The research projects that the pipeline monitoring systems market size will grow from USD 4.13 Billion in 2015 to USD 8.72 Billion by 2026, at an estimated CAGR of 7.1% between 2016 and 2026.
The pipeline monitoring systems market is expected to witness high growth as a result of increased number of oil & gas leakages in production, pipelines, and storage tanks due to natural disasters and high pressure along with stringent government regulations for pipeline safety and security and expansion and upgradation of pipelines. The growth in trend of the development of new devices and solutions to monitor the pipeline performance, optimize the resources, automate the functions, and safeguard the operations fuels the growth of pipeline monitoring systems. The next-generation technologies, which are the future of the pipeline monitoring market, comprise integrated, multi layered systems using disruptive technologies, Internet of Things (IoT), digital acoustic sensing, and connected pipelines.
This report has been segmented on the basis of technology, pipe type, application, end-use industry, and region. The ultrasonic technology is projected to be the fastest-growing segment in the pipeline monitoring systems market during the forecast period. There is a growth in demand for ultrasonic technology in the pipeline monitoring systems sector as it is preferred by major oil & gas companies to detect small and large leakages.
On the basis of pipe type, the metallic pipes segment is projected to grow at a higher rate in the forecast period as it is the primary material used in a pipeline industry. This growth can be attributed to its high pressure carrying strength, for any material transporting through metallic pipelines.
In terms of application, the leak detection application is projected to grow at a higher CAGR from 2016 to 2026. This growth can be attributed to the increasing investments from oil & gas companies in pipeline monitoring infrastructures and safe transportation of the material through it. Pipeline leakage detection systems help in detecting damages across the pipeline infrastructure. These systems detect leaks on the basis of flow, pressure, temperature, and density.
Gas pipelines which are covered under the crude & refined petroleum segment accounted for a major share, which creates a huge potential for pipeline monitoring systems for gas pipelines; this is projected to grow at a higher rate between 2016 and 2021. Also, the construction of number of pipelines in various regions may lead to the growth of pipeline monitoring systems for crude & refined oil across the globe.
Bae Systems, Inc.
Future Fibre Technologies
Honeywell International Inc
Huawei Technologies Co. Ltd.
Perma Pipe Inc.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Pipeline Monitoring Systems Market, By Technology
7 Pipeline Monitoring Systems Market, By Application
8 Pipeline Monitoring Systems Market, By End-Use Industry