According to a new market research report published by Credence Research, “Pipeline Monitoring Systems Market (By Vertical (Oil & Gas, Water & Wastewater (Utilities), and Others (Food & Beverage, etc.)), By Technology (Perimeter Intrusion Detection, Ultrasonic, Pig Tracking, Smart Ball, Magnetic Flux Leakage, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global pipeline monitoring systems market is expected to reach US$ 8.62 Bn by 2026, expanding at a CAGR of 6.9 % during the forecast from 2018 to 2026 .
Browse the full “Pipeline Monitoring Systems Market – Growth, Future Prospects, and Competitive Landscape, 2018 -2026 report at https://www.credenceresearch.com/report/pipeline-monitoring-solutions-market
Pipelines are considered as the safest and one of the most efficient modes for transporting petroleum products. High volumes of oil & gas products are transported to various parts of the world through pipelines. Awareness about safe transportation of petroleum products has encouraged oil producers across the globe to embrace technological assistance for pipeline operations. The on-going trends including pipeline network expansion, operational intelligence, and adoption of greener concept have collectively had positive impact on demand for sensing technologies in the oil & gas pipeline industry. With the perpetually growing demand for fossil fuels and rising international oil trade, pipeline network expansion is need of the hour. Pipeline network expansion will drive fresh demand for solutions that detect leaks and ensure healthy operating condition of pipelines. In wake of recent mishaps like eruption of natural gas pipeline in Nebraska, legislations mandating installation of pipeline monitoring systems have been put in place. All these factors are expected to contribute positively towards a Compound Annual Growth Rate of 6.9% during the forecast period from 2018 to 2026.
On the other hand, volatile oil prices in the global market are having an adverse impact, to a certain extent on cash flows of oil producers. If this situation persists, it may have a negative impact on several upcoming pipeline projects and related demand for monitoring solutions. The global pipeline monitoring systems market is moderately fragmented and has become more competitive over the last few years with the increasing number of players entering the market. Some of the leading manufacturers profiled in the study include ABB Ltd, Future Fiber Technologies, General Electric Company, Honeywell International Inc., Huawei Technologies Co. Ltd., Radiobarrier, Schneider Electric SE, Siemens AG, Senstar, Inc., Syrinix, and Thales Group. Established manufacturers are focusing on mergers and collaborations in a bid to remain ahead of the competition and expand international footprints. Growth of this market has also resulted in creating further skilled job opportunities in major hubs like North America, Latin America, and Asia Pacific. Lack of awareness regarding the benefits offered among operators and high deployment cost of these systems are identified as the factors hindering growth of the market.