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Smart Ball Segment in Pipeline Monitoring Systems Market to Exhibit the Fastest Growth Rate By 2024

Author : Ronak Bora | Published Date : 2019-03-29 

Asia Pacific pipeline monitoring systems market is expected to present a significant growth rate owing to increased use of these monitoring systems and heavy fuel consumption for petrochemical industries in emerging economies. North America is projected to showcase the highest market growth during the forecast period owing to increasing demand of oil & gas in this region, technological advancements and enhancements in pipeline infrastructure. North America, Europe, and MEA regions have vast chemical industries and oil fields resulting in the requirement of pipelines and their tracking systems. Thus, the systems’ demand has witnessed a tremendous growth.

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Increasing need for preventing oil and gas leakages in pipes and storage tanks owing to high pressures and during natural disasters will drive the industry growth. Growing trend of innovative production for pipeline monitoring and need for safe transportation of resources without wastage will fuel the industry demand. Stringent government regulations for secure monitoring and constant upgradation will positively support the pipeline monitoring systems market share over the forecast timeline.

Based on technology, pipeline monitoring systems market can be categorized into ultrasonic, smart ball, PIGs, magnetic flux leakage. Ultrasonic technology had the largest market share in 2015. Smart ball segment is anticipated to exhibit the fastest growth rate owing to its increasing demand by oil and gas industry. Easy installation and ability of long inspection from single installation are the features that catapult the segment’s growth. Smart ball is used by many companies to detect the leakages.

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By application, pipeline monitoring systems market can be divided into break detection, leak detection, and operating efficiency. Leak detection is expected to be the fastest growing segment in the forecast timeframe owing to the changing preferences of many oil & gas companies towards improvised pipeline monitoring and rising investments on enhanced infrastructure. Moreover, the benefits include automation of processes for increasing productivity, examining asset conditions and alarm alerts during unauthorized events.

Close monitoring and controlling hazardous fluids for safe operations has become essential as pipes are susceptible to cracks, internal and external corrosion, production faults, and external damages. Manufacturers are investing heavily on R&D for innovation of technologies in pipeline monitoring systems market for its usage in oil & gas sector.

Moreover, increasing use of sensors and electronics will control and monitor the operations thus protecting these monitoring systems from any internal damage such as corrosion or nozzle stress. Benefits of these enhanced systems such as longer lifecycles, enhanced reliability, easy maintenance, and cost effectiveness will surge the business growth.

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Pipeline monitoring systems market players include Honeywell International, ABB group, Siemens AG, Schneider electrics, GE company, Perma Pipes, Orbcomm Inc., BAE, PSI AG, Pure technology, TransCanada Pipelines Ltd., Huawei, CLampon AS, Atmos International, Future Fiber technologies, Senstar Inc., Syrinix, Pentair PLC, and few others.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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