Pipeline Monitoring System Market foreseen to grow exponentially over 2028

February 8, 2021

Pipelines are used to carry fluids such as oil & gas, water, and wastewater. These pipes are sometimes laid in harsh and hazardous conditions and areas. As a result, these pipes need continuous monitoring to detect damages, leakages, and pipeline failures. These failures could lead to adverse ecological and economic consequences.

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Rapid globalization and industrialization is one of the drivers of the global pipeline monitoring system market. Demand for water & wastewater and oil & gas pipelines has been rising due to industrialization and globalization. This trend is expected to continue in the near future, thereby boosting the demand for pipeline monitoring systems.
Growth in discovery of oil & gas fields is anticipated to drive the pipeline monitoring system market. Investment in oil & gas exploration has increased significantly over the last two years. For instance, upstream investment stood at more than US$ 500 Bn in 2019. Rise in investments in oil & gas exploration is estimated to boost the development of oil & gas infrastructure in the near future.

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High initial investment is projected to hamper the global pipeline monitoring system market. The pipe monitoring technology is highly advance. Therefore, it needs sophisticated equipment. The cost of the equipment is high. As a result, companies hesitate to invest in the technology. Furthermore, lack of funding for development of the aging infrastructure in developing and underdeveloped countries is likely to adversely affect the global pipeline monitoring system market in the near future.

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The global pipeline monitoring system market can be segmented based on pipe type, technology, and end-user
In terms of pipe type, the global pipeline monitoring system market can be divided into metallic pipes and non-metallic pipes. The metallic pipe segment is expected to expand at a high CAGR during the forecast period, as metallic pipes possess high strength and durability.
Based on technology, the global pipeline monitoring system market can be classified into ultrasonic, PIG, smart ball, magnetic flux leakage, fiber optic technology, and others. PIG and ultrasonic segments are expected to expand at high CAGR during the forecast period due to high demand among end-users.
In terms of end-user, the global pipeline monitoring system market can be segregated into oil & gas, water & wastewater, and others. Oil & gas is anticipated to be a rapidly growing segment of the market during the forecast period. Governments of various countries across the globe have been enforcing stringent laws to lower the occurrence of oil & gas pipe leaks, as these adversely affect the environment.

Based on region, the global pipeline monitoring system market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Asia Pacific dominated the global pipeline monitoring system market in 2019. This trend is projected to continue during the forecast period, due to increase in investment in oil & gas and water & wastewater pipeline in countries such as China, India, Singapore, Indonesia, and Japan.
Europe and North America are also vital regions of the global pipeline monitoring system market. Governments of countries in these regions are implementing stringent regulations about maintenance and safety of oil & gas pipelines. As a result, demand for the pipeline monitoring systems is expected to be high in Europe and North America in the near future.
The market in Middle East & Africa and Latin America is estimated to expand at a considerable pace during the forecast period. Increase in investment in offshore exploration activities by developing counties such as Brazil and Mexico is expected to drive the pipeline monitoring system market during the forecast period.

Rapid spread of coronavirus is hampering the global pipeline monitoring system. Delays in projects due to unavailability of manpower due to lockdown across the world are adversely affecting the market. Furthermore, the pandemic has led to volatility in crude oil prices. This is anticipated to result in decline in investment in the oil & gas industry. Surge in global COVID-19 has significantly hampered investment and project timelines. Thus, COVID-19 is expected to restrain the market over the next two years.