The pipeline monitoring systems market is expected to witness high growth as a result of increased number of oil & gas leakages in production, pipelines, and storage tanks due to natural disasters and high pressure along with stringent government regulations for pipeline safety and security and expansion and up gradation of pipelines. The growth in trend of the development of new devices and solutions to monitor the pipeline performance, optimize the resources, automate the functions, and safeguard the operations fuels the growth of pipeline monitoring systems. The next-generation technologies, which are the future of the pipeline monitoring market, comprise integrated, multi layered systems using disruptive technologies, Internet of Things (IoT), digital acoustic sensing, and connected pipelines.
In terms of application, the leak detection application is projected to grow at a higher CAGR from 2016 to 2026. This growth can be attributed to the increasing investments from oil & gas companies in pipeline monitoring infrastructures and safe transportation of the material through it. Pipeline leakage detection systems help in detecting damages across the pipeline infrastructure. These systems detect leaks on the basis of flow, pressure, temperature, and density.
Gas pipelines which are covered under the crude & refined petroleum segment accounted for a major share, which creates a huge potential for pipeline monitoring systems for gas pipelines; this is projected to grow at a higher rate. Also, the construction of number of pipelines in various regions may lead to the growth of pipeline monitoring systems for crude & refined oil across the globe.
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The pipeline monitoring systems market size will grow from USD 4.13 Billion in 2015 to USD 8.72 Billion by 2026, at an estimated CAGR of 7.1% between 2016 and 2026.
Pipeline Monitoring Systems Market: By Application
- Introduction
- Leak detection
- Flow
- Pressure
- Temperature
- Density
- Operating condition
- Pipeline break detection
- Others (liquid/material identification)
Pipeline Monitoring Systems Market: By End-Use Industry
- Introduction
- Crude & refined petroleum
- Oil
- Natural gas
- Biofuel
- Water & wastewater
- Others (beverages, drugs & specimen, currency)
North America contributes a major market share in the global pipeline monitoring systems market. The North American market is projected to grow at the highest rate than other regions as many new pipelines are under construction in this region. Europe constitutes the second largest market share in pipeline monitoring systems while Asia-Pacific is projected to register the highest growth after North America. Emerging economies such as India, China and Japan are projected to grow at moderate CAGRs between 2016 and 2026.
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