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The oil export industry dominates the world’s economy, and it depends heavily on oil transportation through pipelines. Hence, the pipeline monitoring system is a crucial factor responsible for the growth of the global economy. Aging oil, gas pipelines suffer from various defects such as leakage, corrosion, cracks, breaks, etc. which may cause the failure of pipelines resulting in loss of human health and interruption of oil and gas supplies. The pipeline network is one of the key infrastructures in day-to-day life which increases the demand for pipeline monitoring systems due to enhanced pipeline infrastructure. A significant development in technology had enabled the oil & gas industry to move forward for adopting advanced technology, leveraging the feasibility, safety, efficiency, and performance in the pipeline. Increasing the incidence of oil & gas leakage and growing demand of pipeline owners for secure transportation propels the demand for pipeline monitoring system market.
The pipeline monitoring system market is segmented into pipe type, technology, application, and end-user. Based on pipe type, the market is segmented into a metallic pipe, non-metallic pipe, and others. The pipeline monitoring system is dominated by a metallic pipe segment owing to its higher tensile strength and mechanical force when placed underground. The technology segment is further segmented into an ultrasonic, pig (pipeline inspection gauge), small ball, magnetic flux leakage, and others. The ultrasonic segment is expected to drive the market due to its increasing demand among the oil & gas companies for fast and small detection of leakages in the pipeline.
Key Market Driver -
Increasing investments in oil & gas industry
Key Market Restraint -
Lack of awareness to incorporate pipeline monitoring system
The application segment is divided into leak detection, break detection, and others. The leak detection segment is projected to grow at a faster pace due to increasing instances of leakages in the oil & gas industry during the forecast period. The end-user segment is further segmented into oil & gas, water & wastewater, and others. The oil & gas segment is projected to be the largest market share attributed to increasing investments in the oil & gas industry and rising incidences of oil & gas leakages.
The rising investment and increasing production & exploration activities in the oil & gas industry boost market growth during the forecast period. The construction of new pipelines, developing pipeline monitoring infrastructures, and providing safe transportation are the major objectives catered by the oil & gas companies, which helps to propel the demand for pipeline monitoring systems across the globe.
Some of the globally acclaimed companies for pipeline monitoring system are PSI Group, OptaSense, Honeywell, Siemens, Huawei Enterprise, ORBCOMM, Pure Technologies, Future Fibre Technologies, Pentair, Atmos International, BAE Systems, Inc., Senstar, KROHNE Group, Sensornet, AP Sensing, Bandweaver, SolAres, and i2i.
The pipeline monitoring system market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is dominating the pipeline monitoring system market owing to increasing investment in production and exploration activities and rising demand from oil & gas companies for improvising the safety and efficiency factors. Significant regulatory norms and safety standards formulated by the government also propel the demand for pipeline monitoring systems during the forecast period.
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Europe is estimated to be the second-largest market for pipeline monitoring system, followed by the Asia-Pacific region. According to IEA, China had headed with an investment worth USD 50 billion in the year 2019 for the growth of the LNG market were pipeline monitoring would help to optimize the efficiency of transportation. Hence, increasing investment in the oil & gas sector has a positive repercussion on the pipeline monitoring system market during the forecast period.
By Pipe Type
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