The pipeline monitoring systems market is expected to witness high growth as a result of the increased number of oil & gas leakages in production, pipelines, and storage tanks due to natural disasters and high pressure along with stringent government regulations for pipeline safety and security and expansion and upgradation of pipelines. The growth in trend of the development of new devices and solutions to monitor the pipeline performance, optimize the resources, automate the functions, and safeguard the operations fuels the growth of pipeline monitoring systems.

The pipeline monitoring systems market size is estimated to grow from USD 4.13 Billion in 2015 to USD 8.72 Billion by 2026, at a compound annual growth rate (CAGR) of 7.1% from 2016 to 2026.

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Ultrasonic technology sector to gain maximum traction during the forecast period

The ultrasonic technology segment dominated the market in 2015; however, smart ball technology is projected to be the fastest-growing technology in the next ten years. This could be attributed to the easy deployment of these balls through pipelines with long inspection capability from single deployment. The growth in demand for ultrasonic technology in the pipeline monitoring systems sector is because it is preferred by many oil & gas companies to detect small and large leakages.

Gas pipelines which are covered under the crude & refined petroleum segment accounted for a major share, which creates a huge potential for pipeline monitoring systems for gas pipelines; this is projected to grow at a higher rate between 2016 and 2021. Also, the construction of number of pipelines in various regions may lead to the growth of pipeline monitoring systems for crude & refined oil across the globe.

the North American market accounted for the largest share of total market of pipeline monitoring systems, in terms of value, followed by Europe. However, the Asia-Pacific region is projected to grow at the fastest rate than Europe in the pipeline monitoring systems market from 2016 to 2026. Markets in developing countries such as China, India, Japan, Australia, and countries in the Middle East are projected to grow at a higher rate from 2016 to 2026. This is because of the high population in these country, along with new pipelines under construction, which will increase the demand for pipeline monitoring systems.