Press release
Pipeline Safety Market Size, Share Analysis And Forecast 2033
Pipeline Safety Market
The Business Research Company presents an extensive market research report on the Pipeline Safety Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The pipeline safety market size has grown strongly in recent years. It will grow from $9.15 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to stringent regulatory compliance, growing environmental concerns, expansion of pipeline networks, public safety and perception, prevention of accidents and leakages.
The pipeline safety market size is expected to see rapid growth in the next few years. It will grow to $14.75 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to integration of advanced analytics, adoption of remote monitoring, emphasis on cybersecurity measures, focus on proactive maintenance. Major trends in the forecast period include drone technology for surveillance, enhanced communication and collaboration platforms, regulatory compliance management, augmented reality (AR) for training and maintenance, hybrid pipeline monitoring solutions.
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Key Market Players:
Major companies operating in the pipeline safety market report are Exxon Mobil Corporation, Chevron Corporation, Marathon Petroleum Corporation, Valero Energy Corporation, The Phillips 66 Company, Huawei Technologies Co Ltd., Energy Transfer Partners L.P., Siemens AG, General Electric Company, Plains All American Pipeline L.P., Cisco Systems Inc., Enbridge Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., BAE Systems plc, Kinder Morgan Inc., TransCanada Corporation, Williams Companies Inc., Rockwell Automation Inc., AVEVA Group plc, Total Safety Inc., Perma-Pipe Inc., Senstar Corp, Future Fiber Technologies, TTK Leak detection System, HCL Technologies, ESRI Inc., Magellan Midstream Partners L.P.
Market Drivers:
The increase in demand for oil and gas leads to the development of pipeline infrastructure, which eventually drives the growth of the pipeline safety market. For instance, in January 2021, the Government of India announced the plan to spend $60 billion for establishing gas infrastructures such as pipelines, liquefied natural gas terminals, and city gas distribution networks. in March 2023, according to the US Energy Information Administration, a US-based government agency, there was crude oil output with 12.4 million b/d in 2023 from 11.7 million b/d in 2022 in US. Additionally, in September 2022, the average daily consumption of natural gas in the US was 86.6 billion cubic feet (Bcf/d) in 2022, which was the highest annual consumption of natural gas compared to the previous year. The rise in the usage of piped gas lines contributes to the demand for the pipeline safety market growth.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/pipeline-safety-global-market-report
The pipeline safety market covered in this report is segmented -
1) By Component: Solutions, Services
2) By End User: Natural Gas, Crude Oil, Refined Products, Other End Users
3) By Application: Onshore, Offshore
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
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