The Pipeline Safety Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pipeline Safety Global Market Report 2024, The pipeline safety market size has grown strongly in recent years. It will grow from $9.15 billion in 2023 to $10.05 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to stringent regulatory compliance, growing environmental concerns, expansion of pipeline networks, public safety and perception, prevention of accidents and leakages.
The pipeline safety market size is expected to see rapid growth in the next few years. It will grow to $14.75 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to integration of advanced analytics, adoption of remote monitoring, emphasis on cybersecurity measures, focus on proactive maintenance. Major trends in the forecast period include drone technology for surveillance, enhanced communication and collaboration platforms, regulatory compliance management, augmented reality (AR) for training and maintenance, hybrid pipeline monitoring solutions.
The increase in demand for oil and gas leads to the development of pipeline infrastructure, which eventually drives the growth of the pipeline safety market. For instance, in January 2021, the Government of India announced the plan to spend $60 billion for establishing gas infrastructures such as pipelines, liquefied natural gas terminals, and city gas distribution networks. in March 2023, according to the US Energy Information Administration, a US-based government agency, there was crude oil output with 12.4 million b/d in 2023 from 11.7 million b/d in 2022 in US. Additionally, in September 2022, the average daily consumption of natural gas in the US was 86.6 billion cubic feet (Bcf/d) in 2022, which was the highest annual consumption of natural gas compared to the previous year. The rise in the usage of piped gas lines contributes to the demand for the pipeline safety market growth.
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The pipeline safety market covered in this report is segmented –
1) By Component: Solutions, Services
2) By End User: Natural Gas, Crude Oil, Refined Products, Other End Users
3) By Application: Onshore, Offshore
Major companies operating in the pipeline safety market are focusing on introducing advanced solutions with technology, such as vibroacoustic wave detection systems, to provide a competitive edge in the market. Vibroacoustic wave detection systems are technology capable of providing real-time analysis, monitoring, and leak detection for pipelines. For instance, in March 2023, Eni S.p.A., an Italy-based oil industry company, launched the Eni Vibroacoustic Pipeline Monitoring System (E-VPMS). Pipeline Monitoring System (E-VPMS) is a proprietary technology developed for continuous real-time monitoring of oil and gas pipelines. The Eni Vibroacoustic Pipeline Monitoring System (E-VPMS) uses vibroacoustic wave detection technology to monitor both fluid behavior within the pipe and acoustic waves traveling along the pipe wall. It contains multiple sensors at discrete distances along the pipeline. It is used on block valve stations for buried pipelines and for transporting crude oil, refined products, and injection water. It has alarms to transmit to operations teams in real time to notify them of incidents and events.
The pipeline safety market report table of contents includes:
- Executive Summary
- Pipeline Safety Market Characteristics
- Pipeline Safety Market Trends And Strategies
- Pipeline Safety Market – Macro Economic Scenario
- Global Pipeline Safety Market Size and Growth
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- Global Pipeline Safety Market Competitive Benchmarking
- Global Pipeline Safety Market Competitive Dashboard
- Key Mergers And Acquisitions In Pipeline Safety Market
- Pipeline Safety Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Exxon Mobil Corporation
- Chevron Corporation
- Marathon Petroleum Corporation
- Valero Energy Corporation
- The Phillips 66 Company
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