CHICAGO, Nov. 2, 2020 /PRNewswire/ -- According to a new market research report "Pipeline Safety Market by Component (Solutions (Pipeline Monitoring System, Secure Communication, Perimeter Intrusion Detection, SCADA for Pipelines, and ICS Security) and Services), Application, Vertical, and Region - Global Forecast to 2025", size is expected to grow from USD 7.9 billion in 2020 to USD 12.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period. Improved spending by most oil and gas companies for pipeline infrastructure, network monitoring, and leak detection and rise in the number of oil and gas leakage incidence/accidents driving the adoption of Pipeline Safety Market.
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Need to understand the customer needs for tailor-made pipeline safety solutions to drive the growth of pipeline safety services during the forecast period
The demand for pipeline safety services is driven by the growing need for improved pipeline operations performance about pipeline operation scheduling and reduced operational cost of liquid/gas delivery across the globe. The success of pipeline safety depends on how well pipeline solutions are implemented and used to handle its operations. Pipeline safety service providers ensure the pipeline management strategy is tailored as per the organizations specific business objectives to leverage the benefits of pipeline safety solutions fully. With the increasing adoption of solutions, the demand for associated services is also growing among end-users. The benefits gained by the effective utilization of pipeline safety solutions and offering tailor-made solutions as per the needs of organizations are the major factors driving the demand for services associated with pipeline safety solutions.
Rising demand to monitor proper pipeline functioning and avoid disturbance in operating conditions to drive the growth of the pipeline monitoring systems segment to hold a larger market size
Pipeline monitoring is required to detect small pipeline leaks faster and more reliably while simultaneously monitoring third-party interferences and other external pipeline threats to prevent leaks altogether. Pipeline monitoring improves control over pipeline network assets. It automates the process to improve productivity, enabling readers to monitor their assets current condition and raise the alarm in case of unauthorized events. Pipeline monitoring further offers various detector applications to monitor leaks and events of third-party interference, geohazards, thefts, critical infrastructure, and inline inspection tools in real-time from a single operating system.
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North America to dominate the market during the forecast period
North America is expected to dominate the global market from 2020 to 2025, owing to the presence of several solution vendors in the US. This is mainly because of the presence of various developed economies, such as Canada and the US, and due to the focus on innovations obtained from R&D and various technologies. Safety has always been the core value of natural gas utilities in North America. The natural gas industry operates an extensive system of 2.5 million miles of distribution and transmission pipelines stretching across the country to provide service to more than 177 million Americans. The design, construction, operation, inspection, and maintenance of all operating pipelines are subject to state and federal regulations and requirements. As per the US Department of Transportation, pipelines are the safest, most environmentally friendly, and most efficient, and reliable mode of transporting natural gas. In terms of adoption, North America is contributing significantly to the market and is expected to grow further. The US is said to have adopted pipeline safety measures to a great extent.
The major vendors offering pipeline safety solutions are ABB (Switzerland), Siemens AG (Germany), Schneider Electric (France), Baker Hughes (US), Honeywell (US), Huawei Technologies (China), AVEVA (UK), PSI AG (Germany), BAE Systems (UK), TransCanada (Canada), Atmos International (UK), Clampon AS (Norway), FFT (Australia), Perma-Pipe (US), Senstar (Canada), Syrinix (UK), RADIOBARRIER (Russia), Pure Technologies (Canada), C-Fer Technologies (Canada), Total Safety (US), Krohne Group (Germany), PLM CAT (US), Leater (Ukraine), and TTK (France).
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