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
NEW YORK, Dec. 5, 2019 /PRNewswire/ --
Pipeline monitoring system market projected to grow at a CAGR of 7.1%
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. 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.
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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.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts to collect data related to different aspects of the pipeline monitoring system market.Estimates were arrived at after analyzing the secondary sources and validated them through these interviews.
Primary sources include industry experts from core and related industries and preferred suppliers, manufacturers, distributors, technologists, service providers, standards & certification organizations, and organizations related to all segments of this industry's value chain. The distribution of primary interviews is as follows:
-- By Company Type: Tier 1 -33%, Tier 2 - 50%, Tier 3 - 17%
-- By Designation: Director Level - 33%, Manager Level - 67%
-- By Region: North America - 8%, Europe - 17%, Asia Pacific - 50%, MEA - 17%, Latin America - 8%
The tiers of the companies are defined on the basis of their total revenue, as of 2018.
Tier 1: Revenue > USD 10 billion; Tier 2: USD 1 billion > Revenue > USD 10 billion; Tier 3: Revenue < USD 1 billion
The various key players profiled in the report are as follows:
1. ORBCOMM Inc (Rochelle Park, NJ, U.S.)
2. Transcanada (Calgary, Canada)
3. PSI AG (Berlin, Germany)
4. Pure Technology Ltd. (Calgary, Canada)
5. Honeywell International Inc. (Morris Plains, NJ, US)
6. Perma Pipe Inc. (Niles, U.S)
7. Siemens AG (Munich, Germany)
8. Huawei Technologies Co Ltd. (Shenzhen, China)
9. Bae Systems Inc. (London, U.K.)
10. Pentair plc. (Greater Manchester, U.K.)
Research Objectives:
The primary objective of the study is to define, segment, and project the global pipeline monitoring system market on the basis of type, technology, solution, end-user industry, and region.The study also aims at strategically analyzing micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market.
It also provides detailed information about the main factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). In addition to this, the study analyzes competitive developments, such as partnerships, mergers & acquisitions, expansions, new product developments, and research & development activities, in the pipeline monitoring system market.
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.
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