The global pipeline network market size is anticipated to reach over USD 16 billion by 2028. In addition, the market is projected to present a CAGR of over 8% over the forecast period 2018-2028. Globally the pipeline networks are getting complex as the demand for crude oil and natural gas is increasing among developing regions. IN addition to volatility in prices and other notable bottlenecks in oil production, the recent pandemic with COVID-19 outbreak has significantly paved way for novel action plans eying marginal growth recovery prospects. A new research report by Adroit Market Research has identified automation to be a game changer in pipeline network ecosystem. Voluminous data and catastrophic implications of COVID-19 are expected to encourage large scale reliance on automation for efficiency and productivity boost. Thus, digital transformation like many verticals is expected to play a crucial part in pipeline networks market developments. —
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Some of the core functionalities of IT based workflow in pipeline network systems is data management and organization stemming from all front-end operations. As companies are fast realizing the massive potential of data pools in influencing lucrative returns novel data management practices based on automation is likely to remain a dominant trend in the coming years.
Industry forerunners have acknowledged the immense potential of IT convergence in pipeline networks to address core issues in operations, supply chain delivery as well as device maintenance and lifecycle management. Fast changing pricing scenarios, backed by growing customer expectations are estimated to foster speedy IT convergence in pipeline networking system. AI, IoT and Big Data integration are expected to ensure seamless digital transformation by adequately accessing historical developments in real time, crucial to deploy futuristic investments.
Several countries are actively investing in brainstorming effective ways to offset the prevalent challenges in the face of the global pandemic. The recent talks between oil exporting giants such as Russia and Saudi Arabia suggest probable corrective measures to revive volatile oil markets. Detailed talks between powerful oil producing companies bare expected to turn the game in favor of explicit advances in pipeline networks market.
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Detailed segmentation based analysis reveals component, application and pipeline type as major segments in global pipeline network market. By component the market is classified into solution and services such as consulting and maintenance. Liquid and gas pipelines comprise major pipeline types. Further, pipeline optimization and monitoring applications are classified as other notable segments.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. On the other hand, the North American region maintained its dominance over the market in 2019 and it is projected to remain dominant during the forecast years 2018-2028. The dominance of this region is mainly attributed to the growing number of pipelines in Canada and the U.S. Also, the presence of the majority of market vendors is also the key factor boosting the market growth in this region.
The major players of the global pipeline network market are ABB, Cisco Systems, Emerson, General Electric, Honeywell, Siemens, Hitachi, Huawei, Schneider Electric, and Wipro. Moreover, the other potential players in the pipeline network market are OptaSense, PSI Software, ORBCOMM, Rockwell Automation, and Sensornet. The recognized companies are coming up with innovative and new pipeline network solutions and services. For instance, In May 2019, Venture Global LNG and Honeywell partnered to assist Venture Global LNG in building low-cost supply LNG (Liquefied Natural Gas) facility by using high-performance equipment.
Segment Overview of Global Pipeline Network Market
Component Overview, 2018-2028 (USD Million)
Maintenance & Support
Pipeline Type Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Rest of Middle East and Africa
Rest of South America
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Organization: Adroit Market Research
Release ID: 88981624