MarketAndMarkets recently published the report "Pipeline Monitoring Systems Market by Pipe Type (Metallic, Non-metallic), Technology (Ultrasonic, PIGs, Smart Ball, Magnetic Flux Leakage, Fiber Optic), Solution, End-Use Industry, and Region - Global Forecast to 2026".

Growth Figures

According to the data, the global pipeline monitoring systems market size is estimated to increase from USD 13.2 billion in 2021 to USD 19.2 billion by 2026, at a CAGR of 7.8% from 2021 to 2026.

The pipeline monitoring systems market is expected to witness significant growth as a result of the increased number of oil and gas leaks in production, pipelines, and storage tanks due to natural disasters and high pressure, along with stringent government regulations for pipeline safety and security and the expansion and modernization of pipelines.

The trend of developing new devices and solutions for monitoring pipeline performance, resource optimization, function automation, and operation protection is driving the growth of pipeline monitoring systems.

Key Players in the Market

The major players in the market will remain:

- Siemens AG (USA)

- Honeywell International Inc. (USA)

- Huawei Technologies Co. Ltd. (China)

- BAE Systems (UK)

- TransCanada PipeLines Limited (Canada)

Recent Developments in the Pipeline Monitoring Systems Market

In terms of value, it is estimated that the metallic pipes segment will lead the pipeline monitoring systems market in 2020.

The metallic pipes segment represented the largest market share in the pipeline monitoring systems market. Ductile iron pipes, stainless steel pipes, aluminum pipes, and other types such as cast iron pipes, corrugated pipes, and copper pipes are considered under metallic pipes.

Iron-based pipes can become corrosive when treated with highly oxygenated water vapor; thus, steel metallic pipes have higher demand from end-user industries. Metallic pipes are also more heat-conducive and less resistant to corrosion than non-metallic pipes.

The APAC region is estimated to be the fastest-growing region in the pipeline monitoring systems market during the forecast period.

Development Regions

The APAC region is estimated to be the fastest-growing region in the pipeline monitoring systems market, both in terms of value and volume, from 2021 to 2026.

This region experiences the highest growth rate due to rapid economic expansion. According to the IMF, China and India are among the fastest-growing economies globally. India is expected to outpace China in growth rate, thus leading the global economy.

The expansion of existing pipelines and the development of new ones have increased incidents of oil and gas leaks in pipelines and storage tanks at production units, along with the formulation of strict regulations by governments for the implementation of leak detection technologies and systems in various APAC countries, and rapid-growing industrial sectors are expected to drive the APAC market.