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. Pipeline monitoring is a single system that detects smaller leaks or damages securely and more reliably while simultaneously monitoring for third-party interference and other external pipeline threats to prevent leaks altogether. Pipeline monitoring system is widely used in end-use industries such as crude & refined petroleum, and water & wastewater, amongst others.
Developing pipeline infrastructure requires a significant initial investment. Oil and gas reserves are depleting due to rising global energy demand. To address this challenge, businesses are developing highly efficient facilities to increase production technologies and lower operational expenses. Oil and gas businesses are now forced to install monitoring systems throughout their infrastructure. Due to the heightened terrorist threats and cyber-attacks on oil and gas infrastructure systems, oil and gas operators around the world have boosted their spending on infrastructure and network monitoring. Multiple attacks against gas facilities and refineries have occurred in Europe and the Middle East.
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Information and communication technologies like as Supervisory Control and Data Acquisition (SCADA), Intelligent Video Surveillance (IVS), Human Machine Interface (HMI), and Programmable Logic Controller are heavily used in modern pipeline facilities (PLCs). These technologies create a digital pipeline infrastructure for oil and gas companies who want to manage and operate their operations remotely. As a result, corporations have increased their investment on network monitoring and are implementing comprehensive monitoring solutions to prevent making systems vulnerable to cyber-attacks and safeguard networks.
North America accounted for the largest market share of about 34.4%, in terms of value in 2020. North America has long been one of the key markets for pipeline monitoring systems. It has been a global leader in product innovation, both in terms of quality and applicability. The growing oil and gas exploration and production activities are driving up demand for pipeline monitoring systems. Because of the rise of pipelines across North American countries such as US, Canada, and Mexico, oil and gas corporations, government bodies, and environmental organisations are working on preventing oil spills, gas leaks, and other mishaps.
Key manufacturers in the pipeline monitoring system market are Siemens AG (US), Honeywell International Inc. (US), Huawei Technologies Co. Ltd. (China), BAE Systems (UK), and TransCanada PipeLines Limited (Canada), amongst others.
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