The Global Pipeline Safety Market Size is Expected to Grow from USD 7.9 Billion in 2020 to USD 12.2 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.2% 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. 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 the worsening financial situation is resulting in a 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.