Pipeline Monitoring System Market Forecasted to Grow at a CAGR of 7% During the Forecast Period 2020-2030 - Report by Market Research Future (MRFR)

Rise in Pipe Leakages to Boost Pipeline Monitoring System Market Growth

New York, New York, UNITED STATES


New York, US, May 12, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Pipeline Monitoring System Market” information by Type, by Technology, by Application and Region – Forecast to 2030” market size to grow at a compound annual growth rate of 7% by 2030.

Market Scope:
Favorable initiatives undertaken via the government of different countries for promoting disaster management, the workplace safety, and cater to the working standards that is facilitating the widespread use of pipeline monitoring systems in the refined and crude petroleum industries will offer robust opportunities for the pipeline monitoring system market over the forecast period.

Dominant Key Players on Pipeline Monitoring System Market Covered are:

  • ABB (Switzerland)
  • Emerson (U.S.)
  • Honeywell International (U.S.)
  • Schneider Electric (France)
  • Siemens AG (India)
  • Badger Meter (U.S.)
  • Bentek Systems Ltd. (Canada)
  • General Electric (U.S.)
  • HollySys Automation Technologies (China)
  • Inductive Automation (U.S.)

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Market USP Exclusively Encompassed:
Market Drivers
Rise in Pipe Leakages to Boost Market Growth
The rising instances of pipe leakages, corrosion, breaks, or cracks in refined petroleum industries, wastewater, and oil will boost pipeline monitoring system market growth over the forecast period.

Lack of Apprehensions to act as Market Restraint
The lack of apprehensions regarding monitoring system implementation via operators and lack of funds that hampers the development of the aging infrastructure may act as market restraints over the forecast period.

Limited Understanding to act as Market Challenge
The limited understanding of monitoring systems implementation coupled with lack of professionals and high cost of such monitoring systems may act as market challenges over the forecast period.

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Segmentation of Market Covered in the Research:
The global pipeline monitoring system market is bifurcated based on type, technology, and application.

By type, metallic will lead the pipeline monitoring system market over the forecast period.

By technology, ultrasonic testing will dominate the pipeline monitoring system market over the forecast period.

By application, leak detection will spearhead the pipeline monitoring system market over the forecast period.

Regional Analysis
North America to Precede Pipeline Monitoring System Market
In terms of value, North America had the greatest market share of almost 34.4 percent in 2020. Pipeline monitoring devices have always been a big seller in North America. It has been a global leader in product innovation, with regards to quality and applicability. The rising oil & gas exploration and production operations are driving up the need for pipeline monitoring systems. Because of the rise of pipelines across North American countries such as the United States, Canada, and Mexico, oil and gas corporations, government bodies, and environmental organizations are working on preventing gas leaks, oil spills, and other calamities.

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Because of increased investment in production & exploration operations, as well as rising demand from oil and gas businesses to improve safety and efficiency, North America dominates the pipeline monitoring system market. During the projection period, significant regulatory norms & safety standards developed by the government would additionally drive demand for pipeline monitoring systems. Because of the growing number of oil exploration activities, the region dominates the market. The governments of these countries are enacting strict restrictions for the maintenance & safety of oil and gas pipelines. For the constant increase in oil & gas exploration and production activities in nations in the area, the North America market is anticipated to have the greatest revenue share in the worldwide pipeline monitoring systems market throughout the forecast period.

APAC to Have Favorable Growth in Pipeline Monitoring System Market
The APAC region will have favorable growth in the pipeline monitoring system market over the forecast period. During the projected period, this market is expected to grow at a rapid pace. Due to increased investment in oil and gas pipelines and water and wastewater pipelines in countries like India, China, Singapore, Japan, and Indonesia, this trend is expected to continue during the forecast period. This growth can be ascribed to increased oil and gas exploration and production in the region, as well as various product improvements. The market is likely to grow rapidly in the coming years, owing to the region's booming oil and gas output and the presence of world-class oil and gas businesses. In addition, increasing expenditures in wastewater treatment are expected to help the region improve even further. The Asia-Pacific market is likely to grow at a healthy CAGR because to the rapid development of new pipelines in the region's developing countries, with China and India serving as major growth engines. Because of the rising adoption of pipeline monitoring systems owing to the rising development of new pipelines and the growing population across different countries such India, China, and others, the Asia-Pacific region is expected to grow at a quick compound annual growth rate during the forecast period. Furthermore, an increase in demand for such systems in the petrochemical sector to ensure human safety is a major driver driving the pipeline monitoring system market in this area forward. Because of the expansion of the crude and refined petroleum, as well as the water and wastewater industries within the region, pipeline monitoring systems are likely to be in high demand in emerging nations in APAC. Expansion of current pipelines and creation of new ones, growing incidents of oil & gas leakages in pipelines & storage tanks at the production facilities, and the formulation of stringent regulations by governments to implement leak detection technologies & systems in different countries in APAC are some of the key factors driving the market's growth in this region. Because of the growing threat of identity & access breaches, more investment in monitoring and safety spending is projected in this region.

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COVID-19 Impact on the Global Pipeline Monitoring System Market
The pipeline monitoring system is being hampered by the rapid spread of coronavirus. The market is being harmed by delays in projects caused by a lack of staff owing to the global lockdown. Furthermore, the epidemic has caused crude oil prices to fluctuate. The oil and gas industry is expected to see a drop in investment as a result of this. The rise in global COVID-19 has hampered investment & project timelines dramatically. As a result, COVID-19 is likely to limit market growth over the upcoming two years.

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