North America is projected to showcase the highest market growth during the forecast period owing to increasing demand of oil & gas in this region, technological advancements and enhancements in pipeline infrastructure. North America, Europe, and MEA regions have vast chemical industries and oil fields resulting in the requirement of pipelines and their tracking systems. Thus, the systems’ demand has witnessed a tremendous growth. Asia Pacific is expected to present a significant growth rate owing to increased use of these monitoring systems and heavy fuel consumption for petrochemical industries in emerging economies.
Pipeline Monitoring Systems Market is set to grow at a significant CAGR between 2016 to 2024. Increasing demand for leak detection, intense monitoring needs owing to enhanced pipeline infrastructure, and rising oil & gas demand in emerging economies have catapulted the industry growth globally. Laying of underwater and underground pipes, and rising demand of these systems in emerging economies owing to urbanization and industrialization has gained prominence in pipeline monitoring systems market size from 2016 to 2024.
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Increasing need for preventing oil and gas leakages in pipes and storage tanks owing to high pressures and during natural disasters will drive the industry growth. Growing trend of innovative production for pipeline monitoring and need for safe transportation of resources without wastage will fuel the industry demand. Stringent government regulations for secure monitoring and constant upgradation will positively support the pipeline monitoring market share over the forecast timeline.
Lack of funds in infrastructure development, and political instability will pose a threat to the industry. Lack of awareness about security implementations among operators, large scale physical security, and computational errors within internal systems also present a challenge to the pipeline monitoring systems industry growth. Higher maintenance costs for additional sensors and infrastructure, and multi-site facilities will restrain industry growth.
Incorporated and multi layered systems using digital acoustic sensing, Internet of Things (IoT), are emerging technologies in this pipeline monitoring systems market. Moreover, manufacturers are heavily investing in R&D activities for meeting stringent government regulations and mandatory standards regarding oil & gas industrial waste management.
Close monitoring and controlling hazardous fluids for safe operations has become essential as pipes are susceptible to cracks, internal and external corrosion, production faults, and external damages. Manufacturers are investing heavily on R&D for innovation of technologies in pipeline monitoring systems market for its usage in oil & gas sector. Moreover, increasing use of sensors and electronics will control and monitor the operations thus protecting these monitoring systems from any internal damage such as corrosion or nozzle stress. Benefits of these enhanced systems such as longer lifecycles, enhanced reliability, easy maintenance, and cost effectiveness will surge the business growth.
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Radio Frequency Identification (RFID) based maintenance system called RAMP combining RFID technology, robotic sensing for accurate tracking, precise geo-location information, and efficient reparation will emerge as another trend in this market from 2016 to 2024. RAMP provides scalable, feasible, safe, and customizable solutions for its major application that can be witnessed in large variety of sewer, water, and gas pipelines.
Based on technology, pipeline monitoring systems industry can be categorized into ultrasonic, smart ball, PIGs, magnetic flux leakage. Ultrasonic technology had the largest market share in 2015. Smart ball segment is anticipated to exhibit the fastest growth rate owing to its increasing demand by oil and gas industry. Easy installation and ability of long inspection from single installation are the features that catapult the segment’s growth. Smart ball is used by many companies to detect the leakages.
By application, industry can be divided into break detection, leak detection, and operating efficiency. Leak detection is expected to be the fastest growing segment in the forecast timeframe owing to the changing preferences of many oil & gas companies towards improvised pipeline monitoring and rising investments on enhanced infrastructure. Moreover, the benefits include automation of processes for increasing productivity, examining asset conditions and alarm alerts during unauthorized events.
The consulting segment is anticipated to dominate the market in the forecast timeline. Increasing inclination of consumers towards data base decision making and risk associated with it will drive this segment over the forecast timeframe.
Pipeline monitoring systems market players include Honeywell International, ABB group, Siemens AG, Schneider electrics, GE company, Perma Pipes, Orbcomm Inc., BAE, PSI AG, Pure technology, TransCanada Pipelines Ltd., Huawei, CLampon AS, Atmos International, Future Fiber technologies, Senstar Inc., Syrinix, Pentair PLC, and few others.
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