Stratview Research has recently published a report on the Pipeline Monitoring System Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028.
Pipeline Monitoring System Market Insights:
The pipeline monitoring system market was estimated at USD 13.53 billion in 2021 and is likely to grow at a CAGR of 7.65% during 2022-2028 to reach USD 22.74 billion in 2028.
The prime factor that is contributing to the demand for pipeline monitoring systems is the increasing number of oil & gas leakages during the production process.
What is a pipeline monitoring system?
Pipeline monitoring systems are used to evaluate corrosion and bacteriological control programs in pipelines. The system is used to collect data for pipeline risk evaluation and integrity monitoring in order to satisfy regulatory monitoring requirements.
COVID-19 IMPACT
The oil & gas industry has been highly affected by the global pandemic in the year 2020. The hit that the oil & gas industry took also affected the development of the pipeline monitoring system market. Monitoring system deployment projects were delayed during the pandemic due to a lack of workforce. These factors negatively affected the growth of the pipeline monitoring system market.
As per the report, the market is segmented by:
Based on the pipe type, the market is segmented as metallic, non-metallic, and others. The metallic segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. The significant share of the metallic segment is attributed to metals being the major materials for the construction of pipes owing to durability and corrosion resistance.
Based on the technology type, the pipeline monitoring system market is segmented as ultrasonic, PIG, electronics and semiconductors, coating, fiber optic technology, energy, and others. The ultrasonic segment accounted for the largest share by technology in 2021, owing to stringent regulations for the safety and security of pipelines coupled with pipeline upgradation and expansion. The segment is likely to lead the market during the forecast period as well.
Based on the solution type, the market is segmented as leak detection, operating condition, pipeline break detection, and others. The leak detection segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. The significant share of the leak detection segment is attributed to huge investments in pipeline monitoring infrastructures by oil & gas companies.
Based on the end-use industry type, the pipeline monitoring system market is segmented as crude & refined petroleum, water & wastewater, and others. The crude & refined petroleum segment accounted for the largest share in 2021, owing to the higher stakes involved, and the segment is estimated to maintain its dominance during the forecast period as well.
In terms of regions, North America is estimated to be the largest market for pipeline monitoring systems during the forecast period. On the other hand, the Asia-Pacific market is expected to grow with a lucrative CAGR on account of the rapid construction of new pipelines in developing nations of the region, with China and India as the major growth engines.
Key Players
The market for Pipeline Monitoring Systems is highly consolidated with the strong presence of key players such as-
- Orbcomm Inc.
- Transcanada
- Honeywell International Inc
- PSI AG
- Siemens AG
- Huawei Technologies Co. Ltd.
- Bae Systems Inc.
- Pure Technologies
- C-Fer Technologies
- Perma-Pipe Inc.
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Research Methodology
Stratview Research's reports are the result of a thorough analysis that combines thorough secondary, and primary interviews with industry leaders, and confirmation using unique internal database and statistical methods. More than 1,000 verified secondary sources, such as annual reports from companies, press releases, fact books, journals, white papers, and blogs are reviewed and analysed.
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