Pipeline Safety Market 2016 By Technology And Solution, Service, Vertical, And Region - Global Forecast To 2021: Infrastructure And Network Protection Are Key Factors Driving The $8 Billion Market - Research And Markets
DUBLIN, Dec 1, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Pipeline Safety Market by Technology and Solution (Pipeline Monitoring Systems, Secure Communication, Perimeter Intrusion Detection, SCADA for Pipelines, Intrusion Control Systems Security), Service, Vertical, and Region - Global Forecast to 2021" report to their offering.
The pipeline safety market size will grow from USD 5.57 Billion in 2016 to USD 8.67 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.3% Need for sustainable use of resources and increased spending by oil & gas companies for infrastructure and network protection are some of the key factors driving the market. The other driving forces include the expansion and up-gradation of refineries, drilling sites, and exploration. The pipeline safety market is broadly classified into technologies and solutions, services, verticals, and regions. The technologies and solutions segment is further divided into perimeter intrusion detection, secure communication, SCADA for pipelines, pipeline monitoring solutions, and intrusion control system security. Compared to technologies and solutions, the services segment is expected to grow at a higher CAGR during the forecast period. The services in the pipeline safety market are aimed at enabling smart and coordinated decision-making processes and mitigating the risks and vulnerabilities of pipelines using efficient tools and techniques. Moreover, these services enhance risk management techniques and help to meet the end-to-end needs of all the verticals. The Supervisory Control and Data Acquisition (SCADA) solution for pipelines is expected to grow at the highest CAGR during the forecast period, as they are specifically focused on the needs of the oil and gas industry. Moreover, pipeline monitoring solutions offer flexibility and scalability to pipeline operators, which helps them to increase operational efficiency and data bandwidth as per their requirement. The pipeline safety market is segmented across five regions, namely, North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America, wherein detailed analysis is provided. The analysis shows that the spending on the market is increasing globally due to the increasing investment in oil and gas pipeline infrastructure, especially in developing regions. North America is projected to dominate the pipeline security market during the forecast period owing to technological advancements and early adoption by oil and gas industries in the region.