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Pipeline Monitoring System Market Size Worth 19.2 Billion USD by 2026 – Exclusive Report by MarketsandMarkets™

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Pipeline Monitoring System Market Size Worth 19.2 Billion USD by 2026 – Exclusive Report by MarketsandMarkets™

April 19
00:10 2023
Pipeline Monitoring System Market Size Worth 19.2 Billion USD by 2026 - Exclusive Report by MarketsandMarkets™
Browse 97 market data Tables and 42 Figures spread through 171 Pages and in-depth TOC on “Pipeline Monitoring System Market”
Pipeline Monitoring System Market by Pipe Type (Metallic, Non-Metallic), Technology (Ultrasonic, PIGs, Smart Ball, Magnetic Flux Leakage, Fiber Optic Technology), Solution, End-use Industry, and Region

A pipeline monitoring system is a single system that detects smaller leaks in a faster and more reliable manner while simultaneously monitoring for third-party interference and other external pipeline threats to prevent leakage altogether. They are mainly used to improve control over their assets and automate the process to improve productivity, which would enable the readers to monitor the condition of their assets and raise the alarm in case of unauthorized events. It also offers a variety of detector applications to monitor leaks and third-party interference, geohazards, theft, critical infrastructure, and inline inspection tools in real-time from a single operating system.

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MarketsandMarkets expects the global pipeline monitoring system market size is projected to grow from USD 13.2 billion in 2021 to USD 19.2 billion by 2026, at a CAGR of 7.8% from 2021 to 2026. The market for pipeline monitoring systems is segmented, based on technology, into ultrasonic, PIGs, smart ball, magnetic flux leakage, fiber optic technology and others. The ultrasonic segment has been the largest market in 2020. The ultrasonic leak detection method is also called pressure analysis or expansion wave method. This method is based on the analysis of pipeline variations. Whenever a leak is detected, it produces noise around the place of leakage. To detect leaks, the sensor devices are placed outside on both sides of the pipe. The working principle of this method is based on the important characteristics of pressure waves; if any difference is detected in the features from the baseline, then an alarm will be activated. Oil & gas pipelines use ultrasonic leak detection technology to detect leaks.   

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Based on the end-use industry, the crude & refined petroleum segment is projected to be the larger segment in the pipeline monitoring system market. Crude oil is a naturally occurring, unrefined form of petroleum. It is one of the primary sources of energy for the energy & power sector. On being processed, crude oil produces refined oil products such as petroleum, gasoline, diesel, and petrochemicals. It is also known as fossil fuel and is a renewable resource. It is majorly categorized into three subsegments, namely, oil, natural gas, and biofuels, which are transported using pipelines, thereby providing a huge potential for the pipeline monitoring system market, as it provides end-to-end monitoring and security solutions. The increase in oil & gas pipelines, owing to an economical, efficient, reliable, and safe mode of transportation for long distances around the world, creates demand for pipeline monitoring system in the crude & refined petroleum segment. 

The pipeline monitoring system market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The North American region accounted for the largest market share in 2020, in terms of value. Furthermore, the market for pipeline monitoring system in the APAC region is projected to grow at the highest CAGR from 2021 to 2026, in terms of value.

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Siemens AG (US), Honeywell International Inc. (US), Huawei Technologies Co. Ltd. (China), BAE Systems (UK), and TransCanada PipeLines Limited (Canada), amongst others, are the key players operating in the pipeline monitoring system market.

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