According to the latest report by IMARC Group, titled “Pipeline Monitoring Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global pipeline monitoring systems market size reached US$ 14.9 Billion in 2022. Pipeline monitoring systems are solutions employed to monitor internal corrosion and bacterial activity in pipelines by continuously examining fluids and gasses under operating conditions. They perform analysis and collect samples or data that enable pipeline operators to locate and recognize threat events, providing a hazard warning system and facilitating early action to prevent loss. Pipeline monitoring systems help examine operating conditions, monitor pipeline networks, discover any breakage, and detect leaks and system failures. Such services eliminate the risk of potential disasters that can result in environmental pollution, explosions, and fire, which can further harm lives, properties, and the ecosystem. In addition to this, pipeline monitoring systems optimize productivity, enhance asset lifespan, improve safety and compliance, and streamline the production process.
Global Pipeline Monitoring Systems Market Trends:
The escalating incidences of pipe leakages, breakage, corrosion, or cracks, across the oil, wastewater, and crude and refined petroleum industries are primarily driving the market growth. Besides this, the implementation of favorable initiatives and guidelines by governments of various countries to promote effective disaster management and workplace safety is facilitating the extensive adoption of pipeline monitoring systems, which is aiding in market expansion. Moreover, significant technological advancements, such as incorporating pipeline inspection gauges (PIGs), smart balls, and magnetic flux leakage technology, are creating a positive outlook for the market. In line with this, the large-scale integration of numerous communication solutions, including human-machine interface (HMI), intelligent video surveillance (IVS), programmable logic controller (PLCs), and supervisory control and data acquisition (SCADA), allowing remote management and operations, is impelling the market growth. In addition to this, the increasing use of metallic pipelines in the oil and gas sector to provide higher strength flexibility, long-term sustainability, and the ability to withstand higher pressures are propelling the market growth. Furthermore, the rising number of oil and gas exploration activities, the rapidly expanding pipeline infrastructure, and extensive funding in highly efficient facilities to enhance production technology and reduce operating costs are presenting remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 21.9 Billion by 2028, expanding at a CAGR of 6.38% during 2023-2028.
- Based on the pipe type, the market has been bifurcated into metallic and non-metallic pipes.
- On the basis of technology, the market is segregated into ultrasonic testing, smart ball, magnetic flux leakage technology, pipeline inspection gauges (PIGs), and others.
- Based on application, the market is categorized into leak detection, pipeline break detection, operating condition, and others.
- On the basis of the end use industry, the market has been classified into oil and gas, water and wastewater, and others.
- Based on region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being ABB Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., Orbcomm Inc., Pentair plc, PERMA-PIPE International Holdings Inc., PSI Software AG, Siemens AG, TC Energy Corporation, Thales Group and Xylem Inc.
|Base Year of the Analysis
||Pipe Type, Technology, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., Orbcomm Inc., Pentair plc, PERMA-PIPE International Holdings Inc., PSI Software AG, Siemens AG, TC Energy Corporation, Thales Group and Xylem Inc.
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