Pipeline monitoring system market is projected to grow at a CAGR of 7.80% during the forecast period 2022-2030, due to increase in number of oil & gas leakages in production, pipelines, and storage tanks.
The pipeline monitoring system market is being driven majorly by its ability to detect small leaks or damages and at the same time monitoring for external pipeline threats for the prevention of leaks. Other factors driving the growth of the market are increase in number of oil & gas leakages in production, pipelines, and storage tanks due to natural disasters and high pressure along with stringent government regulations for pipeline safety. However, the growth of this market is expected to be restrained by factors such as limited awareness about monitoring implementation and availability of low funds.
Based on all types of pipeline monitoring systems, the market can be segmented as metallic, non-metallic, concrete pipes and asbestos cement pipes. Among these, metallic pipes segment is expected to grow the highest during the forecast period. These pipes are being preferred as compared to other pipe types due to its high strength, irrespective of the liquids that they will carry. Metallic pipes also possess high strength, making them the fastest-growing type of pipe in the pipeline monitoring system market.
North America is expected to dominate global market followed by Europe and Asia-Pacific. The growth in North America region can be attributed to the continuous increase in oil & gas exploration & production activities in the region. The Asia-Pacific region is projected to grow at the highest CAGR due to the existence of developing nations such as India where large number of pipelines are being laid down for the purpose of oil and gas and water transportations across the nations.
The pipeline monitoring system market size is projected to grow at a CAGR of 7.80% during the forecast period.
The key players of global Pipeline Monitoring System market report include- ABB (Switzerland), Emerson (U.S.), Honeywell International (U.S.), Schneider Electric (France), Siemens AG (India), Badger Meter (U.S.), Bentek Systems Ltd. (Canada), General Electric (U.S.), HollySys Automation Technologies (China) and Inductive Automation (U.S.) among others.
The report for Global Pipeline Monitoring System market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Pipelines are referred to as flow lines which carry fluids in a liquid or gaseous state. The pipelines are laid in harsh and hazardous areas thereby, creating a need for accurate pipeline monitoring systems for the detection of leakages and damages, which may lead to serious ecological and economic consequences.
|Market Size||USD 13,749.90 million|
|CAGR||7.80% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Technology and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Emerson (U.S.), Honeywell International (U.S.), Schneider Electric (France), Siemens AG (India), Badger Meter (U.S.), Bentek Systems Ltd. (Canada), General Electric (U.S.), HollySys Automation Technologies (China) and Inductive Automation (U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
The growth rate that can be recorded by the market in the coming years is 7.80%.
The projected market size can be expansive in the near future.
The top companies in the market are Honeywell International (U.S.), Inductive Automation (U.S.), Siemens AG (India), ABB (Switzerland), Bentek Systems Ltd. (Canada), Emerson (U.S.), Schneider Electric (France), HollySys Automation Technologies (China), Badger Meter (U.S.), General Electric (U.S.), and others.
The technology-dependent segments in the market are non-metallic, metallic, asbestos cement pipes and concrete pipes.
North America can take the lead during the forecast period.