Global Pipeline Safety Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
21 Jul, 2021
The pipeline safety market consists of sales of pipelines by entities (organizations, sole traders, and partnerships) that provide software technology and solutions to protect and secure pipelines that carry energy products such as crude oil, natural gas, and other fuels. Integration of pipeline safety into pipelines allows monitoring and controlling the main network connectivity and also has various benefits such as reduction of liability, less insurance cost, and low administration cost.
Global Pipeline Safety Market Size And Drivers:
The global pipeline safety market is expected to grow from $7.02 billion in 2020 to $7.75 billion in 2021 at a compound annual growth rate (CAGR) of 10.37%. The growth in the pipeline safety market is mainly due to the network monitoring, increased spending for pipeline infrastructure by oil and gas companies, growing concerns over pipeline security, demand for leak detection, and the increase in the oil and gas leakage incidence/accidents. The market is expected to reach $11.62 billion in 2025 at a CAGR of 10.67%. 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.
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Trends In The Global Pipeline Safety Market
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 and leak detection software improve pipeline security and safety. In February 2019, Atomiton a California-based company that is engaged in developing internet of things (IoT) technology introduced AI software that continuously inspects pipelines through multi-sensor data integration that allows modeling of vital equipment like valves. This AI software helps to detect the issues such as leaks, corrosion, freezing damage, or vandalism in pipelines more accurately.
Global Pipeline Safety Market Segments:
The global pipeline safety market is further segmented based on component, end user, application and geography.
By Component: Solutions, Services
By End User: Natural Gas, Crude Oil, Refined Products, Others
By Application: Onshore, Offshore
By Geography: The global pipeline safety market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the pipeline safety market in 2020.
Read More On The Report For The Global Pipeline Safety Market At:https://www.thebusinessresearchcompany.com/report/pipeline-safety-global-market-report
Pipeline Safety Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides pipeline safety market overviews, analyzes and forecasts market size and growth for the global pipeline safety market, pipeline safety market share, pipeline safety market players, pipeline safety market segments and geographies, pipeline safety market’s leading competitors’ revenues, profiles and market shares. The pipeline safety market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.