Pipeline Monitoring Systems Market By Product, Application, Region - Forecast 2024
Based on technology, pipeline monitoring systems market can be categorized into ultrasonic, smart ball, PIGs, magnetic flux leakage. Ultrasonic technology had the largest market share in 2015. Smart ball segment is anticipated to exhibit the fastest growth rate owing to its increasing demand by oil and gas industry. Easy installation and ability of long inspection from single installation are the features that catapult the segment’s growth. Smart ball is used by many companies to detect the leakages.
Pipeline Monitoring Systems Market size is estimated to grow at a significant CAGR between 2016 to 2024. Increasing demand for leak detection, intense monitoring needs owing to enhanced pipeline infrastructure, and rising oil & gas demand in emerging economies have catapulted the industry growth globally. Laying of underwater and underground pipes, and rising demand of these systems in emerging economies owing to urbanization and industrialization has gained prominence in pipeline monitoring systems market size from 2016 to 2024.
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Increasing need for preventing oil and gas leakages in pipes and storage tanks owing to high pressures and during natural disasters will drive the industry growth. Growing trend of innovative production for pipeline monitoring and need for safe transportation of resources without wastage will fuel the industry demand. Stringent government regulations for secure monitoring and constant upgradation will positively support the pipeline monitoring market share over the forecast timeline.
Lack of funds in infrastructure development, and political instability will pose a threat to the industry. Lack of awareness about security implementations among operators, large scale physical security, and computational errors within internal systems also present a challenge to the industry growth. Higher maintenance costs for additional sensors and infrastructure, and multi-site facilities will restrain industry growth.
Incorporated and multi layered systems using digital acoustic sensing, Internet of Things (IoT), are emerging technologies in this market. Moreover, manufacturers are heavily investing in R&D activities for meeting stringent government regulations and mandatory standards regarding oil & gas industrial waste management.
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