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 system is segmented, based on technology, into ultrasonic, PIGs, smart ball, magnetic flux leakage, fiber optic technology and others. 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.
Based on end-use industry, 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.
In 2020, the pipeline monitoring system market declined amid the COVID-19 pandemic, with a marginal decline in its CAGR. The market was affected, mainly by the supply chain disruptions, and hampered trade movements in 2020. In the first quarter of 2021, the market for pipeline monitoring system witnessed an increase in demand worldwide, compared to the same period in 2020.
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.
