CHICAGO, Nov. 29, 2019 /PRNewswire/ -- According to the new market research report "Pipeline Monitoring System Market by Technology (Ultrasonic, PIGs, Smart ball, Magnetic Flux, Fiber Optic), End-use Industry (Crude & Refined Petroleum, Water & Wastewater), Solution, Pipe-Type, Region - Global Forecast to 2024," published by MarketsandMarkets™, the Pipeline Monitoring System Market size is estimated to grow from USD 4.6 billion in 2019 to USD 6.5 billion by 2024, at a compound annual growth rate (CAGR) of 7.1% from 2019 to 2024.
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The increase in demand of pipeline monitoring systems for crude & refined oil is driving the growth of the pipeline monitoring system market, which is expected to witness high growth as a result of the increasing number of oil & gas leakages in production, pipelines, and storage tanks due to natural disasters and high pressure; and the stringent government regulations for pipeline safety and security and expansion and upgradation of pipelines. The growing trend of the development of new devices and solutions to monitor pipeline performance, optimize resources, automate the functions, and safeguard the operations are witnessing the growth of the pipeline monitoring system market.
Ultrasonic technology sector to gain maximum traction during the forecast period
The ultrasonic technology segment is estimated to dominate the market in 2019; however, magnetic flux leakage technology is projected to be the fastest-growing technology in the next ten years. The growth in demand for ultrasonic technology in the pipeline monitoring system sector is on account of its preference by many oil & gas companies to detect small and large leakages. This technology is mostly used for leak detection in pipeline monitoring systems, as it provides early detection of deviating conditions, facilitating asset damage prevention, and reducing power consumption.
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Leak detection is estimated to be the fastest-growing segment during the forecast period
On the basis of solution, the leak detection segment is projected to grow at the highest CAGR from 2019 to 2024. This can be attributed to the increasing focus on improving the control over pipeline infrastructures and improving productivity, which would enable the monitoring of the conditions of assets and raise the alarm in case of unauthorized events. Some of the major reasons for the growth of the leak detection solution market are the increasing investments from oil & gas companies in pipeline monitoring infrastructures and the need for safe transportation of the liquids.
The North American region accounts for the largest market share in the pipeline monitoring system market.
North America contributes a major market share in the global pipeline monitoring system market. The North American market is projected to grow at the highest rate than the other region, as many new pipelines are under construction in this region. Asia Pacific is projected to register the highest growth after North America from 2019 to 2024, while Europe accounts for the second-largest market share in the market. Emerging economies such as India, China, and Japan are projected to grow at moderate CAGRs between 2019 and 2024.
Major players in the Pipeline Monitoring System Market includes 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.), and Huawei (China).
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