As per the report published by The Brainy Insights, the global pipeline monitoring system market is expected to grow from USD 15.4 billion in 2021 to USD 29.27 billion by 2030, at a CAGR of 7.4% during the forecast period 2022-2030. Among all regions, the Asia Pacific region emerged as the largest market for the global pipeline monitoring system market, with a market share of around 36.7% and 5.6 billion of the market revenue in 2021. The administrations of the countries in this region have imposed stringent maintenance and inspection requirements for oil and gas pipelines. As a result, demand for pipeline monitoring systems in North America is expected to be high.
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Pipeline Monitoring System Market Size by Pipe Type (Metallic, Concrete Pipes, Asbestos Cement Pipes and Non-Metallic), By Technology (PIGs, Ultrasonic, Smart Ball, Fiber Optic Technology and Magnetic Flux Leakage), By End-User (Water & Wastewater, Oil & Gas, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Apple Siemens AG, Huawei Technologies Co. Ltd., Honeywell International Inc., TransCanada PipeLines Limited, BAE Systems, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The pipe type segment is divided into metallic, concrete pipes, asbestos cement pipes, and non-metallic. In 2021, metallic pipes dominated the market with the largest market share of 29.2% and market revenue of 4.4 billion. These pipes are favored over other pipe types due to their excellent strength, regardless of the fluids which they will carry. Metallic lines are also solid, making them the most rapidly increasing form of pipe in the pipeline monitoring systems market. The technology segment comprises PIGs, ultrasonic, smart ball, fiber optic technology, and magnetic flux leakage. In 2021, the ultrasonic technique accounted for the largest share of the market with 26.4% and a market revenue of 4 billion. Automated ultrasonic testing techniques are routinely utilized to perform pipeline integrity checks on safety-critical infrastructure. Yet, there are various inspection circumstances in which these methodologies fail to meet the objectives of system operators, such as complicated pipeline design with specified pipe junction angles. The end-user segment is divided into water & wastewater, oil & gas, and others. The oil & gas segment accounted for the largest share of the market, with 38.32% and market revenue of 5.9 billion for pipeline monitoring systems in 2021. Governments worldwide have been implementing stringent rules to reduce the frequency of oil and gas pipe leaks, which harm the environment.
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The rising number of pipe leaks, breaks, corrosion, and cracks in the oil, sewage, and processed petrochemical industries is driving the worldwide pipeline monitoring systems market. This is further encouraged by beneficial actions being made by various governments to enhance crisis management, safe working conditions, and satisfy working requirements, which is helping the broad deployment of pipeline monitoring systems in the crude oil and refined petroleum sectors. The considerable incorporation of these processes with leak detection gauges, magnetic flux leakage innovation, intelligent balls, and different communications alternatives, such as human involvement and control systems, for remote management and improved processes is another growth factor.