The growing regulations and security standards for pipeline network is anticipated to boost the growth of pipeline network market
The global pipeline network market size is anticipated to reach over USD 16 billion by 2028. In addition, the market is projected to present a CAGR of over 8% over the forecast period 2018-2028. Globally the pipeline networks are getting complex as the demand for crude oil and natural gas is increasing among developing regions. However, with the surge in more pipeline networks monitoring and maintaining them is becoming challenging for the management teams. Therefore, industries are demanding advanced solutions that can help them in monitoring their pipeline networks efficiently and eliminate the need for physically being present on the field. Moreover, with the integrated smart devices these solutions allow industries to gather data and analyze it in real-time which further helps them in improving their field operations.
The future and existing pipeline network market progress are outlined to know the market attractiveness. Key influencing factors focus on the field service management of market opportunities over the forecast years. Factors such as the increasing demand from developing regions for oil and gas is boosting the global pipeline network market growth. Additionally, the increasing implementation of analytics and big data is also an essential factor driving the global pipeline network market growth. However, the slow technological adoption and political imbalance in several countries are expected to hamper the market growth. Furthermore, growing regulations and security standards for the pipeline network are also anticipated to provide market growth opportunities in forthcoming years. Also, growing technological advancements and their adoption among global oil and gas industries are expected to be opportunistic for the market in the forthcoming years.
The report also outlines the various characteristics of the global pipeline network industry by assessing the market from value chain analysis. Moreover, the pipeline network market report comprises various qualitative parts of the pipeline network industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The pipeline network market has solid competition amongst the already well-known and new market players. Also, the pipeline network industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
In terms of application, the market is segmented into pipeline optimization and pipeline monitoring. The pipeline optimization segment is anticipated to account for the highest CAGR during the forecast period. However, the pipeline monitoring segment held the major market share in 2019 and it is anticipated to follow a similar trend over the forecast years. The increasing number of natural disasters and strict government laws and regulations for pipeline infrastructure safety is driving the market demand for pipeline monitoring solutions.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. On the other hand, the North American region maintained its dominance over the market in 2019 and it is projected to remain dominant during the forecast years 2018-2028. The dominance of this region is mainly attributed to the growing number of pipelines in Canada and the U.S. Also, the presence of the majority of market vendors is also the key factor boosting the market growth in this region.
The major players of the global pipeline network market are ABB, Cisco Systems, Emerson, General Electric, Honeywell, Siemens, Hitachi, Huawei, Schneider Electric, and Wipro. Moreover, the other potential players in the pipeline network market are OptaSense, PSI Software, ORBCOMM, Rockwell Automation, and Sensornet. The recognized companies are coming up with innovative and new pipeline network solutions and services. For instance, In May 2019, Venture Global LNG and Honeywell partnered to assist Venture Global LNG in building low-cost supply LNG (Liquefied Natural Gas) facility by using high-performance equipment.
Segment Overview of Global Pipeline Network Market
Component Overview, 2018-2028 (USD Million)
- Maintenance & Support
Pipeline Type Overview, 2018-2028 (USD Million)
- Liquid Pipeline
- Gas Pipeline
Application Overview, 2018-2028 (USD Million)
- Pipeline Optimization
- Pipeline Monitoring
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America