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The oil and gas pipeline monitoring equipment Market size is forecast to increase by USD 1.05 billion and is estimated to grow at a CAGR of 4.46% between 2023 and 2027. The growth of the market depends on several factors such as the increasing preference for pipeline transportation, developments in cross-border and cross-country pipeline infrastructure, and augmented incidents of pipeline theft.
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The emergence of Satellite-based pipeline monitoring systems is the primary trend in the market. The length of existing oil and gas pipelines is increasing around the world. Such a large network requires an efficient monitoring system. Oil and gas pipelines pass through difficult terrain, making both wired and wireless communications costly. Satellite communications are the only cost-effective SCADA communications option available to efficiently monitor and manage pipeline control valves in extreme locations such as mountainous areas.
Additionally, the world is moving from wired transmission to wireless communications and now to satellite applications for pipeline monitoring and control. SatSCADA has the advantages of safe, reliable, and rapid deployment of satellite-based surveillance and communications, and has broad application potential in the future. Thus, such factors will drive the growth of the market during the forecast period.
The hardware components segment is estimated to witness significant growth during the forecast period. The hardware components segment contains flow meters, pressure sensors, temperature sensors, and control valves that are established in oil and gas pipelines. They calculate different process parameters which are used for the effective monitoring and control of pipeline operations. The new oil and gas exploration will need pipelines to deliver crude oil to demand centers across nations. This will boost the demand for oil and gas pipeline leak detection equipment with hardware components to be installed in pipelines.
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The efficient monitoring of pipelines needs the installation of effective monitoring hardware components in adequate amounts across the length of the pipeline. The integration of the Internet of Things (IoT) with new sensor and communication technologies eases oil and gas pipeline monitoring and makes it more reasonable. With unique pipelines sprouting across the globe, the demand for oil and gas pipeline monitoring hardware components is expected to grow during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Many US oil and gas pipeline network dates back to 1970. Therefore, they have a huge possibility for the advancement of oil and gas pipeline leak detection equipment and software installation, which will propel the growth of the oil and gas pipeline monitoring equipment market in the region.
Moreover, considerable investments in oil and gas pipelines have been prepared and supported by countries in the region for new or growth of the existing oil and gas pipelines to bridge the oil and gas demand-supply gap. Moreover, new projects will require the laying of pipelines to carry the produced crude oil and natural gas from the fields to onshore terminals. Therefore, such factors will propel the growth of the oil and gas pipeline leak detection equipment in North America during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the oil and gas pipeline monitoring equipment system market in the North American region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.
Increasing preference for pipeline transportation is the key factor driving the growth of the market. Oil and gas are often produced in remote locations and transported from there to refineries, where they are processed into refined products and transported to end users. Oil and gas projects are long-term projects with an average life cycle of 20-30 years. Due to their characteristics, pipelines are preferred over other means of transportation for transporting oil and gas over long distances.
Moreover, the transportation of oil and gas using pipelines can be continuous and can be increased or stopped at any time. Pipelines are the most preferred means of transporting oil and gas. Rising global oil and gas consumption will drive the global oil and gas pipeline monitoring equipment market during the forecast period.
Increased application in harsh environmental conditions is a challenge that affects the growth of the market. One of the biggest challenges with oil and gas equipment is installation into pipelines. These devices are continuously exposed to process streams. Furthermore, the contents of the process stream to which the measuring components of the instrument are exposed can attack or coat the components, potentially leading to failure in the long term.
Furthermore, significant leaks can be identified using pipeline monitoring systems. However, few pipelines are installed at shallow depths, so small leaks may go undetected. This is a major problem in the oil and gas industry and poses major challenges to the growth of the global oil and gas pipeline monitoring equipment market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Oil and Gas Pipeline Monitoring Equipment Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd.: The company offers oil and gas pipeline monitoring equipment such as HoverGuard gas leak detection that measures greenhouse gases.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The oil and gas pipeline monitoring equipment Market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Oil And Gas Pipeline Monitoring Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.46% |
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Market growth 2023-2027 |
USD 1.05 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.26 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key countries |
US, Canada, China, Russia, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., AMETEK Inc., Badger Meter Inc., Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Hollysys Automation Technologies Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., KROHNE Messtechnik GmbH, Mitsubishi Electric Corp., Nova Ventures Group Corp., ORBCOMM Inc., PSI Software AG, QinetiQ Ltd., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Teledyne Technologies Inc., and Yokogawa Electric Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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