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Reports And Data
increasing prevalence of oil and gas leakage due to negligence in monitoring in pipelines is propelling the market growth of the Pipeline Monitoring Systems.
NEW YORK, NY, UNITED STATES, August 10, 2022 /EINPresswire.com / -- The global pipeline monitoring systems market is forecast to reach USD 8.96 Billion by 2026, according to a new report by Reports and Data. Pipeline Monitoring Systems are special technology used to detect multiple threats in real-time to prevent leakage, accidents, and burglary.
Pipelines are flow lines which are used in order to carry fluids or gases. The pipeline monitors are used to check the corrosion levels of the pipes to prevent the serious ecological outcome. The market for pipeline monitoring system is influenced by the rising demand from the oil and gas industries since there is a rise in the incidence of oil and gas leakage. The governments all around the globe have made strict regulations to prevent the occurrence of such hazardous incidents making use of pipeline monitors mandatory in all oil and gas industries.
The above-mentioned factors conjointly create scope for the market growth while factors such as unfavourable effects of pipeline monitoring systems pose limitations in the market. However, each factor would have an impact on the market during the forecast period. Consistent developments in the pipeline monitoring systems market owing to unconventional efforts have enhanced the efficiency of monitoring systems.
The Asia Pacific region has seen a drastic growth in the market of pipeline monitoring systems because of growing construction industries. This region is estimated to witness the highest CAGR during the forecast period due to the large population of countries like India, and China are increasing.
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Key participants Perma Pipes, Honeywell International Inc., Transcanada, Pure Technology, Huawei, Orbcomm Inc., Future Fiber Technologies, Thales Group, Radiobarrier, and Krohne Group, among others.
Further key findings from the report suggest
•Ultrasonic technology held the largest market share of 38.6% in the year 2018. The ultrasonic technology is preferred because it senses the thickness and direction of the flow of oil and gas in the pipelines. This system also detects the amount of corrosion that occurs in the pipe with the help of a monitoring device.
•The metallic monitoring systems segment is estimated to witness the highest CAGR of 8.1% during the forecast period. The metallic pipeline monitoring system is preferred because of its high strength for the transportation of any material through these pipelines.
•Petroleum segment held the largest market share of 49.5% in the year 2018. This segment is growing since petroleum derivatives have various applications in the present world. Moreover, petroleum is a source of energy used for transportation. The government has made strict regulations for the use of pipeline monitoring systems to prevent theft since the petroleum industry affects the economy of the world.
•Asia Pacific is anticipated to observe the highest CAGR of 10.6% during the forecast period. Countries like India, China, and Japan are rapidly catching up with the growth in the pipeline monitoring systems market. The rise in population in this region has shown a generation of huge amount of wastewater for which pipeline monitoring market has propelled.
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For the purpose of this report, Reports and Data have segmented into the global pipeline monitoring systems market on the basis of pipeline monitoring, technology, end-users, application, and region:
Pipeline Monitoring Outlook (Revenue, USD Billion; 2016-2026)
Technology Outlook (Revenue, USD Billion; 2016-2026)
•Magnetic Flux Leakage Technology
End-Users Outlook (Revenue, USD Billion; 2016-2026)
•Water and Waste Treatment
Applications Outlook (Revenue, USD Billion; 2016-2026)
•Pipeline Break Detection
The report explains the market share and sales volume of each company, along with the key details of the operations of these companies. The report further offers extensive coverage of their product portfolio, business expansion plans, gross profit margins, revenue contribution, investment plans, and financial standings. The report also covers the strategic alliances observed within these key companies such as mergers and acquisitions, joint ventures, corporate and government deals, partnerships and agreements, and brand promotions and product launches.
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Furthermore, the research study gives additional insights into the companies' regional presence through extensive regional analysis. The regional analysis covers the key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The regional analysis segment covers detail about the market share held by each region along with the prospective growth opportunities and revenue generation. The report also offers a projection of the growth rate for each region in the entirety of the forecast timeline. It also offers a country-wise analysis to impart a better understanding of the industry.
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