Pipeline safety market worth US$ 6.73 billion by 2018

The report "Pipeline Safety Market – Global Advancements, Forecasts & Analysis (2013 - 2018)" segments the global pipelines based on the types of products transported, the solutions and technologies used to secure the infrastructure network and professional services. It also identifies drivers and restraints for this market with insights into trends, opportunities and challenges.

MarketsandMarkets has segmented the global pipeline safety market based on the type of deployment i.e., onshore and offshore; the type of product transported through them, for instance natural gas and oil; by the technologies and solutions deployed for infrastructure security; by professional services offered; and by regions i.e., North America, Asia Pacific, Europe, Middle East, Africa and Latin America.

Ensuring safety

Increasing demand for oil and natural gas and competitive pricing has forced the government and private players across nations to deploy cheaper and efficient means of transportation. The increase in terrorist attacks and cyber crime on energy sector has also forced the government to set up regulatory policies and security compliances to ensure the safety of the people and environment.

Network and security solutions

The absence of integrated platforms offering both physical and network security solutions, has forced the pipeline operators to deploy multiple security solutions available in the market such as supervisory control and data acquisition (SCADA) network security solutions, surveillance solutions using unmanned aerial/underwater vehicles, leakage detection solutions and pigging systems to improve their operational efficiency.

Companies providing physical security solutions and cyber security solutions are looking forward to gaining a better competitive advantage in this growing market, thereby creating comprehensive security solutions and integrated security management platforms for the rig platforms and refineries.

Global pipeline safety market

The global pipeline safety market was estimated to be US$ 4.35 billion in 2013, and is expected to grow to US$ 6.73 billion in 2018. This represents an estimated compound annual growth rate (CAGR) of 9.1% from 2013-2018.

In the current scenario, the natural gas pipelines continue to be the largest segment in terms of spending and adoption, for pipeline safety solutions, followed by oil and chemical refined products.

In terms of regions, North America is expected o be the biggest market on the basis of spending and adoption for pipeline safety solutions. MarketsandMarkets further expects that increasing energy markets in the developing economies and increased extraction and distribution infrastructure will further enhance the growth of the market.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/13022014/pipeline_safety_market_worth_us_673_billion_by_2018/