The report “Pipeline Monitoring Systems Market by Technology (Ultrasonic, PIGs, Smart Ball, and Magnetic Flux Leakage), Application (Leak Detection, Operating Efficiency, and Pipeline Break Detection), End-Use Industry, and Pipe Type – Global Forecast to 2026″, The pipeline monitoring systems market size is estimated to grow from USD 4.13 Billion in 2015 to USD 8.72 Billion by 2026, at a compound annual growth rate (CAGR) of 7.1% from 2016 to 2026.
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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 upgradation 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.
Ultrasonic technology sector to gain maximum traction during the forecast period
The ultrasonic technology segment dominated the market in 2015; however, smart ball technology is projected to be the fastest-growing technology in the next ten years. This could be attributed to the easy deployment of these balls through pipelines with long inspection capability from single deployment. The growth in demand for ultrasonic technology in the pipeline monitoring systems sector is because it is preferred by many oil & gas companies to detect small and large leakages.
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Leak detection segment estimated to be the fastest-growing segment during the forecast period
On the basis of application, the leak detection segment is projected to grow at a higher CAGR from 2016 to 2026. This could be attributed to the increasing focus on improving the control over pipeline infrastructure and automating the process to improve productivity, which would enable the monitoring of the conditions of assets and raise an alarm in case of unauthorized events. One of the major reason of leak detection application to grow includes, increase in investments from oil & gas companies in pipeline monitoring infrastructures and safe transportation of the material through it.
The North American region constitutes the largest market share in the pipeline monitoring systems market
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 from 2016 to 2021. Emerging economies such as India, China and Japan are projected to grow at moderate CAGRs between 2016 and 2021.
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The major players in the pipeline monitoring systems market include Siemens AG (Germany), Honeywell International Inc. (U.S.), BAE Systems (U.K.), Perma Pipes (U.S.), Transcanada (Canada), PSI AG (Germany), Pure Technology (Canada), Orbcomm Inc. (U.S.), Huawei (China), and Pentair PLC. (U.K.).