What Is The Current and Historic Market Size Analysis Of The Real Time Pipeline Monitoring Market?
The real time pipeline monitoring market has seen considerable growth due to a variety of factors.
• The market size of real-time pipeline monitoring has been progressively expanding in the past few years. It's projected to increase from $9.44 billion in 2024 to $10.17 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%.
The surge in growth during the historic period is as a result of strict compliance to pipeline safety guidelines, rising demand for real-time pipeline monitoring, the necessity for sophisticated monitoring systems, and the call for measures that could reduce costs.
What are the Market Size and Expected Growth Rates for the Real Time Pipeline Monitoring Market?
The real time pipeline monitoring market is expected to maintain its strong growth trajectory in upcoming years.
• The market for real-time pipeline monitoring is set to witness significant expansion in the coming years. With the projected growth rate (CAGR) of 7.3%, it is forecasted to reach $13.49 billion by 2029.
This predicted surge during the forecast period is due to factors such as strict government policies, the widespread adoption of real-time monitoring systems, increased consciousness of environmental issues, the urgency to reduce the environmental impact of pipeline incidents, and a rising demand for technologies facilitating real-time monitoring. The forecast period sees trends like emerging technologies like IoT, big data analytics, and AI, innovation in products, the creation of advanced real-time pipeline monitoring systems, technological improvements and technology aiming to enhance precision and efficiency.
Which Key Drivers Are Propelling The Real Time Pipeline Monitoring Market's Growth?
The expected global expansion of pipeline networks is predicted to be a significant catalyst for the growth of the real-time pipeline monitoring market. Pipeline networks, which refer to interconnected pipe systems designed to carry substances such as fluids or gases from one place to another, are increasingly in demand. Their effectiveness in transporting fluids and gases over extended distances and their reliability and cost-efficiency make them a sought-after distribution method for various industries. Safe and proficient operation of these networks is ensured through real-time pipeline monitoring which enables continuous tracking of factors like pressure, flow rates, and temperature, quickly identifying and rectifying potential leaks or blockages. This prevents accidents and decreases downtime. Information from the Global Energy Monitor in December 2023 revealed that there has been an 18% increase from the previous year in the construction of gas transmission pipelines globally, with a current total of 69,700 kilometers being built at a cost of $193.9 billion. Asia is spearheading the construction, contributing 82%, equivalent to $117.2 billion, mainly from China and India. Plans are also in place to build an additional 228,700 kilometers of pipelines worth $723 billion. Therefore, the global expansion of pipeline networks is fueling the growth of the real-time pipeline monitoring market.
What Are The Key Segments Within The Global Real Time Pipeline Monitoring Market?
The real-time pipeline monitoring market covered in this report is segmented –
1) By Technology: Pipeline Inspection Gauges (PIGs), Smart Ball, Acoustic, Fiber Optic Technology, Mass Volume, Light Detection And Ranging (LIDAR), Vapor Sensing, Other Technologies
2) By Pipe Type: Metallic, Non-Metallic, Other Pipes
3) By Application: Leak Detection, Operating Condition, Pipeline Break Detection, Other Applications
4) By Industrial Vertical: Oil And Gas, Water And Wastewater, Other Industrial Verticals
Subsegments:
1) By Pipeline Inspection Gauges (Pigs): Magnetic Flux Leakage (MFL) Pigs, Ultrasonic Pigs, Eddy Current Pigs
2) By Smart Ball: Battery-Powered Smart Ball, Gas Leak Detection Smart Ball, Pipeline Integrity Smart Ball
3) By Acoustic: Acoustic Emission Technology, Ultrasonic Acoustic Monitoring, Acoustic Leak Detection
4) By Fiber Optic Technology: Distributed Temperature Sensing (DTS), Distributed Acoustic Sensing (DAS), Fiber Optic Pressure Sensors
5) By Mass Volume: Mass Flow Measurement, Volume Flow Monitoring Systems
6) By Light Detection And Ranging (LIDAR): Lidar For Pipeline Inspection, Lidar For Topography And Mapping
7) By Vapor Sensing: Gas Vapor Detection Systems, VOC (Volatile Organic Compound) Sensors
8) By Other Technologies: Remote Sensing Technologies, Drone-Based Monitoring Systems
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Which Emerging Market Trends Are Altering The Real Time Pipeline Monitoring Industry?
Prominent players in the real-time pipeline monitoring market are honing in on the creation of technologically progressive solutions, such as a camera that operates at a superior frame rate of 150 frames per second. In the sphere of real-time pipeline monitoring, a camera that records at such an elevated frame rate can offer precise and quick capture of incidents, crucial for spotting rapid alterations in flow or escalating issues, thereby facilitating prompt action. For instance, in February 2024, Process Vision Ltd, a British electronic industrial process control equipment manufacturer, unveiled the LineVu camera. This revolutionary LineVu camera boasts of real-time, high-definition colour imaging at high frame rates, complete with automatic alerts for detecting contamination, working round the clock. It demonstrates thermal performance abilities ranging from 30°C (86°F) to 55°C (131°F). This exceptional visual clarity enables the accurate identification of contamination in gas pipelines. The camera can be effortlessly affixed to the pipeline via a flanged (3” #900 RTJ) connection, with alternatives for threaded (1” NPT) or different flange connections using adaptors.
Who Are the Key Players In The Real Time Pipeline Monitoring Market?
Major companies operating in the real-time pipeline monitoring market report are:
• Huawei Technologies Co. Ltd.
• Hitachi Ltd.
• Siemens AG
• General Electric Company
• Cisco Systems Inc.
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Honeywell International Inc.
• Enbridge Inc.
• ABB Ltd.
• Toshiba Corporation
• Emerson Electric Co.
• TC Energy Corporation
• Wabtec Corporation
• Rockwell Automation Inc.
• Xylem
• Atmos Energy Corporation
• Yokogawa Electric Corporation
• QinetiQ Group plc
• Kamstrup AS
• ORBCOMM Inc.
• Perma-Pipe International Holdings Inc.
• Syrinix Ltd.
What Are The Regional Insights Into The Real Time Pipeline Monitoring Market?
North America was the largest region in the real-time pipeline monitoring market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the real-time pipeline monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
