Pipeline Monitoring System Market by Trends, Dynamic Innovation in Technology Key Players and Forecast to 2023
Market Research Future published a research report on “Pipeline Monitoring System Market Research Report - Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
The projected growth rate of the global pipeline monitoring system market 2020 between 2017 and 2023 (review period) is 7%, reveals Market Research Future (MRFR).
Primary Drivers and Key Barriers
All over the globe, several underwater and underground pipelines are being laid; which have necessitated the installation of pipeline monitoring systems in the rapidly expanding industrializing world. Pipelines are prone to external and internal cracking, corrosion, third party damages and manufacturing flaws. This has increased the importance of closely monitoring and controlling the pipelines that carry hazardous fluid with the use of pipeline monitoring systems to safely and effectively operate the plant.
Large-scale investments in research and development (R&D) to enhance the pipeline monitoring system technology within oil & gas sectors have made pipeline monitoring systems a crucial aspect of the petrochemical industry. Another significant growth inducer in the market includes the augmenting use of electronics as well as sensors in pipelines used to monitor the operating conditions, while reducing the chances of any damage caused from internal factors like corrosion, nozzle stress, etc.
Be that as it may, the market growth can be mostly challenged by the low awareness about the pipeline monitoring system and its benefits among various players. Having said that, the rising number of oil & gas leakages within pipelines, storage tanks and production, owing to high pressure and natural disasters and the surge in strict government regulations for pipeline safety warrants solid growth of the Pipeline Monitoring System Market in the years ahead.
HollySys Automation Technologies (China), Bentek Systems Ltd. (Canada), Schneider Electric (France), Siemens AG (India), Badger Meter (U.S.), ABB (Switzerland), General Electric (U.S.), Inductive Automation (U.S.), Honeywell International (U.S.), Emerson (U.S.), are the key competitors profiled in the MRFR report.
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Type, technology, and application are the top segments covered in the report, based on which the analysis of the pipeline monitoring system market has been conducted by MRFR.
The types of pipeline monitoring system are non-metallic, metallic, asbestos cement pipes and concrete pipes. The metallic pipes segment can achieve the lead in the market as these pipes offer benefits like high strength that is never compromised, regardless of the type of liquid they carry. Metallic pipes can also be the fastest expanding segment in the market during the given period.
The technology-wise market segmentation comprises magnetic flux leakage technology, smart ball, ultrasonic testing, and others. Ultrasonic testing seems to hold the potential to lead the market in the following years, because of its rising deployment in the oil and gas sector to detect all the kinds of leakages. The small ball technology can project considerable growth as well, given the effective application of these balls in pipelines with the long inspection ability in just single deployment.
Application-wise, pipeline break detection, leak detection and operating efficiency are the main segments specified in the report. The leak detection application of pipeline monitoring system can outpace other segments to gain the highest growth in the years to come. The elevated focus on enhancing the control over the pipeline infrastructure as well as the automation of the process to enhance productivity could help efficiently monitor the status of all the assets and in case of any unauthorized event, alert the authorities. The large-scale investments being made in pipeline monitoring infrastructures along with the safe transportation of the material oil & gas companies can have an incredible effect on leak detection systems in the worldwide market.
Asia Pacific (APAC), Europe and North America as well as the Middle East and Africa (MEA) are the chief markets for pipeline monitoring systems, as per the regional research by MRFR.
North America’s clout in the global market for pipeline monitoring systems is expected to mount rapidly in the coming years, with Europe and APAC taking the second and third position, respectively.
North America’s high stature in the global market is the result of the steady hike in the number of oil & gas exploration & production activities in recent years. The surge in pipeline leakages in the oil & gas sector, rise in strict regulations by government for safety as well as monitoring, and the need to get rid of large storage tanks also encourages market expansion in the region. The massive investments in the development of pipeline infrastructure can also result in better business growth for pipeline monitoring systems in the region.
APAC’s potential to achieve the highest growth rate can be boosted by factors like the high concentration of emerging nations like India, where the pipelines network is quite expansive. The popular trend of developing advanced devices and solutions for monitoring the pipeline performance, optimizing the resources, safeguarding the operations and automating the functions can also prove to be profitable for the regional market in the ensuing period.
Trade pundits believe that the future growth prospects of the MEA market are quite promising, thanks to the burgeoning population and the increasing construction of new pipelines, which can boost the demand for pipeline monitoring systems in the coming period.
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- Competition Analysis by Players
- Company (Top Players) Profiles
- Pipeline Monitoring System Market Size by Type and Application
- US Market Status and Outlook
- EU Development Market Status and Outlook
- Japan Market Development Status and Outlook
- China Market Status and Outlook
- India Pipeline Monitoring System Market Status and Outlook
- Southeast Asia Market Status and Outlook
- Market Forecast by Region, Type, and Application
- Market Dynamics
- Market Effect Factor Analysis
- Research Finding/ Conclusion
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