The pipeline safety market has shown strong growth, rising from $9.15 billion in 2023 to $10.05 billion in 2024, achieving a CAGR of 9.8%. The growth is attributed to stringent regulatory compliance and a focus on public safety. Projected growth will see the market reach $14.75 billion by 2028, with a CAGR of 10.1%. Anticipated developments include advanced analytics integration and remote monitoring, with notable trends involving drone technology and augmented reality for maintenance.
Major Driver In The Pipeline Safety Market
The pipeline safety market is witnessing growth driven by the increasing demand for oil and gas infrastructure development, necessitating enhanced safety measures. Initiatives such as India's $60 billion investment plan for gas infrastructure establishment underscore the significance of pipeline networks, liquefied natural gas terminals, and city gas distribution networks. With the US Energy Information Administration reporting a rise in crude oil output to 12.4 million b/d in 2023 from 11.7 million b/d in 2022 and record-breaking average daily natural gas consumption of 86.6 billion cubic feet (Bcf/d) in 2022, the expansion of piped gas lines fuels the demand for pipeline safety measures, ensuring the integrity and reliability of energy transportation networks.
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Pipeline Safety Market Competitive Landscape
Exxon Mobil Corporation, Chevron Corporation, Marathon Petroleum Corporation, Valero Energy Corporation, The Phillips 66 Company, Huawei Technologies Co Ltd., Energy Transfer Partners L.P., Siemens AG, General Electric Company, Plains All American Pipeline L.P., Cisco Systems Inc., Enbridge Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., BAE Systems plc, Kinder Morgan Inc., TransCanada Corporation, Williams Companies Inc., Rockwell Automation Inc., AVEVA Group plc, Total Safety Inc., Perma-Pipe Inc., Senstar Corp, Future Fiber Technologies, TTK Leak detection System, HCL Technologies, ESRI Inc., Magellan Midstream Partners L.P.
Key Pipeline Safety Market Trend
The use of artificial intelligence (AI) for detecting issues in the pipeline is a key trend in the pipeline safety market. The technologies like artificial intelligence (AI), and leak detection software improve pipeline security and safety. For instance, in April 2021, ABB Ltd., a Switzerland-based technology company, introduced HoverGuard, a mobile gas leak detection system for the detection of odorless and invisible gas leaks in pipeline systems. HoverGuard is an unmanned aerial vehicle (UAV)-based system that uses laser-based sensing technology and sophisticated data analytics to detect, quantify and map leaks from natural gas distribution and transmission pipelines, by gathering lines, storage facilities, and other potential sources quickly to generates comprehensive digital reports automatically to offer safety and reliability.
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Pipeline Safety Market Segmentation
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
By Geography:The regions covered in the pipeline safety market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the pipeline safety market in 2023.
The Pipeline Safety Global Market Report 2024 furnishes information about the global pipeline safety market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
