The pipeline monitoring systems market size is projected to grow at a CAGR of 7.1% during the forecast period of 2016 - 2026 and reach US$8.72 billion by 2026.
The pipeline monitoring systems market is growing as it is a single system that detects small leaks or damages securely and reliably while simultaneously monitoring for third-party interference and other external pipeline threats to prevent leaks altogether. 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 systems market. However, factors such as limited awareness about monitoring implementation and low funds are expected to limit the market growth.
The metallic pipes segment, by pipe type, is projected to grow at the highest rate through 2026. These pipes are predominantly preferred over other pipe types due to their high strength, irrespective of the liquids that they will carry. Metallic pipes are most widely used for monitoring systems, due to their high strength. Thus, making them the fastest growing type of pipe in the pipeline monitoring systems market.
In 2015, North America accounted for the largest market share of the total pipeline monitoring systems market followed by Europe and Asia-Pacific. This is because of the continuous increase in oil and gas exploration and production activities in this region. The Asia-Pacific region is projected to grow at the highest CAGR between 2016 and 2026, with China registering the highest growth rate in the region. Emerging economies such as India, Russia, Brazil, and countries in the Middle East are projected to grow at moderate CAGRs between 2016 and 2026.
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Read the article online at: https://www.worldpipelines.com/business-news/31082017/report-global-pipeline-monitoring-systems-market-forecast-to-2026/