecast period"
North America is expected to account for the largest market share in 2016. The drivers responsible for the growth of the pipeline safety market in North America are stable economy, quick technological adoption, and advanced infrastructure demands. With the increasing pipeline infrastructure projects and presence of advanced technology in the U.S., the pipeline safety market is set to grow at a rapid pace in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profile of primary discussion participants is given below.
- By Company Type: Tier-1 (35%), Tier-2 (40%), and Tier-3 (25%) companies
- By Designation: C-level (40%), Director Level (30%), and others (30%)
- By Region: North America (40%), APAC (25%), Europe (20%), and Rest of the World (15%)
The various key pipeline safety vendors profiled in the report are as follows:
1. ABB Group (Zurich, Switzerland)
2. GE Security (New York, U.S.)
3. Schneider Electric (Rueil-Malmaison, France)
4. Siemens AG (Munich, Germany)
5. Honeywell International (Wabash, Indiana, U.S.)
6. BAE Systems (London, U.K.)
7. Future Fiber Technologies (Melbourne, Australia)
8. Huawei (Shenzhen, China)
9. Thales Group (La Defense, France)
10. Senstar (Ontario, Canada)
11. Key Innovators - Syrinix (U.K.)
12. Key Innovators - Radiobarrier (Russia)
The report carries discussion on various pipeline safety segments, such as by technology and solution (perimeter intrusion detection, secure communication, SCADA for pipelines, pipeline monitoring systems, industrial control system security), vertical (natural gas, crude oil, refined products, others), and service (professional services, pipeline integrity management services).
The report will help the market leaders/new entrants in the pipeline safety market in the following ways:
1. The pipeline safety report segments the market into various subsegments covering this market comprehensively. The report provides the closest approximations of the market size for the overall market and the subsegments.
2. The pipeline safety report will help in understanding the competitors better and gain more insights to strengthen one's market position. There is a separate section on competitive landscape, which includes competitor ecosystem, mergers, acquisitions, partnerships, and collaborations. Besides, there are company profiles of the top ten players in the pipeline safety market, where market internals that can put one ahead of the competitors have been provided.
3. The pipeline safety report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.
Read the full report: http://www.reportlinker.com/p04331012-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: firstname.lastname@example.org
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pipeline-safety-market-by-technology-and-solution-service-vertical-and-region---global-forecast-to-2021-300363766.html