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 pipeline monitoring systems market is expected to witness high growth as a result of increased number of oil & gas leakages in production, pipelines, and storage tanks due to natural disasters and high pressure along with stringent government regulations for pipeline safety and security and expansion and upgradation of pipelines. The growth in trend of the development of new devices and solutions to monitor the pipeline performance, optimize the resources, automate the functions, and safeguard the operations fuels the growth of pipeline monitoring systems.
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There has been a significant increase in the pipeline infrastructure due to the rise in demand for oil & gas in most major countries. Pipelines are being laid over different geographies over thousands of miles for the transportation and distribution of oil & gas products. These large networks of pipelines have fueled the demand for the pipeline monitoring system. Pipeline companies are implementing sensors and sophisticated monitoring technologies for detecting leakages in the pipeline infrastructure. Companies are also focusing on implementing physical security solutions such as aerial and ground surveillance and video surveillance to protect pipelines from terrorist attacks and sabotage. This growth in pipeline infrastructure will present a lucrative market for monitoring system vendors in the coming years.
North America region to lead the global pipeline monitoring system market by 2026.
North America accounted for the largest market share of about 34.4%, in terms of value in 2020. North America has traditionally been one of the major markets for pipeline monitoring systems. Globally, it has been a leader with respect to product innovation in terms of quality and applications. The demand for pipeline monitoring systems is increasing due to the growing oil & gas exploration & production activities. Oil & gas companies, government bodies, and environmental agencies are focusing on preventing oil spills, gas leaks, and other disasters due to the increase in pipelines across the North American countries such as the US, Canada, and Mexico.
Recent Developments:
- In May 2021, Huawei and SINO-PIPELINE International entered into a strategic cooperation agreement in Shenzhen. SINO-PIPELINE International is expected to offer sophisticated business capabilities and resources, while Huawei is expected to provide leading ICT technology and professional personnel. The ultimate objective of the agreement is to establish a long-term strategic relationship. Together, the businesses are expected to utilize digital transformation to foster collaboration on projects such as intelligent pipeline networks, assisting SINO-PIPELINE International in its goal of becoming a world-class global corporation by 2030.
- In March 2021, TC Energy Corporation (TC Energy) and TC PipeLines, LP (TCP) completed the merger pursuant to an agreement and plan of merger dated December 14, 2020. As a result of this merger, TC Energy is expected to acquire all of the outstanding publicly held common units of TCP and become an indirect, wholly-owned subsidiary of TC Energy.
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