Press release
Pipeline Monitoring System Market is Anticipated to Reach USD 23.7 billion in 2029 from USD 13.5 billion and exhibiting at a CAGR of 7.3% | Size & Report Forecast
Pipeline Monitoring System Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/pipeline-monitoring-system-market/
The factors driving the growth of Pipeline Monitoring System Market includes rising concerns related to terrorist threats and cyber-attacks on oil and gas infrastructure systems, increasing incidences of leakage in the oil and gas sector, emerging need to replace the oil and gas pipelines and improvements in the living standards. According to the report published by Statista, the volumes of oil spilled worldwide from taker accidents has increased from 7,000 metric tons in 2017 to 116,000 metric tons in 2018, which is expected to accelerate the Pipeline Monitoring System Market size in the approaching years. Moreover, growing adoption of information and communication technologies such as Supervisory Control and Data Acquisition (SCADA), Intelligent Video Surveillance (IVS) and Human Machine Interface (HMI), increasing demand for metallic pipes, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers and collaborations between key players and rising population growth rates, are further contributing towards the market growth.
However, growth of the Pipeline Monitoring System Market is hindered due to inadequate knowledge amongst the end-users about pipeline monitoring systems.
The major players operating in the market are Huawei Technologies Co., Ltd., Siemens, Xylem Inc., TransCanada Pipelines Limited, ORBCOMM, PSI Software AG, BAE Systems, PERMA-PIPE International Holdings, Inc., Honeywell International Inc, and C-FER Technologies Inc, among others.
Based on Pipe Type, the Metallic Pipes segment is predicted to grow at a significant CAGR during the forecast period
As per the Pipeline Monitoring System Market Global Forecast, metallic pipes are highly durable, elastic, environment friendly and easy to maintain, are some of the features pushing growth of the segment.
Based on Technology, the Ultrasonic segment is projected to expand at a robust CAGR over the forecast period
Ultrasonic technology improves accuracy, detects deviating conditions, and minimizes power consumption, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period
Rapid economic growth across India, China, and Indonesia, growing adoption of advanced technologies by manufacturers, increasing per capita incomes and high population growth rates, are further contributing towards the market growth.
Key Developments
In 2019, Honeywell International Inc. completed the acquisition of Rebellion Photonics, which is a provider of intelligent, innovative, and visual gas monitoring solutions. This acquisition strengthened company's portfolio of process technologies, automation, and gas detection solutions and has fastened the transformation process to a software-industrial company.
Market Segmentation
Segmentation by Pipe Type
Non-Metallic Pipes
Metallic Pipes
Others
Segmentation by Technology
PIG
Ultrasonic
Magnetic Flux Leakage
Smart Ball
Fiber Optic Technology
Others
Segmentation by Solution
Operating Condition
Leak Detection
Pipeline Break Detection
Others
Segmentation by End-Use Industry
Water & Wastewater
Crude & Refined Petroleum
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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