MarketsandMarkets projects the pipeline network market to grow from USD 8.5 billion in 2019 to USD 12.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. Major factors expected to drive the growth of the pipeline network market include the rising demand for oil and gas from developing countries, growing demand for commercial off-the-shelf technology, rising big data and analytics trends, and need for maintaining Quality of Experience (QoE) and Quality of Service (QoS) of pipeline transportation.
By crude and refined petroleum end-user industry, the natural gas segment to account for the highest market share in 2019
Climate change and a demand for low carbon fuels aids the demand for natural gas across all sectors, especially power generation. An extremely extensive and elaborate transportation system is required for natural gas to be moved from the production end to the consumption end. Transportation systems consist of a complex network of pipelines designed to quickly and efficiently transport natural gas from its origin to areas of high natural gas demand. Hence, the growing demand for natural gas consumption for power generation to drive the demand for pipeline network management solutions in the natural gas end-user industry.
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North America to hold the largest market size during the forecast period
The US and Canada are contributing to the growth of the Pipeline network market in North America. Oil and gas companies, government bodies, and environmental agencies in the region are focused on preventing oil spills and gas leaks, which is one of the important addressable factors as the number of pipelines has increased in the US and Canada. This compels oil and gas companies to adopt pipeline network management solutions. Moreover, the presence of key vendors, such as Honeywell (US), GE (US), Emerson (US), Rockwell Automation (US), Cisco Systems (US), ORBCOMM (US), and Pure Technologies (Canada), in the region drives the growth of the Pipeline network market in North America.
Key and emerging market players include Huawei (China), ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Schneider Electric (France), PSI Software (Germany), Honeywell (US), GE (US), Wipro (India), Emerson (US), Cisco Systems (US), Rockwell Automation (US), Moxa (Taiwan), ORBCOMM (US), OptaSense (UK), Pure Technologies (Canada), Necon Group (Qatar), Sensornet (UK), Open Access Technology International (US), and KROHNE Group (Germany). These players have adopted various strategies such as new product launches and product enhancements; expansions; mergers and acquisitions; and partnerships, agreements, and collaborations, to grow in the pipeline network market.
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