Overview and Scope
Real-time pipeline monitoring refers to a comprehensive set of technologies, processes, and tools designed to continuously monitor various aspects of a pipeline network or infrastructure in real-time. It analyzes data from various sources to provide instant insights into the status, performance, and integrity of industrial pipelines, enabling timely detection and response to any anomalies or incidents.
Sizing and Forecast
The real-time pipeline monitoring market size has grown strongly in recent years. It will grow from $8.81 billion in 2023 to $9.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to adherence to guidelines for pipeline safety, increased demand for real-time pipeline monitoring, need for advanced monitoring systems, and demand to identify cost reduction measures.
The real-time pipeline monitoring market size is expected to see strong growth in the next few years. It will grow to $12.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to stringent government regulations, the adoption of real-time monitoring solutions, growing environmental awareness, need to mitigate the environmental impact of pipeline incidents, and increasing demand for real-time monitoring technologies. Major trends in the forecast period include advancement of technologies such as IoT, big data analytics, and artificial intelligence (AI), product innovation, development of sophisticated real-time pipeline monitoring solutions, technological advancements, technology for improved accuracy and efficiency. .
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Segmentation & Regional Insights
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
North America was the largest region in the real-time pipeline monitoring market in 2023. 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.
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Major Driver Impacting Market Growth
The expansion of pipeline networks globally is expected to propel the growth of the real-time pipeline monitoring market going forward. Pipeline networks refer to interconnected systems of pipes designed to transport fluids, gases, or other substances from one location to another. Pipeline networks are in demand due to their ability to efficiently transport fluids and gases over long distances, offering a cost-effective and reliable means of distribution for several industries. Pipeline networks use real-time pipeline monitoring to ensure safe and efficient operation by continuously monitoring parameters such as pressure, flow rates, and temperature, thereby detecting and addressing potential leaks, blockages, or other issues promptly to prevent accidents and minimize downtime. For instance, in December 2023, according to the Global Energy Monitor, a US-based non-governmental organization, there are currently 69,700 kilometers of gas transmission pipelines being built globally, costing $193.9 billion, an 18% increase from last year. Asia leads with 82% of construction, totaling $117.2 billion, largely contributed by China and India. Furthermore, there are plans for an additional 228,700 kilometers of pipelines, amounting to $723 billion. Therefore, the expansion of pipeline networks globally is driving the growth of the real-time pipeline monitoring market.
Key Industry Players
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.
The real-time pipeline monitoring market report table of contents includes:
1. Executive Summary
2. Real-Time Pipeline Monitoring Market Characteristics
3. Real-Time Pipeline Monitoring Market Trends And Strategies
4. Real-Time Pipeline Monitoring Market - Macro Economic Scenario
5. Global Real-Time Pipeline Monitoring Market Size and Growth
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32. Global Real-Time Pipeline Monitoring Market Competitive Benchmarking
33. Global Real-Time Pipeline Monitoring Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Real-Time Pipeline Monitoring Market
35. Real-Time Pipeline Monitoring Market Future Outlook and Potential Analysis
36. Appendix
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