According to a new market research report, ‘Pipeline Safety Market by Technology and Solution (Pipeline Monitoring Systems, Secure Communication, Perimeter Intrusion Detection, SCADA for Pipelines, Intrusion Control Systems Security), Service, Vertical, and Region - Global Forecast to 2021’ published by MarketsandMarkets, the market size is expected to grow from US$5.57 billion in 2016 to US$8.67 billion by 2021, at a compound annual growth rate (CAGR) of 9.3% during the forecast period.
The major drivers of this market include need for sustainable use of resources, increased spending by oil and gas companies for infrastructure and network protection, and expansion and up-gradation of refineries. Furthermore, increasing security regulations, mandatory standards, and rising oil and gas demand in developing countries provide huge opportunities for pipeline security vendors, service providers, solutions providers, and consulting companies.
Rising incidents of oil and gas attacks
Transportation of oil and gas through pipelines is one of the safest modes of transportation. However, cyber attacks on oil and gas pipelines are not new. For instance, the 2008 Turkey pipeline blast was a well-planned cyber attack in which hackers cut off communications and shut down all the alarms. In order to combat such cyber attacks on critical infrastructure, the pipeline safety solutions are being increasingly deployed in existing infrastructures as well as a large number of ongoing pipeline projects across the world especially in the Asia-Pacific (APAC) region.
Increasing demand for risk management
The professional services are classified into three major categories, such as risk management, consulting services, and repair and maintenance. These services contribute in essential support for enhancing the efficiency and increasing the growth, along with reducing operating expenses and resource losses. These service providers help the pipeline operators in planning and deploying the new systems into their existing infrastructure. As pipeline safety has strict regulatory and safety standards, risk management is highly required in all pipeline safety solution deployments.
North America and Europe to hold large market shares
North America and Europe are expected to hold large market shares and dominate the pipeline safety market from 2016 - 2021. The main drivers responsible for the growth of the pipeline safety market in North America are the technological advancements, large pipeline infrastructure, and growing demand for oil and gas.
Read the article online at: https://www.worldpipelines.com/business-news/09112016/pipeline-safety-market-expected-to-grow/