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Pipeline Safety Global Market 2024 - Key Drivers, Growth Factors, Technological Development And Forecast To 2033
Pipeline Safety Global Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Pipeline Safety Market 2024 Key Insights:
• 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%.
• Surge In Oil And Gas Demand Propels Pipeline Safety Market Expansion
• Artificial Intelligence Revolutionizes Pipeline Safety With Advanced Leak Detection Systems
• North America was the largest region in the pipeline safety market in 2023
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