Newark, Sept. 06, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global pipeline monitoring system market is expected to grow from USD 15.4 billion in 2021 to USD 29.27 billion by 2030, at a CAGR of 7.4% during the forecast period 2022-2030.
Pipelines are helpful for transporting gaseous or liquid fluids. Pipeline monitoring systems are used to measure and investigate pipeline corrosion, leaks, and other problems. Pipeline networks are expected in the world's fastest developing industrialization because undersea and subterranean pipes are being installed all over the world.
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The rising number of pipe leaks, breaks, corrosion, and cracks in the oil, sewage, and processed petrochemical industries is mainly driving the worldwide pipeline monitoring systems market. This is further encouraged by beneficial actions being made by various governments to enhance crisis management, safe working conditions, and satisfy working requirements, which is helping the broad deployment of pipeline monitoring systems in the crude oil and refined petroleum sectors. The considerable incorporation of these processes with leak detection gauges, magnetic flux leakage innovation, intelligent balls, and different communications alternatives, such as human involvement and control systems, for remote management and improved processes is another growth factor.
Key players operating in the global pipeline monitoring system market are Siemens AG, Huawei Technologies Co. Ltd., Honeywell International Inc., TransCanada PipeLines Limited, BAE Systems, among others. To enhance their market position in the global Pipeline monitoring system market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In 2021, metallic pipes dominated the market with the largest market share of 29.2% and market revenue of 4.4 billion.
The pipe type segment is divided into metallic, concrete pipes, asbestos cement pipes, and non-metallic. In 2021, the metallic pipes segment dominated the market with the largest market share of 29.2% and market revenue of 4.4 billion. These pipes are favored over other pipe types due to their excellent strength, regardless of the fluids which they carry. Metallic lines are also solid, making them the most rapidly increasing form of pipe in the pipeline monitoring systems market.
In 2021, the ultrasonic technique segment accounted for the largest share of the market with 26.4% and market revenue of 4 billion.
The technology segment is divided into PIGs, ultrasonic, smart ball, fiber optic technology, and magnetic flux leakage. In 2021, the ultrasonic technique accounted for the largest share of the market with 26.4% and market revenue of 4 billion. Automated ultrasonic testing techniques are routinely utilized to perform pipeline integrity checks on safety-critical infrastructure. Yet, there are various inspection circumstances in which these methodologies fail to meet the objectives of system operators, such as complicated pipeline design with specified pipe junction angles.
The oil & gas segment accounted for the largest share of the market, with 38.32% and market revenue of 5.9 billion for Pipeline monitoring systems in 2021.
The end-user segment is divided into water & wastewater, oil & gas, and others. The oil & gas segment accounted for the largest share of the market, with 38.32% and market revenue of 5.9 billion for pipeline monitoring systems in 2021. Governments throughout the world have been implementing stringent rules to reduce the frequency of oil and gas pipe leaks, which have a harmful effect on the environment.
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Regional Segment Analysis of the Pipeline Monitoring System Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global pipeline monitoring system market, with a market share of around 36.7% and 5.6 billion of the market revenue in 2021. The administrations of the countries in this region have imposed stringent maintenance and inspection requirements for oil and gas pipelines. As a result, demand for pipeline monitoring systems in North America is expected to be high.
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About the report:
The global pipeline monitoring system market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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