Pipeline Monitoring Systems Market size would grow at a notable rate in the coming years. This can be ascribed to the product’s ability to detect small leaks or damages while simultaneously monitoring for external pipeline threats for the prevention of leaks.
Increase in the number of oil and gas leakages in production, storage tanks, and pipelines due to the high pressure has led to introduction of stringent government regulations for pipeline safety, further propelling the market growth. Besides, the growing investment in discovery of oil and gas fields is also estimated to drive the market expansion over the coming years.
The growth of the pipeline monitoring systems market is touted to be restrained by trends such as limited awareness regarding the monitoring implementation and availability of low funds. However, the introduction to next-gen technologies, multi-layered systems using IoT, disruptive technologies, as well as connected pipelines, would push the industry growth through 2027.
Metallic pipe segment is poised to register stellar growth in the coming years. The growth can be ascribed to the product’s intrinsic features such as high compressive strength, tensile strength, temperature resistance, yield strength, and impact strength. These pipes are also being extensively used as structural materials in the construction sector to strengthen the building structure.
Pipeline monitoring systems are observing significant adoption for leak detection applications. This can be reasoned to the rising investment from the O&G companies in pipeline monitoring infrastructure for detecting leaks quickly, receiving real-time alerts, locating the leaks accurately, and working effectively under difficult operating conditions. Various leaders have been introducing technologically advanced solutions in the space to streamline the work of O&G behemoths in lead detection. For instance, Hifi HDS recently announced its new pipeline pig management application. Besides, the company is also offering more value-added commercial applications in addition to preventative pipeline leak detection.
The global market is characterized by the oil and gas segment. The growth in the segment is expected to come from the introduction of stringent regulations by various central and state governments in an effort to reduce the occurrence of oil and gas pipe leaks. Moreover, different O&G conglomerates are now providing sensors to detect leaks in pipelines, thus expanding the market progression prospects.
Asia Pacific pipeline monitoring systems market is slated to grow at a rate in the coming years led by the thriving oil and gas production and presence of top notch O&G companies in the region. In addition, growing investments in wastewater treatments are set to further foster the regional progression.
Honeywell International, Siemens AG, ABB Group, GE company, Pure technology, Schneider Electrics, Huawei (Huawei Investment & Holding Co., Ltd.), TransCanada Pipelines Ltd, Perma Pipes, Atmos International, Pentair PLC, and others are some of the prominent companies operating in the global market.
These market players have been engaged in different industry practices like mergers, acquisitions, collaborations, product launches and more, to gain a competitive edge in the overall marketplace.
The rapid SARS-CoV-2 infection spread potentially affected the global pipeline monitoring systems acceptance. Delays in various projects owing to the unavailability of workforce due to lockdown restrictions imposed worldwide adversely influenced the market statistics. Additionally, the pandemic has resulted in volatility in crude oil prices is leading to a subtle decline in investments in the O&G industry. Thus, COVID-19 pandemic outbreak will impede the market over the coming years.