ID: MRFR/E&P/2797-HCR | 111 Pages | Published By Priya Nagrale on March 2023
Pipeline Monitoring System Market is expected to be valued at USD 13,749.90 million, with a CAGR of 7.80% Forecast by 2030
The Pipeline monitoring system market size is projected to reach approximately USD 13,749.90 million by 2030, at a CAGR of 7.80% from 2022 to 2030.
The pipeline monitoring system market is propelling due to the growing demand for metallic pipelines. Metallic pipes include ductile iron, stainless steel, aluminum, and other varieties such as cast iron, corrugated, and copper pipes. The iron-based pipes can rust when exposed to highly oxygenated water steam; as a result, end-users prefer steel-based pipes. Metallic pipes are heat-sensitive and less resistant to corrosion than other pipes. As a result, these improved features further enhance the overall market's demand during the Pipeline Monitoring System market forecast period.
During the lockdown, the COVID-19 pandemic has halted the production of many products in the pipeline monitoring systems business. After COVID-19 infection cases began to decline, equipment & machinery producers focused on protecting their operations, staff, and supply networks to respond to urgent emergencies and introduce new working methods.
Pipeline infrastructure has increased significantly owing to growing oil and gas demand in most major regions. Pipelines for the conveyance and allocation of oil and gas pipeline monitoring systems are being installed across several regions around thousands of km. For instance, in May 2021, Honeywell International will deliver UOP technology to Numaligarh Refinery Ltd, Indian Ministry of Petroleum and Natural Gas, to generate cleaner-burning diesel fuel and expand crude oil conversion by India's BS-VI emission requirements. Hence, the requirement for pipeline integrity monitoring systems has been prompted by the massive networks of pipelines for the oil & gas, and petroleum sectors.
The pipeline infrastructure has greatly grown due to the growth in oil and gas consumption in most major nations. The installation of pipelines for the allocation and conveyance of oil and gas products spans various regions and hundreds of km. Such vast networks of pipelines have expanded the demand for pipeline integrity monitoring technologies. Pipeline companies utilize sophisticated sensors and monitoring tools to find leaks in pipeline systems. Scada pipeline monitoring companies are focusing on implementing physical security solutions, including aerial & ground monitoring and video surveillance, to guard pipelines against terrorist attacks and sabotage.
Pipeline enterprises have long been wary of utilizing cyber and network security solutions owing to a requirement for more vulnerability and understanding. Furthermore, IT organizations' network security solutions were not extensive, and most solutions were only presented in silos. This makes it challenging for pipeline operators to select exact pipeline network monitoring systems. IT security firms also require help convincing operators of the value of physical and network monitoring systems. The requirement for more awareness and apprehension about adopting monitoring systems among operators is a significant roadblock for monitoring solution suppliers in the oil and gas industry.
The introduction of technologically enhanced solutions will further enhance the future Pipeline Monitoring System market growth. Several leaders have been providing technologically cutting-edge solutions to facilitate the work of O&G behemoths in lead detection. For illustration, Hifi HDS just revealed a brand-new application for pipeline pig administration. In addition, the business delivers additional commercial applications with added value to proactive pipeline leak detection.
Insights by Pipe Type
Based on pipe type, the Pipeline monitoring system market has been divided into metallic, non-metallic, and others. The metallic category held a major market share in 2021 as they are less corrosion-resistant and more repetitive to heat. Besides this, non-metallic was the fastest-growing category due to the petroleum industry's growing demand for non-metallic pipes.
Insights by Solution
Based on the solution, the Pipeline monitoring system market segmentation is leak detection, pipeline break detection, operating condition, and others. The pipeline break detection category had a major market share in 2021 due to the growing demand for pipeline break detection in the natural gas industry. However, the operating condition was the fastest growing category as it is more user-friendly.
Insights by Technology
Based on technology, the Pipeline monitoring system market segmentation is ultrasonic, PIGs, smart ball, magneticnflux leakage, fiber optic technology, and others. The magneticnflux leakage category had a prominent market share in 2021 due to its highly portable and effective technique for detecting subsurface cracks. Besides this, the smart ball was the fastest-growing category as it completed long inspections in a single deployment.
Insights by End-Use Industry
By end-use industry, the market has been categorized into crude & refined petroleum, water & wastewater, and others. In 2021 the crude & refined petroleum category had a prominent share of the market due to the increasing adoption of pipeline monitoring technologies in pipeline integrity monitoring system industry. However, water & wastewater was the fastest growing category due to growing corrosion and bacteriological control programs.
By region, the market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Europe is projected to exhibit the highest CAGR during the review period.
North America Industry Analysis
As per the Pipeline Monitoring System Market Report, North America held a prominent market share in 2021. North America has long been one of the major markets for pipeline integrity monitoring systems due to the growing oil and gas exploration and production activities that drive demand for pipeline monitoring technologies. Because of the rise of pipelines across North American countries such as the US, Canada, and Mexico, oil and gas corporations, government bodies, and environmental organizations are working on preventing oil spills, gas leaks, and other mishaps.
Europe Industry Analysis
Europe was the fastest-growing region in 2021. The increasing investments in oil and gas significantly contribute to the region's Pipeline Monitoring System market growth. The European Union (EU) is highly dependent on external natural gas supplies and has experienced severe gas cuts in the past, mainly driven by the high-pressure natural gas system's technical complexity and political instability in some of the supplier countries.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Orbcomm Inc., TransCanada Company, PSI AG, Pure technologies, and Honeywell international inc. dominate the pipeline monitoring market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting Pipeline Monitoring System market research and development. Moreover, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in June 2021, ABB and Europol GAZ SA signed a service agreement. Europol GAZ SASA would strengthen reliability and heighten security levels under the terms of this collaboration for all five gas compressor stations located in the Polish portion of the gas pipeline.
Prominent players in the pipeline monitoring market include Perma Pipe Inc., Siemens AG, BAE Systems Inc., Huawei Technologies Co. Ltd., and Pentair PLC., among others.
Pipe Type Outlook
End-Use Industry Outlook
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Pipeline Monitoring System Forecast:
To identify and estimate the Pipeline Monitoring System market size for the pipeline monitoring market segmented by pipe type, solution, technology, and end-use industry by value (in US dollars). Also, to understand the consumption/ demand created by consumers of pipeline leak monitoring systems between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the market
Market Influencing Factors:
To find out the factors which are affecting the sales of pipeline leak monitoring systems among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 13,749.90 million|
|CAGR||7.80% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Pipe Type, Solution, Technology, and End-Use Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Orbcomm Inc., PSI AG, TransCanada Company, Pure Technologies, and Honeywell International Inc.|
|Key Market Opportunities||Growing investments, as well as spending on network monitoring|
|Key Market Drivers||Increased demand for the metallic pipelines|
The study period of the market is 2022 - 2030
The market reach approximately USD 13,749.90 Million with growing CAGR of ~7.80% over the next 10 years.
Europe is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
Orbcomm Inc., PSI AG, TransCanada Company, Pure Technologies, and Honeywell International Inc. are the prominent companies operating in the market.