According to the recent report published by Allied Market Research, titled, Pipeline Monitoring Systems Market by Pipe, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global pipeline monitoring systems market size was valued at $4,514 million in 2016, and is estimated to reach at $7,371 million by 2023, registering a CAGR of 7.5% from 2017 to 2023.
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The factors that drive the growth of the pipeline monitoring systems market are increased oil & gas leakages, government regulations concerning safety, and higher need to prevent storage tanks from natural disasters. In addition, high investments in pipeline infrastructure acts as an opportunity to the pipeline monitoring systems market growth. However, political instability is expected to impede the market growth. Innovative production for pipeline monitoring fuels the global pipeline monitoring systems market growth. Many oil & gas companies prefer ultrasonic testing technology as it detects small & large leakages, which generated highest revenue in 2016.
Non-metallic pipe is the most commonly used pipe in the pipeline monitoring systems industry as it costs lower than the metallic pipe and requires low maintenance. However, metallic pipes are expected to exhibit the highest growth rate such pipe types are stronger and more fracture resistant than non-metallic pipes. Therefore, several petroleum companies use metallic pipes for better transmission of water and sewage.
The key pipeline monitoring systems industry players profiled in the report include Orbcomm Inc., Transcanada Company, PSI AG, Pure Technologies, Honeywell International Inc., Perma Pipe Inc., Siemens AG, Huawei Technologies Co. Ltd., BAE Systems, Inc., and Pentair PLC.
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- Metallic Pipe
- Non-metallic Pipe
- Ultrasonic Testing
- Smart Ball
- Magnetic Flux Leakage Technology
- Water & Wastewater
- North America
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