New York, United States , May 03, 2023 (GLOBE NEWSWIRE) -- The Global Real-Time Pipeline Monitoring Market Size is to grow from USD 9.16 billion in 2022 to USD 17.19 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
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Real-time pipeline monitoring is a cutting-edge technology that involves the continuous surveillance of pipelines in real-time to detect and address potential issues. It utilizes advanced sensors and data analysis techniques to constantly monitor key parameters such as pressure, temperature, and flow rate to ensure safe and efficient operation. By providing instantaneous alerts and notifications, real-time pipeline monitoring enables operators to quickly respond to any deviations from normal conditions, mitigating risks of leaks, spills, and environmental damage. This technology is widely used in various industries including oil and gas, water and wastewater, chemical, and transportation to maintain the integrity, reliability, and safety of pipelines. Real-time pipeline monitoring plays a crucial role in preventing costly incidents, protecting the environment, and maintaining the reputation of pipeline operators as responsible stewards of critical infrastructure.
“Companies Covered: ABB Ltd., Honeywell International Inc., Siemens AG, Schneider Electric SE, Emerson Electric Co., General Electric Company, Cisco Systems Inc., Yokogawa Electric Corporation, Pure Technologies Ltd., TransCanada Corporation, Atmos International Ltd., Syrinix Ltd., Perma-Pipe Inc., Enbridge Inc., Huawei Technologies Co. Ltd. And among others”.
Browse key industry insights spread across 211 pages with 121 market data tables and figures & charts from the report on "Global Real-Time Pipeline Monitoring Market Size, Share, and COVID-19 Impact Analysis, By Technology (PIGs, Smart Ball, Acoustic, Fiber Optic Technology, Mass Volume, LIDAR, Vapor, Sensing, and Others), By Pipe Type (Metallic, Non-metallic, Others), By Industrial Vertical (Oil & Gas, Water & Wastewater, and Others), By Application (Leak Detection, Operating Condition, Pipeline Break Detection, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032” Get Detailed Report Description Here:
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The LiDAR segment is expected to grow at a higher CAGR of around 7.2% over the forecast period.
The global real-time pipeline monitoring market is categorized based on technology, LiDAR is currently considered the fastest-growing segment. This is because of its high accuracy, rapid data acquisition rates, and advancements in sensor technologies. LiDAR enables precise detection of potential threats to pipelines, such as encroachments and ground movement, in real time. The ability to monitor large areas quickly and with improved accuracy has made LiDAR increasingly popular for pipeline monitoring applications. These factors collectively contribute to LiDAR being recognized as the fastest-growing segment in the real-time pipeline monitoring market.
The Leak Detection segment dominated the market with revenue share of around 30.5% in 2022.
Based on the application, the global real-time pipeline monitoring market is segmented into leak detection, operating condition, pipeline break detection, and others. The leak detection category accounted for the largest share in the real-time pipeline monitoring market in 2022. This segment focuses on detecting and preventing leaks in pipelines, which could result in environmental damage, safety hazards, and operational disruptions. Leak detection technologies, such as acoustic sensors, infrared cameras, and fiber optic sensors, are widely adopted in various industries, including oil and gas, water and wastewater, and chemicals, to ensure the timely and accurate detection of leaks. The growing emphasis on pipeline safety, regulatory compliance, and environmental protection is driving the demand for leak detection solutions.
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Asia-Pacific is predicted to grow at a higher CAGR of 7.8% over the forecast period.
The Asia-Pacific is emerging as the fastest-growing region in the real-time pipeline monitoring market due to several reasons. Firstly, the region is experiencing rapid industrialization and urbanization, leading to increased demand for energy and infrastructure development, which requires efficient and safe pipeline operations. Secondly, the growing awareness about environmental protection and sustainability in Asia-Pacific is driving the adoption of real-time monitoring technologies to mitigate the environmental impact of pipeline incidents. Thirdly, advancements in technologies such as IoT, big data analytics, and AI are facilitating the development of innovative and sophisticated real-time pipeline monitoring solutions in the region. Moreover, supportive government policies and initiatives promoting pipeline safety and security are further propelling the growth of the real-time pipeline monitoring market in Asia-Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global real-time pipeline monitoring market include ABB Ltd., Honeywell International Inc., Siemens AG, Schneider Electric SE, Emerson Electric Co., General Electric Company, Cisco Systems Inc., Yokogawa Electric Corporation, Pure Technologies Ltd., TransCanada Corporation, Atmos International Ltd., Syrinix Ltd., Perma-Pipe Inc., Enbridge Inc., and Huawei Technologies Co. Ltd. And others.
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