The global oil and gas pipeline monitoring equipment market to grow at a CAGR of 4.56% during the period 2017-2021.
The report, Global Oil and Gas Pipeline Monitoring Equipment Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is development of drone technology. The use of drones is swiftly changing the face of the oil and gas industry. Drones are being utilized for inspecting pipelines, offshore rigs, and refineries. Drones are expected to play a major role in the detection of leaks in the oil and gas industry during the coming years. Until recently, there were no proper regulations for the use of drones in the oil and gas industry.
According to the report, one driver in the market is rise in cross-border and cross-country pipeline infrastructure. The demand centers of oil and gas are different from that of supply centers. Pipelines are one of the most efficient modes of transportation in the oil and gas industry. At times, crude oil, natural gas, and petroleum products need to be transported to vast distances to and from refineries as well as to consumers, where rail and road transportation is impractical or not feasible. The oil and gas industry has a global existing pipeline network of over 2.2 million miles as of 2016. This network is constantly increasing due to increased demand for oil and gas and to connect new exploration sites to refineries and demand centers.