Pipeline Monitoring System Market set to garner higher revenue globally
In the time of an uncertain time of COVID-19, Market Research Future has come with the latest study on the pipeline monitoring systems market 2020. The survey enclosed the impact of COVID-19 on the economy. On this, MRFR reveals the global pipeline monitoring system market size earlier achieved a towering valuation and would scale up to higher by 2023. This valuation could achieve while at a pace of 7% growth rate. The evaluation of the escalation would take place during the years (2018 to 2023)—the forecasted period.
Top Impacting Factors
Pipelines carry fluids which may be in a liquid or gaseous state. At times, they are laid in harsh and hazardous conditions and areas. By this, the pipelines are fostering the need for precise pipeline monitoring systems to detect damages, leakages, and other pipeline failures, which may lead to severe ecological and economic consequences. For instance, a small water pipeline bursting or leaking is a small scale problem and will not affect the environment and groundwater reservoir primarily. All these benefits have occurred as prominent factors leading the global pipeline monitoring systems market.
High scale research and development divisions are invested in the pipeline monitoring system technology mainly in oil & gas industries; thus, making pipeline monitoring systems noteworthy tools in the petrochemical sector. Another essential factor facilitating the growth of the pipeline monitoring system technology is the mounting use of electronics and sensors in pipelines which will monitor and control operating conditions and thus, reduce damage from internal factors such as corrosion, nozzle stress, and more. The pipeline monitoring system market has evolved over the years to feature an array of advantages such as excellent longevity, cost-effectiveness, enhanced reliability, and ease in maintenance. All these factors have catered the market to generate considerably in the forecast period.
On the contrary, the factor of lack of funds in infrastructure development, and political instability will facade a threat to the industry. Also, the lack of awareness about security implementations among operators, computational errors within internal systems, and large scale physical security present a challenge to the industry expansion. Elevated maintenance costs for additional sensors and infrastructure and multi-site facilities will also restrain industry growth.
In terms of type, the market has included metallic, concrete pipes, non-metallic and asbestos cement pipes.
In terms of technology, the market has included Ultrasonic testing, Magnetic flux leakage technology, Smart ball, and others. The small ball technology is anticipated to expand, and the growth of this technology can be accredited to the effective utilization through pipelines with extended inspection capability from single deployment.
In terms of application segment, the pipeline monitoring system market share has included leak detection, operating efficiency and pipeline break detection.
North America is predictable to showcase the highest market growth during the assessment period owing to the mounting demand for oil & gas in this region, technological advancements and enhancements in pipeline infrastructure. Apart from this, Europe and MEA regions have vast chemical industries and oil fields, resulting in the requirement of pipelines and its tracking systems. Thus, the systems’ demand has observed an incredible growth.
The Asia Pacific is also in the line of expectancy to present a significant growth rate owing to surged use of monitoring systems and heavy fuel consumption for petrochemical industries in emerging economies.
Top Industry Players
Pipeline monitoring systems market players include Emerson (U.S.), Orbcomm Inc., ABB (Switzerland), Schneider Electric (France), Orbcomm Inc., Honeywell International (U.S.), HollySys Automation Technologies (China), Badger Meter (U.S.), Pentair PLC, Siemens AG (India), General Electric (U.S.), Pure technology, Bentek Systems Ltd. (Canada), and Inductive Automation (U.S.) among others.
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