Press release
Pipeline Monitoring System Market Outlines the Growth Factors and Current State of Market by 2028| Badger Meter, Honeywell International, General Electric
Pipeline Monitoring System Market
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Badger Meter
2. Honeywell International
3. General Electric
4. HollySys Automation Technologies
5. Bentek Systems Ltd
6. Siemens AG
According to the latest report by QMI, The factors driving the global pipeline monitoring systems industry include increases in oil & gas leakage, government safety and monitoring legislation and the need to avoid large storage tanks. Furthermore, government investment in pipeline infrastructure is projected to fuel market growth for the pipeline monitoring systems. However, political instability is projected to restrain the pipeline monitoring systems market growth.
The rise in pipeline safety concerns has led to increased spending by oil & gas companies on reliable and credible monitoring networks. In addition, increased pipeline adoption globally is expected to result in the market growth over the forecast year.
This market has seen several key developments from major companies including General Electric, Honeywell International, Holly Sys Automation Technologies, Siemens AG, Bentek Systems Ltd, and Badger Meter with a focus on both organic and inorganic growth strategies. Developing regions like the Asia Pacific and the Middle East were among the high-potential markets in some main economies.
Increasing negligence, incompetence and industrial accidents have contributed to the adoption of pipeline monitoring systems. Additionally, the development of pipeline monitoring systems has led to strict government rules to avoid these disasters. Furthermore, high government funding in pipeline infrastructure is expected to drive market growth. North America is projected to dominate the market followed by the Asia Pacific and Europe.
Based on technology, the market is split into Ultrasonic Testing, Smart Ball, and Magnetic Flux Leakage. The pipeline monitoring system market is expected to dominate the Ultrasonic Technology segment. The technology is useful for detecting any leakages and is preferred by many oil & gas companies, making it the most commonly used technology for tracking pipelines.
Advancement in the Pipeline Monitoring System through new technology provides rapid, accurate on-line monitoring of internal corrosion and bacterial activity in pipelines through continuous monitoring of fluids and gasses under real operating conditions using commercially available monitoring instruments.
Significant Development:
· In March 2019, Siemens has installed 29 Remote Diagnostic Services gas turbines for Gail India Limited across the Hazira-Vijaipur-Jagdishpur (HVJ) pipeline and the Vijaipur C2/C3 plant to provide advanced software services to make the manufacturing process more convenient.
Important Factors Impacting Market Growth:
o Increasing incidents in the industry lead to the introduction of pipeline monitoring systems
o The demand for pipeline monitoring systems market is expected to grow strongly in North America, Asia-Pacific, and Europe
North America has a significant market share in the global market for the pipeline monitoring system. The North American market, since many new pipelines are under construction in this region, is projected to grow at the highest rate than the other region. Asia Pacific is expected to show the highest growth after North America, while Europe is the second-largest market share. Developing countries such as India, China, and Japan are expected to grow at moderate CAGRs.
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In recent years the Asia Pacific region and the Middle East region have seen tremendous growth in the industrial sector. Major companies operating in this sector have developed internationally to boost their market presence in these regions. Besides this, some of the fastest-growing economies like China and India have been major markets for various end-use industries including building & maintenance, healthcare, automotive, manufacturing, and so on. Such industries are expected to have a high demand for mining equipment during the forecast period.
Market Segmentation:
By Technology:
Ultrasonic Testing
Smart Ball
Magnetic Flux Leakage
By Application:
Leak Detection
Operating Efficiency
Pipeline Break Detection
By Region:
North America
By Country (US, Canada, Mexico)
By Technology
By Application
Western Europe
By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
By Technology
By Application
Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Technology
By Application
Asia Pacific
By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
By Technology
By Application
Middle East
By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
By Technology
By Application
Rest of the World
By Region (South America, Africa)
By Technology
By Application
Contact:
Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
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