LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global IoT market in pipeline management provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global IoT market in pipeline management is expected to grow at a CAGR of more than 12%, during the forecast period. The demand for natural gas, industrial water, and petrochemicals are expected to drive the IoT market in pipeline management.
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The top three emerging market trends driving the global IoT market in pipeline management according to Technavio research analysts are:
- Increasing oil thefts
- Growth of deepwater pipelines
- Drones for pipeline monitoring
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Increasing oil thefts
Oil exploration, storage, and transportation is the main job for the oil production and transportation companies. To store and transport crude oil safely is a tough task for oil companies as oil theft always makes them suffer a huge economic loss with constantly rising oil price. According to investigations, there are two common scenarios depending on the way in which crude oil is transported. The first scenario is stealing of crude oil from oil tank trucks, while the other is theft of crude oil by drilling a hole into the pipeline.
“The installation of IoT in pipelines can reduce oil thefts to a large extent. IoT technology can detect rupture in the pipelines and instantly monitor the cause of such ruptures. This can reduce the loss of revenue to a great extent and help in controlling the overflow of oil from the pipelines by alerting the concerned personnel to oversee the faults,” says Sushmit Chakraborty, a lead analyst at Technavio for automation research.
Growth of deepwater pipelines
The prime function of pipelines is the transportation of natural gas from the extraction source to markets. Any alteration to the dynamics of the natural gas, transported by pipelines, is of utmost importance to the industry. The natural gas pipeline market is witnessing some major developments with advancements in technology. One of the most noteworthy trends is the rise in deep-water operations.
Pipelines that function in deep-water are exposed to various problematic situations. Corrosion of pipelines under water is a major problem. These corrosions can often develop into a rupture or a leak that in turn can result in oil or natural gas to pollute the water and disrupt the natural habitat of marine animals. The involvement of IoT in pipeline management can improve the design of pipelines to withstand under-water corrosion and ensure the continuous maintenance of pipelines.
Drones for pipeline monitoring
The end-user industries are using drones to monitor their pipelines. These drones are used for reporting a leakage, blockage, and uneven distribution in pipelines. The use of drones has turned out to be effective for the end-user industries, but these drones are susceptible to errors by manual operators and are also incapable of covering a larger area.
IoT technology not only helps in monitoring pipelines but also aids in other processes such as pipeline design, route selection, and distribution and maintenance of pipelines and related equipment. The IoT technology requires a huge investment and is preferred by end-users only when they have enough funds to invest.
“The vast amount of data generated by drones in pipeline inspection and monitoring needs to be optimally recorded, stored, and analyzed for future reference. This is where IoT solutions enable the assimilation of vast chunks of process data under a single platform. Robotics and IoT solutions are expected to shape the future of pipeline management during the forecast period,” says Sushmit.
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