The global pipeline safety market is expected to witness growth owing over the forecast period, driven by the increasing requirement for monitoring and & control thefluid dynamics of the existing pipelines across industrial manufacturing, transportation, power, and energy supply industries. Growing concerns regarding pipeline safety in chemical and power generation industries owing to strict government legislations regarding hydrocarbon leakages are anticipated to fuel market growth. Increasing number of man-made calamities such as terrorist attacks, chemical, and gas leakage along with impact of natural calamities on pipelines has driven the necessity for pipeline safety. Governments across the world have framed various safety and recovery protocol plans to prevent, protect, and recover safety issues regarding chemical leakages. These trends are expected to complement the global market growth.
Many industries are constantly associated with flammable fluids and hazardous materials storage. Improper handling and distribution of these materials endanger human life and adversely impact the environment. Stringent safety norms imposed by governmental agencies is expected to drive pipeline safety systems demand over the forecast period. Growing requirement for better distribution of water and power in urban as well as rural areas is expected to drive pipeline management systems demand. Increasing urbanization in Asian countries is expected to further strengthen the trend. Major oil & gas distribution utilities across the globe are taking up leakage detection systems as a protective measure. Growing demand for these systems is expected to further augment the global pipeline safety market growth.
Since online networking and industrial control systems implementation in many industries are prone to hacking and cyber-attacks. The major challenges faced by the market include integration & consulting, system design, service support, and maintenance. Development of technologies such as acoustic leak detectors, laser scanning, smart pigging, and over & under surveillance is expected to provide opportunities to market participants.
Shale gas boom in the U.S. is expected to drive oil & gas companies towards refinery expansions. On account of this, North America is expected to be a major market for pipeline safety systems. The global pipeline system largely includes natural gas pipeline system followed by oil and refined chemicals. Demand for natural gas is expected to grow at a significant rate over the future. It is also expected that growth of energy market in developing countries will lead to higher demand for its safety solutions. These trends are expected to positively impact the global market.
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