The ‘Pipeline Monitoring System Market by Technology (Ultrasonic, PIG's, Smart ball, Magnetic Flux, Fiber Optic), End-use Industry (Crude & Refined Petroleum, Water & Wastewater), Solution, Pipe-Type, Region - Global Forecast to 2024’ report has been added to ResearchAndMarkets.com's offering.
The pipeline monitoring system market size is estimated to grow from US$4.6 billion in 2019 to US$6.5 billion by 2024, at a compound annual growth rate (CAGR) of 7.1% from 2019 to 2024.
The pipeline monitoring system market is growing, as it is a single system that detects small leaks or damages in pipelines securely and reliably while simultaneously monitoring them for third-party interference and other external pipeline threats to prevent leaks.
Other factors, such as increased number of oil and 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, are driving the growth of the pipeline monitoring system market.
By technology, the ultrasonic technology segment accounted for the largest market share in the pipeline monitoring system market
The ultrasonic technology segment is projected to dominate the pipeline monitoring system market in 2024. The technology is useful in detecting small and large leakages and is preferred by many oil and gas companies, thus, making it the most widely used pipeline monitoring technology.
However, the market for PIG's is projected to grow at the highest rate through 2024. Another technology, MFL, is highly preferred by steel structure manufacturers, as it is highly useful to detect the leakage field and identify damaged areas and to estimate the depth of metal loss in steel structures.
North American region estimated to account for the largest market share in 2019
In 2019, North America is estimated to account for the largest market share of the total pipeline monitoring system market, followed by Asia Pacific and Europe. This is because of the continuous increase in oil & gas exploration & production activities in this region.
The Asia Pacific region is projected to grow at the highest CAGR between 2019 and 2024, with China registering the highest growth rate in the region. Emerging economies, such as India, Brazil, and countries in the Middle East, are projected to grow at moderate CAGRs between 2019 and 2024.
Read the article online at: https://www.worldpipelines.com/business-news/12122019/researchandmarkets-features-report-on-global-pipeline-monitoring-system-market/