Press release
Pipeline Safety Market Size, Trends And Global Forecast Report 2024 To 2033
Pipeline Safety Market
As per the report, 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 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%.
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Surge In Oil And Gas Demand Propels Pipeline Safety Market Expansion
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.
Artificial Intelligence Revolutionizes Pipeline Safety With Advanced Leak Detection Systems
The use of artificial intelligence (AI) for detecting issues in the pipeline is a key trend in the pipeline safety market. The technologies like artificial intelligence (AI), and leak detection software improve pipeline security and safety. For instance, in April 2021, ABB Ltd., a Switzerland-based technology company, introduced HoverGuard, a mobile gas leak detection system for the detection of odorless and invisible gas leaks in pipeline systems. HoverGuard is an unmanned aerial vehicle (UAV)-based system that uses laser-based sensing technology and sophisticated data analytics to detect, quantify and map leaks from natural gas distribution and transmission pipelines, by gathering lines, storage facilities, and other potential sources quickly to generates comprehensive digital reports automatically to offer safety and reliability.
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
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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.
Contents of the report:
1. Executive Summary
2. Pipeline Safety Market Report Structure
3. Pipeline Safety Market Trends And Strategies
4. Pipeline Safety Market - Macro Economic Scenario
5. Pipeline Safety Market Size And Growth
…..
27. Pipeline Safety Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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