Pipeline Monitoring System Market Worth $26.72 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Dec. 15, 2022 /PRNewswire/ -- The global pipeline monitoring system market size is expected to reach USD 26.72 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.7% from 2022 to 2030.
Key Industry Insights & Findings from the report:
- Oil and gas manufacturers are adopting monitoring systems to reduce wastage, minimize environmental footprint, and ensure safety.
- The adoption of leak detection systems has ensured safety, feasibility, real-time analysis, and improved performance owing to the improved pipeline infrastructure.
- The pipeline monitoring systems are utilized to locate corrosion, flow constrictions, and liquid accumulations and collect samples by evaluating risk and bacteriological control programs.
- The monitoring/detection systems provide accurate real-time monitoring of internal corrosion, gasses, fluids, and oil contamination.
- The acoustic/ultrasonic segment is expected to dominate the market and expand at a CAGR of 6.8% from 2022 to 2030.
- The metallic pipeline monitoring system segment is projected to grow at the highest CAGR of 8.1% over the forecast period.
- The leak detection application is expected to dominate the market and expand at a CAGR of 7.2% from 2022 to 2030.
- The oil & gas industry is anticipated to grow at the highest CAGR of 8.2% over the forecast period.
- The primary source markets for pipeline monitoring systems are the U.S., Saudi Arabia, China, India, the U.K., Canada, Germany, Brazil, France, and Mexico. The U.S. will be the primary source market for pipeline monitoring system companies. The advanced pipeline infrastructure and advanced technologies integrated within the pipelines are influencing the campaigns aimed at this market to have the most significant impact.
Read 100-page market research report for more Insights, "Pipeline Monitoring System Market Size, Share & Trends Analysis Report By Technology, By Pipe Type, By Application, By Industry Vertical, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Pipeline Monitoring System Market Growth & Trends
The pipeline monitoring systems are utilized to locate corrosion, flow constrictions, and liquid accumulations and collect samples by evaluating risk and bacteriological control programs. The pipeline monitoring systems are generally employed within the following applications: plants & refineries, refined products, wet gas & crude pipelines, water & wastewater, offshore platforms, and pipeline terminals. The monitoring/detection systems provide accurate real-time monitoring of internal corrosion, gasses, fluids, and oil contamination.
The industry's growth is attributed to the increasing installations of pipelines utilized for the transportation and distribution of oil and gas supplies globally. Moreover, the growing cases of leakage due to corrosion within pipelines propel the demand for pipeline monitoring systems. The installation of pipeline monitoring/detection systems has reduced geo-hazards, thefts, internal leakage, and ruptures. Furthermore, the advent of pigging technology within existing and new pipelines are positively influencing the growth of the market.
Advancing technological aspects within pipeline infrastructure, such as Human Machine Interface (HMI), Distributed Vibration Sensing (DVS)/Distributed Acoustic Sensing (DAS), Distributed Temperature Sensing (DTS), and Programmable Logic Controller (PLC), have strengthened the downstream process monitoring capabilities, intuitive interface software, and detection algorithms. The improving technological solutions integrated within monitoring systems have significantly propelled the growth of the market.
Oil and gas manufacturers are rapidly adopting monitoring systems to reduce wastage, minimize environmental footprint, and ensure safety. The adoption of leak detection systems has ensured safety, feasibility, real-time analysis, and improved performance owing to the improved pipeline infrastructure. Manufacturers employ hardware- and software-based methods classifying leakage detection systems into three primary groups: internal, external, and non-technical methods. The detection/monitoring methods comprise ground penetration radar, pressure point analysis, fiber optic sensor, negative pressure wave, acoustic emission, and dynamic modeling.
The COVID-19 pandemic has highly affected the oil & gas industry, restraining the transportation and distribution of oil and gas. The setback of the oil and gas industry has also affected the development of the pipeline monitoring system industry. This impact resulted in the prolonged refining of petroleum & crude and temporarily halted the consumption of oil & gas in large volumes. The pandemic also resulted in delayed project completion due to the lack of workforce due to the pandemic restrictions enacted globally. Moreover, the pandemic also influenced the prices of crude oils, making them highly volatile.
A few companies working in space tourism are ABB Ltd., Emerson Electric Co., Generic Electric Co., Honeywell International Inc., QinetiQ Group Plc, Huawei Investment and Holding Co. Ltd., ORBCOMM Inc., Rockwell Automation Inc., Siemens AG, and Schneider Electric SE. For instance, in April 2021, ABB Ltd. announced the launch of its Mobile Gas Leak Detection System, which is a cloud-connected Unmanned Aerial Vehicle (UAV)-based system: HoverGuard. The UAV-based gas leak detection system quantifies greenhouse gases, such as carbon dioxide, methane, & water vapors, and sends a quick response with precision, and provides accurate information on complex environmental processes that cause pollution.
Pipeline Monitoring System Market Segmentation
Grand View Research has segmented the global pipeline monitoring system market based on technology, pipe type, application, industry vertical, and region
Pipeline Monitoring System Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- PIGs
- Smart Ball
- Acoustic/Ultrasonic
- Magnetic Flux Leakage Technology
- Fiber Optic Technology
- Mass Volume/Balance
- LIDAR
- Vapor Sensing
- Others (Beta Foil Technology and Leo Technology)
Pipeline Monitoring System Market - Pipe Type Outlook (Revenue, USD Million, 2017 - 2030)
- Metallic
- Non-metallic
- Others
Pipeline Monitoring System Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
- Leak Detection
- Operating Condition
- Pipeline Break Detection
- Others
Pipeline Monitoring System Industry Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- Oil & Gas
- Water & Wastewater
- Others
Pipeline Monitoring System Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Russia
- Norway
- Asia Pacific
- China
- India
- Japan
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
List of Key Players in the Pipeline Monitoring System Market
- ABB Ltd.
- Emerson Electric Co.
- Generic Electric Co.
- Honeywell International Inc.
- Huawei Investment and Holding Co. Ltd.
- ORBCOMM Inc.
- QinetiQ Group Plc
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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