Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Global Pipeline Monitoring System Market by Pipe Type (Metallic, Non-Metallic), Technology (Ultrasonic, PIGs, Smart Ball, Magnetic Flux Leakage, Fiber Optic Technology), Solution, End-use Industry, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global pipeline monitoring system market is projected to grow from USD 13.2 billion in 2021 to USD 19.2 billion by 2026, at a CAGR of 7.8% from 2021 to 2026.
Several stringent rules and regulations need to be followed for the maintenance and safety of the environment caused by leaks in oil & gas. Pipeline maintenance includes checking cathodic protection levels for the proper range, surveillance for construction, erosion, or leaks by foot, and running cleaning PIGS when anything is carried in the corrosive pipeline.
The Environmental Protection Agency (EPA) (US) has put some performance standards for oil & natural gas emissions for hazardous pollution and explosions caused due to the leakage of oil & gas. These regulations have made the usage of pipeline monitoring systems compulsory to avoid leaks and protect the environment, which, in turn, is driving the market growth.
In terms of value, PIGs segment to be the fastest-growing segment by 2026
The PIGs segment to be the fastest-growing segment in the pipeline monitoring system market. PIGS (pipeline inspection gauges) technology is defined as observing the location of the liquid in a pipeline. In this technology, PIGS detectors are used and are fixed externally on the pipe. Whenever a PIGS passes the detector, the detector picks up the magnetic field to track the PIGS. This is detected with the help of LED detector lights. Detectors are mainly mounted at launch stations and receive stations. These are used to communicate with the outside world due to the distance underground or underwater. Steel pipelines use PIGS tracking to record internal movement. This technology is often associated with oil & gas.
Leak detection to be the fastest-growing solution from 2021 to 2026 for pipeline monitoring systems
Leak detection will be the fastest-growing solution for pipeline monitoring systems during the forecast period. The pipeline leak detection efficiently inspects cracks, leaks, and holes in the vessel's walls. It quickly detects even the smallest leaks with its level of sensitivity and accuracy. Advanced systems to detect minor internal leaks are included in the solution as well. The leak rate of the product has a direct dependency on the nature of the product. Pipeline leakage detection systems help in detecting damages across the pipeline infrastructure. These systems detect leaks based on flow, pressure, temperature, and density.
In terms of value, the APAC pipeline monitoring system market is projected to grow at the highest CAGR during the forecast period
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2021 to 2026. Emerging economies in APAC are expected to experience significant demand for pipeline monitoring system as a result of the expansion of the crude & refined petroleum and water & wastewater industries in the region. The key factors driving the growth of the market in this region include expansion of existing pipelines and development of new ones, increased incidents of oil and gas leakages in pipelines and storage tanks at production facilities, and formulation of stringent regulations by the governments for the implementation of leak detection technologies and systems in different countries of APAC. More investment is expected in monitoring and safety spending in this region, owing to the increasing threat of identity and access breaches.
Research Coverage
The market study covers the pipeline monitoring system market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on pipe type, solution, technology, end-use industry and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the pipeline monitoring system market.
Market Dynamics
- Drivers
- Sustainable Use of Resources
- Increased Spending by a Majority of Oil & Gas Companies for Pipeline Infrastructure, Network Monitoring, and Leak Detection
- Increase in the Number of Oil & Gas Leakage Incidences/Accidents
- Increasing Maintenance and Government Regulations for Pipeline Safety and Monitoring
- Restraints
- Lack of Apprehensions About Monitoring System Implementation by Operators
- Cost of Monitoring Systems for Oil & Gas Pipelines Varies with Technology
- Opportunities
- Internet of Things (IoT) Proving to be Attractive in Pipeline Leak Detection
- Augmented Demand of Pipeline Monitoring due to Increase in Pipeline Infrastructure
- Rising Oil & Gas Demand in Developing Countries
- Challenges
- Lack of Funds Hampering the Development of Aging Infrastructure
- Multi-Site Facilities Pose a Challenge for Implementing a Comprehensive Monitoring System
Companies Profiled
- ABB Group
- Atmos International
- Bae Systems
- C-FER Technologies
- Clampon AS
- Future Fibre Technologies
- Honeywell International Inc.
- Huawei Technologies Co. Ltd.
- Krohne Group
- Orbcomm Inc.
- Perma-Pipe
- POLUS-ST
- PSI Software AG
- Pure Technologies
- Senstar Corporation
- Siemens AG
- Syrinix
- Thales Group
- TransCanada PipeLines Limited
For more information about this report visit https://www.researchandmarkets.com/r/syq94h
