Oil & Gas Pipeline Monitoring Systems Market Key-Players and Forecast Till 2029

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Oil & Gas Pipeline Monitoring Systems Market: Introduction

• The pipeline network plays a vital role in the transport of crude oil and natural gas across the globe, with connections to critical infrastructure such as oilfields and storage units. Oil and gas activities have been expanding in the last few years, owing to an increase in investments in oil & gas exploration activities around the globe.
• A wide network of thousands of miles of pipelines is being installed for oil & gas transportation. These pipelines are a safer and efficient option to transport products across the world.
• A pipeline monitoring system are crucial to monitor, maintain, and prevent leakage from the pipeline, as a leakage could lead to financial losses and environmental pollution
• Rise in environmental concerns and stringent rules and regulations enacted by governments & international agencies about oil & gas spills are compelling companies to develop effective and efficient technologies to prevent any leakage in pipelines. Companies are also actively investing to develop efficient pipeline monitoring solutions.

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Key Drivers and Restraints of Oil & Gas Pipeline Monitoring Systems Market

• Rise in incidents of accidental leakage is a major factor driving the oil & gas pipeline monitoring systems market. Leakage of oil or gas due to pipeline failure results in irreversible damages, such as financial loss and significant environmental pollution. Oil & gas pipeline monitoring systems help companies to prevent leakage, which in turn is likely to avoid financial losses and environmental pollutions
• Rise in import and export of oil & gas, globally, is another driver of the oil & gas pipeline monitoring systems market. Demand for import and export of oil & gas through pipelines has been rising significantly in the last few years, as pipelines provide continues and safe transportation. Rise in demand for transportation of oil & gas through pipelines from several countries is expected to boost the oil & gas pipeline monitoring systems market.
• High cost of installation and land acquisition is a major restraint of the oil & gas pipeline monitoring systems market. Initial investment required for laying of pipelines, is high, as compared to the cost of other options for the transport of hydrocarbon products; however, pipelines are considered as a cost-effective mode of transport in the long run.

Global Oil & Gas Pipeline Monitoring Systems Market Segmentation

• The global oil & gas pipeline monitoring systems market can be segmented based on technology, application, and pipe type
• In terms of technology, the oil & gas pipeline monitoring systems market can be segmented into ultrasonic, pipeline inspection gauges, smart ball, magnetic flux leakage and others. Magnetic flux detection of leakage is most efficiently used for both liquid and gas pipelines; hence, the magnetic flux leakage segment is estimated to expand at a rapid pace during the forecast period.
• Based on application, the oil & gas pipeline monitoring systems market can be divided into leak detection, operating condition monitoring, corrosion detection, and others. The operating condition monitoring segment is expected to dominate the oil & gas pipeline monitoring systems market and expand at a notable CAGR during the forecast period. The operating condition monitoring system can detect slight changes in the pipe conditions, which can prevent any leakage in the pipeline. Consequently, the operating condition monitoring segment is projected to gain market share during the forecast period.
• Based on pipe type, the global market can be classified into ductile iron, stainless steel, aluminum, plastic, and others. Metal pipes, such as ductile iron, steel and aluminum, are extensively utilized in the industry, due to easy installation and safety offered by metal pipes.

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Global Oil & Gas Pipeline Monitoring Systems Market: Regional Segmentation

• Based on region, the global oil & gas pipeline monitoring systems market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• North America dominated the global oil & gas pipeline monitoring systems market in 2018. The market in the region is expected to expand at a significant pace during the forecast period. The U.S. is a leading oil producer of oil & gas, globally, and hence, it is expected to lead the global market in near future.
• The market in Europe is projected to expand at a significant CAGR in the near future. This is attributed to an increase in investment in long-distance export pipelines owing to a rise in the demand for the oil & gas in the region.
• Middle East & Africa is the third-largest market for oil & gas pipeline monitoring systems, globally, due to the presence of shallow water oil reservoirs across Saudi Arabia, Qatar, Kazakhstan and Iran, which led to extensive utilization of pipelines for transportation of oil & gas in these countries.