Pipeline monitoring is a single system that detects smaller leaks or damages in pipelines securely and more reliably, while, simultaneously, monitoring them for third-party interferences and other external threats to prevent leaks. MarketsandMarkets projects that pipeline monitoring system market size will grow from USD 4.6 billion in 2019 to USD 6.5 billion by 2024, at a compound annual growth rate (CAGR) of 7.1% from 2019 to 2024. The increase in demand for pipeline monitoring systems for crude & refined oil is driving the growth of the pipeline monitoring system market.
Key players in the pipeline monitoring system market are Siemens AG (Germany), Honeywell International Inc. (U.S.), BAE Systems (U.K), Perma Pipes (U.S), Transcanada (Canada), PSI AG (Germany), Pure Technology (Canada), Orbcomm Inc. (U.S.) and Huawei (China). Other players include Atmos International (U.K.), Clampon AS (Norway), ABB Group (Switzerland), Future Fiber Technologies (Australia), Senstar Inc. (Canada), Syrinix (UK), Radiobarrier (Russia), TTK (France), Krohne Group (Germany.), and Thales Group (France). These players have adopted various strategies to expand their global presence and increased their market share.
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The pipeline monitoring system market has witnessed several strategies, such as expansions & investments, agreements, and contracts & partnerships, in 2018, by key players, who have used them to expand their product & service portfolio and improve their distribution networks. New product developments, merger & acquisitions, were the second-most adopted key strategies that were followed by market players to expand their product portfolios and for geographical reach to untapped markets.
Siemens AG (Germany) provides integrated pipeline monitoring systems that are based on access control, intrusion detection, and video surveillance systems, which help to monitor pipeline systems from remote locations. All systems are controlled by one or more central control rooms, which provide end-to-end pipeline monitoring solutions. In December 2017, Pipeline 4.0 was launched by Siemens to meet the evolving needs of North American midstream operators in the oil & gas industry. Through this launch, the company would provide an integrated approach to the supply of material, pipeline life cycle optimization, and engineering of pipeline assets.
Honeywell International Inc. (U.S.) is engaged in the supply and manufacturing of products and services in different sectors, such as industrial process control, transportation, oil & gas, refining, petrochemicals, and biofuels, which include pipeline monitoring systems. In 2018, the company made technology-oriented acquisitions with Ortloff Engineers, Ltd. (Texas), which would develop highly proprietary technology to enable maximum separation of gas and gas liquids.
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