The pipeline safety market size is estimated 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%.
The growth is attributed to the increasing pipeline infrastructure all around the globe and increasing cyber attacks on critical infrastructure. The growing number of pipeline projects in the Asia-Pacific (APAC) owing to the increasing energy needs are driving the growth of the market in the region; high technological spending in North America and Europe are also contributing to the growth of the pipeline safety market in these regions. However, lack of apprehension about security implementation by operators is restraining the pipeline safety growth.
The supervisory control and data acquisition (SCADA) for pipeline segment is expected to grow at the highest CAGR among all the technologies and solutions during the forecast period. SCADA provides a real time solution specific to the requirements of oil and gas industry. The flexible solution is gaining traction, as it provides open interface for customisation depending upon pipeline requirements.
North America is expected to account for the largest market share in 2016. The drivers responsible for the growth of the pipeline safety market in North America are stable economy, quick technological adoption, and advanced infrastructure demands. With the increasing pipeline infrastructure projects and presence of advanced technology in the US, the pipeline safety market is set to grow at a rapid pace in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel.
Additional information on the report can be found here.
Read the article online at: https://www.worldpipelines.com/business-news/16112016/pipeline-safety-market-global-forecast-to-2021/