Pipeline Monitoring System Market Is Expected To Reach at USD 13,749.90 Million By 2030, at a CAGR Of 7.80% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, North America had a big part of the market in 2022.
Farmington, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The Global Pipeline Monitoring System Market Size Is Projected To Reach Approximately USD 13,749.90 Million By 2030, at a CAGR Of 7.80% From 2023 To 2030. The pipeline monitoring system market is growing because more pipelines are being built to move and distribute oil and gas around the world. Corrosion is causing more and more pipelines to leak, which makes it more important to have monitoring systems for pipelines. Oil and gas companies are putting in place monitoring systems quickly to cut down on waste, lessen their impact on the environment, and make sure everyone is safe.
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In May 2021, Huawei and SINO-PIPELINE International entered into a strategic cooperation agreement in Shenzhen. SINO-PIPELINE International is expected to offer sophisticated business capabilities and resources, while Huawei is expected to provide leading ICT technology and professional personnel. The ultimate objective of the agreement is to establish a long-term strategic relationship. Together, the businesses are expected to utilize digital transformation to foster collaboration on projects such as intelligent pipeline networks, assisting SINO-PIPELINE International in its goal of becoming a world-class global corporation by 2030.
In March 2021, TC Energy Corporation (TC Energy) and TC PipeLines, LP (TCP) completed the merger pursuant to an agreement and plan of merger dated December 14, 2020. As a result of this merger, TC Energy is expected to acquire all of the outstanding publicly held common units of TCP and become an indirect, wholly-owned subsidiary of TC Energy.
In 2021, the acoustic/ultrasonic segment made the most money, 24.6%. Over the next five years, it is expected to grow at a CAGR of over 6%. Acoustic and ultrasonic monitoring technology can use high-frequency sound waves and noise patterns to find where a leak or flaw is in a wide range of pipelines. It uses acoustic emission sensors that usually work by noticing changes in the way background noise is spread out. An acoustic leak detector can tell the difference between the sound of a leak and the sound of water flowing normally. The market will grow next year because of this. But acoustic monitoring technology can't find small leaks that don't add to or make the background noise louder.
Pipe Type Insights
In 2021, 77.6% of the market was made up of metal pipeline monitoring systems. During the period covered by the forecast, they are expected to grow at the fastest CAGR, which is over 8%. Metal pipes are used a lot to make things and move them in oil and gas, petrochemical, refinery, and power plants.
In 2021, 44.1% of the market's revenue came from leak detection, and it is expected to grow at a CAGR of over 7% over the next five years. With the help of leak detection solutions, people who run pipelines can make their leak detection programmes work better. The leak detection systems automatically tell the operators if a pipeline breaks, so they can act right away to stop the spill and limit how much and how long it lasts.
Industry Vertical Insights
In 2021, 68.6% of the market's total revenue came from the oil and gas segment. During the time frame of the forecast, it is expected to grow at a CAGR of more than 8%. The oil and gas segment includes crude oil, natural gas, biogas fuels, petroleum, and refineries. In the oil and gas business, the main way to move things is through a pipeline. Pipeline monitoring systems are being put in place so that it is safe and accidents don't happen. Also, using detection systems makes less of an impact on the environment, cuts down on waste, and gives real-time analysis that makes it easy to find mistakes and fix them quickly.
According to the Report, North America had a big part of the market in 2021. Since a long time ago, North America has been one of the most important places to sell pipeline monitoring systems. This is because oil and gas exploration and production are growing, which means that pipeline monitoring technologies are becoming more important. Oil and gas companies, government agencies, and environmental groups are working to stop oil spills, gas leaks, and other accidents because there are more pipelines in the US, Canada, and Mexico.
Europe was the place with the most growth in 2021.
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Scope of Report:
CAGR of 7.80% from 2023 to 2030.
Revenue Forecast by 2030
USD 13,749.90 Million
PIGs, Smart Ball, Acoustic/Ultrasonic, Magnetic Flux Leakage Technology, Fiber Optic Technology, Mass Volume/Balance, LIDAR, Vapor Sensing, Others
By Pipe Type
Metallic, Non-metallic, Others
Leak Detection, Operating Condition, Pipeline Break Detection, Others
By Industry Vertical
Oil & Gas, Water & Wastewater, Others
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
Regions and Countries Covered
2017 to 2022
2023 to 2030
Pipelines have grown a lot because oil and gas use has gone up in most big countries. To move oil and gas products, pipelines are built in many different places and over many hundreds of kilometres. Since there are so many pipelines, it takes more tools to keep track of how they are doing. Companies use high-tech sensors and monitoring tools to find leaks in pipe systems. Scada pipeline monitoring companies are putting in place physical security measures like monitoring from the air and the ground and video surveillance to protect pipelines from terrorist attacks and sabotage.
Pipeline Monitoring System market growth will be boosted even more by new technology-based solutions. Several leaders have come up with cutting-edge technological solutions to make it easier for O&G giants to find lead. For example, Hifi HDS just released a brand-new app for managing pipeline pigs. The business does more than just find pipeline leaks before they happen. It also has other commercial applications that add value.
Key Segments Covered:
Top Market Players:
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, and others.
Magnetic Flux Leakage Technology
Fiber Optic Technology
By Pipe Type
Pipeline Break Detection
By Industry Vertical
Oil & Gas
Water & Wastewater
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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