The global pipeline monitoring system market is
expected to expand at a compounded annual growth rate (CAGR) of 7.5% during the
forecast period of 2022-2030.
Pipeline monitoring systems are systems used for
monitoring pipelines that transport gases and liquids such as oil & gas,
water, and wastewater. These pipelines are laid in harsh and hazardous
conditions & areas and thereby need a continuous and accurate pipeline
monitoring system to detect leakages, damages, and pipeline failures as they may
lead to critical ecological and economic consequences. The monitoring systems
evaluate corrosion and bacteriological control programs in pipelines and collect
data for pipeline risk evaluation and integrity monitoring to comply with
regulatory monitoring requirements.
Growth Drivers:
Factors such as
the rapidly burgeoning demand for pipeline monitoring systems across the crude
& refined petroleum and water & wastewater industries; the escalating
number of oil & gas leakages in production, pipelines, and storage tanks
due to natural disasters and high pressure; the increasing awareness regarding
the significance of pipelines networks; the surging need to detect &
prevent small leaks or damages; and the growing number of underwater & underground
pipelines and oil and gas production activities across the globe are primarily
driving the growth of the global pipeline monitoring system market.
Additionally,
the pipeline monitoring system market players are seen to be putting major
emphasis on the development and introduction of more advanced and efficient
pipeline monitoring systems along with new devices and solutions for monitoring
pipeline performance and securing the operations in the process. This growth in
the trend of upgradation of existing pipeline monitoring systems and the
introduction of new solutions is expected to bring considerable growth to the
market during the forecast period.
Moreover,
the number of stringent rules and regulations pertaining to the mandatory usage
and maintenance of pipeline monitoring systems to avoid leaks in oil & gas
and protect the environment is increasing all over the globe. An example of
this could be the performance standards implemented by The Environmental
Protection Agency (EPA) (US) for oil & natural gas emissions for hazardous
pollution and explosions caused by leakage of oil & gas. This rising number
of stringent rules and regulations for the compulsory usage & maintenance
of pipeline monitoring systems will robustly aid in the expansion of the global
pipeline monitoring system market during the forecast period.
Furthermore,
other factors such as the rising globalization and industrialization and the
growing investments in oil & gas exploration and discovery activities
across major parts of the globe are further expected to bring about tremendous
growth to the global pipeline monitoring system market during the forecast
period.
However,
the dearth of awareness regarding monitoring system implementation among
operators, the high cost of capital and maintenance associated with the system,
and the lack of funding for development of the aging infrastructure in the
merging and underdeveloped nations are expected to restrain the growth of the
market to some extent during the forecast period.
Pipeline
Monitoring System Market Segmentation:
By Pipe Type:
o
Metallic
o
Non-Metallic
o
Others
o
Concrete Pipes
o
Asbestos Cement Pipes
By Solution:
·
Leak Detection
·
Pipeline Break Detection
·
Operating Condition
·
Others
By Technology:
·
Ultrasonic
·
PIGs
·
Smart Ball
·
Magnetic Flux Leakage
·
Fiber Optic Technology
·
Others
By End-use Industry:
·
Crude & Refined Petroleum
·
Water & Wastewater
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Based on
pipe type, the metallic segment held the largest share of the global pipeline
monitoring system market in 2021. The segment is anticipated to further retain
is dominance and grow at the highest rate in the market during the forecast period.
The high usage of metallic pipes in pipeline monitoring systems due to their
high strength & durability and their ability to be more conducive to heat
and less corrosion-resistant compared to non-metallic pipes can be ascribed to
the large market share of this segment.
Based on
end-use industry, the crude & refined petroleum segment accounted for the
largest share of the global pipeline monitoring system market in 2021. The
trend is expected to remain unchanged over the forecast period due to the
augmenting demand for pipeline monitoring system in crude & refined
petroleum industry as result of the growing oil & gas pipelines across the
world.
Based on
technology, the ultrasonic segment dominated the global pipeline monitoring
system market in 2021. The segment is estimated to further continue with its lead
in the market during the forecast period. However, the PIGs segment is
projected to register the highest growth in the market during the forecast
period. These two segments' large market share and growth can be attributed to
their high demand among their end-users.
Based on
solution, the leak detection segment acquired the largest share of the global
pipeline monitoring system market in 2021. The segment’s position is predicted
to remain unchanged during the forecast period owing to the soaring investments
in pipeline monitoring infrastructures by oil & gas companies and the
growing emphasis on enhancing control over pipeline infrastructures.
Regional
Outlook:
The North
American region captured 35.0% market share and dominated the global pipeline
monitoring system market in 2021, followed by Europe and Asia-Pacific. The
region is expected to further maintain its lead in the market during the
forecast period. Factors attributed to the large share and growth of the market
include; the surging demand for pipeline monitoring systems; the rising oil
& gas exploration & production activities; the escalating emphasis on the
prevention of disasters due to the growing number of pipelines; and the high product
innovation in the region. The U.S., Canada, and Mexico are the major
contributors to the market's growth in the region.
The Asia Pacific
region is estimated to register the highest CAGR in the market during the forecast
period of 2022-2030. The growth of the market in the region can be ascribed to the
growing incidents of oil and gas leakages in pipelines and storage tanks at
production facilities; the increasing construction of new pipelines; the rising
investments in oil & gas and water & wastewater pipeline; the
increasing implementation of stringent regulations by the governments for the installation
of leak detection technologies and systems; and the expanding end-user
industries in the region. India, China, Japan, Singapore, and Indonesia are the
major contributors to the growth of the market in the region.
The Middle East
& Africa and the Latin America region accounted for the least market shares
in 2021. However, the market in the aforementioned regions is predicted to grow
at a substantial growth rate over the forecast period on account of the rising
investment in offshore exploration activities by the emerging economies present
in the regions.
Key Companies in
Pipeline Monitoring System Market:
·
Huawei Technologies Co. Ltd.
·
BAE Systems
·
Honeywell International Inc
·
PSI AG
·
Siemens AG
·
ABB group
·
Schneider
·
GE
·
Perma Pipes
·
TransCanada Pipelines Ltd.
·
Orbcomm Inc.
·
Pentair PLC
·
Atmos International
·
Senstar Inc.
·
Syrinix
·
Future Fiber Technologies
·
Pure Technologies
·
C-Fer Technologies
·
Other Players
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