PUBLISHER: Grand View Research | PRODUCT CODE: 1178580
PUBLISHER: Grand View Research | PRODUCT CODE: 1178580
The global pipeline monitoring system market size is expected to reach USD 26.72 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.7% from 2022 to 2030.
The pipeline monitoring systems are utilized to locate corrosion, flow constrictions, and liquid accumulations and collect samples by evaluating risk and bacteriological control programs. The pipeline monitoring systems are generally employed within the following applications: plants & refineries, refined products, wet gas & crude pipelines, water & wastewater, offshore platforms, and pipeline terminals. The monitoring/detection systems provide accurate real-time monitoring of internal corrosion, gasses, fluids, and oil contamination.
The industry's growth is attributed to the increasing installations of pipelines utilized for the transportation and distribution of oil and gas supplies globally. Moreover, the growing cases of leakage due to corrosion within pipelines propel the demand for pipeline monitoring systems. The installation of pipeline monitoring/detection systems has reduced geo-hazards, thefts, internal leakage, and ruptures. Furthermore, the advent of pigging technology within existing and new pipelines are positively influencing the growth of the market.
Advancing technological aspects within pipeline infrastructure, such as Human Machine Interface (HMI), Distributed Vibration Sensing (DVS)/Distributed Acoustic Sensing (DAS), Distributed Temperature Sensing (DTS), and Programmable Logic Controller (PLC), have strengthened the downstream process monitoring capabilities, intuitive interface software, and detection algorithms. The improving technological solutions integrated within monitoring systems have significantly propelled the growth of the market.
Oil and gas manufacturers are rapidly adopting monitoring systems to reduce wastage, minimize environmental footprint, and ensure safety. The adoption of leak detection systems has ensured safety, feasibility, real-time analysis, and improved performance owing to the improved pipeline infrastructure. Manufacturers employ hardware- and software-based methods classifying leakage detection systems into three primary groups: internal, external, and non-technical methods. The detection/monitoring methods comprise ground penetration radar, pressure point analysis, fiber optic sensor, negative pressure wave, acoustic emission, and dynamic modeling.
The COVID-19 pandemic has highly affected the oil & gas industry, restraining the transportation and distribution of oil and gas. The setback of the oil and gas industry has also affected the development of the pipeline monitoring system industry. This impact resulted in the prolonged refining of petroleum & crude and temporarily halted the consumption of oil & gas in large volumes. The pandemic also resulted in delayed project completion due to the lack of workforce due to the pandemic restrictions enacted globally. Moreover, the pandemic also influenced the prices of crude oils, making them highly volatile.
A few companies working in space tourism are ABB Ltd., Emerson Electric Co., Generic Electric Co., Honeywell International Inc., QinetiQ Group Plc, Huawei Investment and Holding Co. Ltd., ORBCOMM Inc., Rockwell Automation Inc., Siemens AG, and Schneider Electric SE. For instance, in April 2021, ABB Ltd. announced the launch of its Mobile Gas Leak Detection System, which is a cloud-connected Unmanned Aerial Vehicle (UAV)-based system: HoverGuard. The UAV-based gas leak detection system quantifies greenhouse gases, such as carbon dioxide, methane, & water vapors, and sends a quick response with precision, and provides accurate information on complex environmental processes that cause pollution.