DUBLIN--(BUSINESS WIRE)--The "Pipeline Monitoring System Market by Technology (Ultrasonic, PIG's, Smart ball, Magnetic Flux, Fiber Optic), End-use Industry (Crude & Refined Petroleum, Water & Wastewater), Solution, Pipe-Type, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
Pipeline monitoring system market projected to grow at a CAGR of 7.1%
The pipeline monitoring system market is growing, as it is a single system that detects small leaks or damages in pipelines securely and reliably while simultaneously monitoring them for third-party interference and other external pipeline threats to prevent leaks. Other factors, such as increased number of oil & gas leakages in production, pipelines, and storage tanks, due to natural disasters and high pressure, along with stringent government regulations for pipeline safety and security and expansion and upgradation of pipelines, are driving the growth of the pipeline monitoring system market.
By technology, the ultrasonic technology segment accounted for the largest market share in the pipeline monitoring system market
The ultrasonic technology segment is projected to dominate the pipeline monitoring system market in 2024. The technology is useful in detecting small and large leakages and is preferred by many oil & gas companies, thus, making it the most widely used pipeline monitoring technology. However, the market for PIG's is projected to grow at the highest rate through 2024. Another technology, MFL, is highly preferred by steel structure manufacturers, as it is highly useful to detect the leakage field and identify damaged areas and to estimate the depth of metal loss in steel structures.
North American region estimated to account for the largest market share in 2019
In 2019, North America is estimated to account for the largest market share of the total pipeline monitoring system market, followed by Asia Pacific and Europe. This is because of the continuous increase in oil & gas exploration & production activities in this region. The Asia Pacific region is projected to grow at the highest CAGR between 2019 and 2024, with China registering the highest growth rate in the region. Emerging economies, such as India, Brazil, and countries in the Middle East, are projected to grow at moderate CAGRs between 2019 and 2024.
Key Benefits of Buying the Report
- The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall pipeline monitoring system market and its segments and sub-segments.
- This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
- The report also aims at aiding them to get the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Key Topics Covered:
1.1. Key Objectives
1.2. Report Description
1.3. Markets Covered
1.4. Scope of Research
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.2. Evolution of Pipeline Monitoring Systems
5.3. YC-YCC Analysis
5.4. Industry Trends
5.5. Regulations in the Industry
6 Pipeline Monitoring System, By Pipe Type, 2018-2024 (Value)
6.3. Non Metallic
6.4. Others (Pneumatic Pipe, Cement Pipe, Concrete Pipe, Asbestos Pipe )
7 Pipeline Monitoring System Market, By Technology, 2018-2024 (Value)
7.3. Smart Ball
7.5. Magnetic Flux Leakage Technology
7.6. Fibre Optic Technology
7.7. Others (Beta-Foil Technology, Leo Technology)
8 Pipeline Monitoring System Market, By Solution, 2018-2024 (Value)
8.2. Leak Detection
8.3. Operating Condition
8.4. Pipeline Break Detection
8.5. Others (Liquid and Material Identification)
9 Pipeline Monitoring System Market, By End-Use Industry, 2018-2024 (Value)
9.2. Crude & Refined Petroleum
9.3. Water & Waste Water
9.4. Others (Beverages and Drugs & Specimen)
10 Pipeline Monitoring System Market, By Geography , 2018-2024 (Value & Volume)
10.2. North America
10.5. Middle East & Africa
10.6. South & Latin America
11 Competitive Landscape
11.2. Competitive Scenario
11.3. Competitive Leadership Mapping (Global)
11.4. Strength of Product Portfolio
11.5. Business Strategy Excellence
12 Company Profiles
12.1.1. Business Overview
12.1.2. Financial Assessment
12.1.3. Operational Assessment
12.1.4. Product Portfolio
12.1.5. Recent Development
12.1.7. Current Focus & Strategy
12.1.8. Wining Imperatives*
12.1.9. Right to Win
12.2. Orbcomm Inc.
12.3. PSI AG
12.4. Pure Technologies
12.5. C-FER Technologies
12.6. Honeywell International Inc
12.7. Perma Pipe Inc
12.8. Siemens AG
12.9. Huawei Technologies Co. Ltd
12.10. BAE Systems, Inc.
12.11. Others Key Players
12.11.1. Atmos International
12.11.2. Clampon As
12.11.3. ABB Group
12.11.4. Future Fibre Technologies
12.11.5. Senstar, Inc.
12.11.9. Krohne Group
12.11.10. Thales Group
12.11.11. ABB Group
For more information about this report visit https://www.researchandmarkets.com/r/bzz60s