Pipeline Safety Market worth $6.73 Billion by 2018
DALLAS, February 11, 2014 /PRNewswire/ --
The report "Pipeline Safety Market [Physical Security (PIDS, Optic Fiber & Thermal Sensor, Acoustic Sensor, Leakage Detection, UAV, GPS Mapping, Smart Pigging), ICS Security, Professional Services] - Global Advancements, Forecasts & Analysis (2013 - 2018)", segments the global pipelines based on the type of the products transported, the solutions and technologies used to secure the infrastructure network and professional services. It also identifies drivers and restraints for this market with insights into trends, opportunities, and challenges.
Browse more than 60 market data tables with 14 figures spread through 163 pages and in-depth TOC on "Pipeline Safety Market"
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MarketsandMarkets has segmented the global Pipeline Safety Market based on the type of deployment i.e. on-shore and off-shore; the type of product transported through them i.e. natural gas, crude oil, refined products and chemicals, water and others (HVDC, communication); by the technologies and solutions deployed for infrastructure security; by professional services offered; and by regions i.e. North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA) and Latin America (LA).
Increasing demand for oil and natural gas and competitive pricing has forced the government and private players across nations to deploy cheaper and efficient means of transportation. The increase in terrorist attacks and cyber crime on energy sector has also forced the government to set up regulatory policies and security compliances to ensure the safety of the people and environment. The absence of integrated platforms offering both physical and network security solutions, has forced the pipeline operators to deploy multiple security solutions available in the market such as Supervisory Control and Data Acquisition (SCADA) network security solutions, surveillance solutions using unmanned aerial/underwater vehicles, leakage detection solutions and pigging systems to improve their operational efficiency. Major companies are now providing dedicated integrated security platforms to gain traction in this highly fragmented market.
The major forces driving this market are the increased government pressure and security compliance and regulations, threats from terrorist attacks and cyber attacks, lack in comprehensive solution for pipeline safety and physical attacks and insider threats. Companies providing physical security solution and cyber security solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating comprehensive security solutions and integrated security management platforms for the rig platforms and refineries.
The global Pipeline Safety Market is estimated to be $4.35 billion in 2013 and is expected to grow to $6.73 billion in 2018. This represents an estimated Compound Annual Growth Rate (CAGR) of 9.1% from 2013 to 2018. In the current scenario, the natural gas pipelines continue to be the largest segment, in terms of spending and adoption, for pipeline safety solutions, followed by oil and chemical refined products. In terms of regions, North America is expected to be the biggest market on the basis of spending and adoption for pipeline safety solutions. MarketsandMarkets further expects that the increasing energy markets in the developing economies and increased extraction and distribution infrastructure will further enhance the growth of the market.
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