Forecasting Growth Outlook, Segments & Opportunities in the Pipeline Network Market

The Business Research Company recently released a comprehensive report on the Global Pipeline Network Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The pipeline network market size has grown strongly in recent years. It will grow from $9.40 billion in 2023 to $10.04 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to infrastructure development, economic growth, technological advancements, regulatory changes, energy demand.

The pipeline network market size is expected to see strong growth in the next few years. It will grow to $12.50 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to sustainability initiatives, geopolitical factors, market liberalization, digitalization, renewable energy integration. Major trends in the forecast period include shift towards renewable energy sources, increased adoption of smart pipeline technologies, expansion of natural gas infrastructure, integration of artificial intelligence and machine learning, and enhanced focus on pipeline safety and security.

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Market Drivers and Trends:

The increasing oil production is expected to fuel the growth of the pipeline network market going forward. Oil production typically refers to the extraction or pumping of crude oil from underground reservoirs or oil wells. Oil production is increasing in response to rising global energy demand and geopolitical considerations, with the goal of meeting rising fuel and petrochemical needs while also supporting economic development and energy security. Pipeline networks are essential for oil production, efficiently transporting crude oil from extraction sites to refineries and distribution centers, ensuring a cost-effective and reliable supply chain. For instance, in May 2023, according to the Energy Information Administration, a US-based government agency, U.S. crude oil production experienced 5.6% growth in 2022, equivalent to an increase of 0.6 million barrels per day (b/d) compared to the previous year, reaching an average of 11.9 million b/d. New Mexico experienced the most significant growth in crude oil production, setting a record for the state with a 0.3 million b/d increase to 1.6 million b/d in 2022. Therefore, increasing oil production is driving the growth of the pipeline network market.

Major companies operating in the pipeline network market are focused on developing innovative products with advanced technologies, such as drone-based gas leak detection systems, to increase their profitability in the market. Drone-based gas leak detection systems involve the use of unmanned aerial vehicles (UAVs or drones) equipped with specialized sensors and technologies to identify and locate gas leaks in various environments. For instance, in April 2021, ABB Ltd., a Switzerland-based technology company, launched Hover Guard, a mobile gas leak detection system designed to detect odorless and invisible gas leaks within pipeline systems. It operates as an unmanned aerial vehicle, swiftly surveying natural gas distribution and transmission pipelines, gathering lines, storage facilities, and other potential sources of leaks. With its ability to detect, quantify, and map leaks rapidly, HoverGuard generates comprehensive digital reports automatically. This technology is expected to improve gas leak detection, which can help reduce accidents and improve the safety of workers and the public.

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Major Key Players of the Market:

Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Emerson Electric Co, Enbridge Inc., The Williams Companies Inc., Wipro, Rockwell Automation Inc., Xylem Inc., Targa Resources Corp., KROHNE Group, BRUGG Group AG, PSI Software, Microflex LLC, Moxa, ORBCOMM, Optasense, Pure Technologies, Sensornet

Pipeline Network Market 2024 Key Insights:

• The pipeline network market size is expected to grow to $12.50 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Increasing Oil Production Fueling Pipeline Network Market Growth
• Advancements In Gas Leak Detection Technology
• North America was the largest region in the pipeline network market in 2023

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