Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "Pipeline Security Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global pipeline security market is projected to grow at a CAGR of 6.79% during the forecast period, reaching a total market size of US$11.803 billion in 2026 from US$7.451 billion in 2019.
Pipeline security is the protection of land-based pipelines against sabotage, illegal tapping, and terrorist activities using the pipelines.
The global pipeline security solutions are gaining importance across the globe owing to increased terrorist attacks and cybersecurity threats, worldwide.
Another key driver of the market is the increasing demand for pipeline security solutions coupled with the increase in the number of funds being invested in these solutions. The gradual increase in the demand for natural gas by the transportation and power generation sector is further augmenting the demand for these security solutions, globally.
According to a report by IBM, in 2019, the manufacturing, and energy industry are the topmost industries to be targeted the most for pipeline security attacks. To combat such attacks the governing bodies of several countries are adopting pipeline security solutions, which in turn is expected to fuel the market growth.
In addition, the rising need for multiple security solutions due to the lack of integrated platforms to provide both physical and network security solutions is expected to propel the market growth during the forecast period. Moreover, the increasing energy consumption in developing countries requires more extraction and distribution infrastructure, thereby impacting the market growth positively. The North American region is estimated to hold a significant market share during the forecast period owing to increasing shale gas exploration in the region.
By solutions, surveillance solutions and secure communication systems are expected to hold a notable market share owing to the increasing threat and security concerns across various industries, globally. By product type, the market for natural gas and drinking water segments is estimated to grow during the forecast period due to the rapidly increasing population and the rising urbanization across the globe.
Geographically, North America and Asia Pacific regions are projected to hold a significant market share owing to the increasing shale gas exploration, the need for reliable protected pipeline networks along with the upgrading of refineries, and the rising concern over pipeline attacks and damage due to natural disasters.
Growth Factors
Increasing cybersecurity threats and terrorist attacks
The sudden increase in the number of cybersecurity threats and terrorist attacks worldwide is a major cause of concern for the government of any country. The governing bodies of several countries are investing funds to protect the pipelines and prevent such attacks. The increasing concern and awareness is expected to drive the market during the forecast period.
Increasing demand for oil and gas
The rising demand for oil and gas due to the rapidly increasing population across the globe is projected to propel the growth of the pipeline security market during the forecast period. The big players in the pipeline security industry are spending large amounts of funds on developing Internet of Things (IoT) based tools which will be able to detect any leakages across the pipelines, which in turn will support the market growth.
Furthermore, the demand for natural gas is expected to grow during the next few years owing to increasing concerns regarding carbon emissions and the adoption of eco-friendly alternatives in the industrial sectors, which in turn will surge the demand for pipeline security in the years to come.
Restraints
High costs
The costs associated with the implementation of pipeline safety solutions are huge. The costs are high as an entire infrastructure system needs to be developed along with these solutions. Changes need to be made in the existing pipelines, trained manpower needs to be kept to monitor the systems, software needs to be developed, installed, and maintained all of which occurs at large costs. The governments especially those of developing countries might not be ready to invest a surplus amount of funds in developing the pipeline security system in their country, which may hamper the growth of the market.
Impact of COVID-19
The Covid-19 pandemic moderately impacted the global pipeline security market as due to the slowdown in the manufacturing processes, the demand for the pipeline security market was negatively impacted. The focus of all the governing bodies was more on combating the virus than on developing information technology infrastructure.
The business operations of many industries such and oil and gas, chemicals, refined products, etc. suffered due to the lockdown restrictions, which further hampered the market growth. However, the global pipeline security market is expected to rebound during the forecast period owing to the ease in Government restrictions, and the increase in the budget for the IT sector.
Competitive Insights
Prominent/major key market players in the global Pipeline Security market include ABB Ltd, Honeywell International Inc., Schneider Electric, Senstar Corporation, Thales Group, Huawei Technologies Co., BAE Systems, Siemens AG.
The players in the Global Pipeline Security Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in June 2020, ABB Turbo Systems Ltd was merged with ABB Switzerland Ltd to expand their market reach and become the global leaders.
Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Global Pipeline Security Market.
Segmentation:
By Solution
- Surveillance Solutions
- Secure Communication Systems
- Tracking Solutions
- Identity and Access Control Solutions
- Intrusion Detection Solutions
- Others
By Product Type
- Chemicals
- Natural gas
- Crude oil
- Refined products
- Drinking water
- Others
Company Profiles
- ABB Ltd
- Honeywell International Inc.
- Schneider Electric
- Senstar Corporation
- Thales Group
- Huawei Technologies Co.
- BAE Systems
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/vaxnq