during the forecast period. Pipeline safety is a single system that detects smaller leaks or damages securely and more reliably. It simultaneously monitors for third-party interference and other external pipeline threats to prevent leaks altogether.
New York, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pipeline Safety Market by Component, Application, Vertical And Region - Global Forecast to 2025" - https://www.reportlinker.com/p05982892/?utm_source=GNW
Pipeline safety solutions are used mainly to assist and improve control over assets and regulate the process in localizing leaks and enhancing productivity, which is expected to drive the pipeline safety market’s adoption. The report’s objective is to define, describe, and forecast the pipeline safety market size based on component, application, vertical, and region.
The emergence of Industrial Internet of Things (IIoT) is expected to provide substantial growth opportunities to the pipeline safety market during the forecast period, as IIoT enhances the operational efficiency of the pipeline network and reduces costs related to the transportation and maintenance of gas/liquid. A digital transformation of the oil and gas industry is expected to provide growth opportunities for the adoption of pipeline safety solutions in this industry for effectively managing pipeline operations.
The oil and gas pipelines sector have been impacted due to a weak demand and low oil and gas prices as a result of COVID-19.While worsening financial situation is resulting in delay of upcoming pipeline projects, measures to curb the spread of pandemic has impacted operations of existing pipelines.
While pipeline and piping systems remain in operation throughout the current COVID-19 pandemic, understandably some repair and maintenance scopes have been delayed. When normal operations resume, it will be even more essential to plan effectively with early engagement from the supply chain and ensure the use of the safest and most efficient tools on the market.
The services segment to grow at a higher CAGR during the forecast period
The pipeline safety market is segmented on the basis of components, which include solutions and services.The solutions segment is expected to hold a larger market size in 2020.
This growth is due to the increase in oil and gas leak incidents and mandatory government regulations for safety and security in the oil and gas industry. The demand for pipeline safety services is increasing globally to cope with the ever-increasing need for remote monitoring and asset maintenance services during the pandemic.
The pipeline monitoring system solution segment to have the largest market size during the forecast period
The Pipeline safety market by solution has been segmented into perimeter intrusion detection, secure communication, SCADA for pipelines, pipelines monitoring system, and ICS security.The growth is of pipeline monitoring system can be attributed to the growing need for avoiding a significant amount of loss of crude oil and gas due to pipeline leakage.
The SCADA for pipelines segment is projected to register the highest CAGR during the forecast period due to SCADA’s ability to collect data at remote oil and gas sites, reducing personnel visits and leads to route and dispatch optimization.
The natural gas segment to have the largest market size during the forecast period
The pipeline safety market by vertical has been segmented into natural gas, crude oil, refined products, and others (water and wastewater, drugs, and beverages).The natural gas segment is estimated to hold the largest market size during the forecast period.
The growth of the segment is due to the implementation of pipeline safety solutions for the transportation of natural gas to processing plants and also for the direct delivery of natural gas to residential and non-residential areas.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period.This growth is attributed to the vast oil and natural gas resources in Russia and Central Asia, which play an important role in the long-term energy security and the increasing adoption of advanced technologies across countries, such as China, Japan, and India.
This is expected to drive the growth of pipeline safety solutions and services in the region.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the Pipeline safety market.
• By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
• By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
• By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
The report includes the study of key players offering pipeline safety solutions and services.It profiles major vendors in the global pipeline safety market.
The major vendors in the global pipeline safety market are ABB (Switzerland), Siemens AG (Germany), Schneider Electric (France), Baker Hughes (US), Honeywell (US), Huawei Technologies (China), AVEVA (UK), PSI AG (Germany), BAE Systems (UK), TransCanada (Canada), Atmos International (UK), Clampon AS (Norway), Future Fiber Technologies (Australia), Perma-Pipe (US), Senstar (Canada), Syrinix (UK), RADIOBARRIER (Russia), Pure Technologies (Canada), C-Fer Technologies (Canada), Total Safety (US), Krohne Group (Germany), PLM CAT (US), Leater (Ukraine), and TTK (France).
The market study covers the pipeline safety market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as components, application, vertical, and region.
It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall pipeline safety market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the market’s pulse and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05982892/?utm_source=GNW
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