In 2023, the pipeline monitoring system market accrued revenue amounting to USD 15.8 billion. Forecasts suggest a compound annual growth rate of 7.7% from 2024 to 2030, leading to an estimated value of USD 26.2 billion by 2030. This is development in the length of oil & gas pipelines throughout the globe, technical improvements, acceptance of monitoring systems, and growing need for metallic pipelines.
Furthermore, the old pipeline infrastructure is resulting in leakage because of corrosion, structural weaknesses, and ecological dangers, which makes such systems necessary. A huge hike in the international demand for oil and gas feeds the bigger expansion of oil and gas pipelines as well. New pipelines' construction and ongoing maintenance of the existing infrastructure only mean the introduction of sophisticated monitoring systems. Among the efforts of companies is the erection of modern plants to capitalize on different deposits and weekly costs are immensely reduced.
During the projected period, the metallic pipeline category is projected to advance with a CAGR of 10%. Metallic pipes are very high in demand for hydrocarbon transport because of their corrosion durability, resistance, higher yield, weldability, and tensile strength.
They are extensively utilized in refineries, petrochemical plants, oil & gas fields, and even power plants. Metallic pipes such as aluminum, stainless steel, carbon– steel, ductile iron, alloy steel, duplex stainless steel, copper, corrugated, and cast-iron pipes.
The ultrasonic category is advancing with a CAGR of 7%. Ultrasound technology enables the detection of leaks and flaws across a wide range of pipes by utilizing high-frequency sound waves and analyzing noise patterns.
Typically, it employs sound emission monitors to detect changes in background noise. The market for ultrasound technology in this category is expanding due to its capability to distinguish and pinpoint leak disruptions amidst regular tap water flow.
The crude and refined petroleum category grips a share of 70% in the pipeline monitoring system industry. Crude oil caters as the key power source for the energy and transport industry and, to some extent, for the heating industry too.
In 2030, the North American region is projected to dominate the industry, with a share of 40%. The need for pipeline monitoring systems is on the growth in the continent because of the expansion of oil & gas exploration & making operations and improvements in techs. A growing count of pipelines are being made in the U.S. and Canada.
As a result, government agencies, oil and gas companies, and environmental organizations are collaborating to mitigate incidents such as gas leaks and oil spills. The Canada and U.S. have been the main oil producers for several years, which has given a surge to significant investments in the pipeline infrastructure.
