Pipeline Safety Market Expected to Reach $8.67 Billion by 2021

(IT-NEWSWIRE.COM, August 23, 2018 ) The major drivers of this market include need for sustainable use of resources, increased spending by oil & gas companies for infrastructure and network protection, and expansion and up-gradation of refineries. Furthermore, increasing security regulations, mandatory standards, and rising oil & gas demand in developing countries provide huge opportunities for pipeline security vendors, service providers, solutions providers, and consulting companies.

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Rising incidents of oil and gas attacks is the major reason to deploy pipeline safety solutions across the globe

Transportation of oil and gas through pipelines is one of the safest modes of transportation. However, cyberattacks on oil and gas pipelines are not new. For instance, the 2008 Turkey pipeline blast was a well-planned cyberattack in which hackers cut off communications and shut down all the alarms. In order to combat such cyber-attacks on critical infrastructure, the pipeline safety solutions are being increasingly deployed in existing infrastructures as well as a large number of ongoing pipeline projects across the world especially in the Asia-Pacific (APAC) region.

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Increasing demand for risk management is the driving factor of professional services in the pipeline safety market

The professional services are classified into three major categories, such as risk management, consulting services, and repair & maintenance. These services contribute in essential support for enhancing the efficiency and increasing the growth, along with reducing operating expenses and resource losses. These service providers help the pipeline operators in planning and deploying the new systems into their existing infrastructure. As pipeline safety has strict regulatory and safety standards, risk management is highly required in all pipeline safety solution deployments.

North America and Europe are expected to hold large market shares in the pipeline safety market

North America and Europeare expected to hold large market shares and dominate the pipeline safety market from 2016 to 2021. The main drivers responsible for the growth of the pipeline safety market in North America are the technological advancements, large pipeline infrastructure, and growing demand for oil & gas. The pipeline security market in APAC is expected to witness high adoption rate as the Energy Information Agency of the U.S. has forecast that till 2035, Asia’s liquid fuel consumption would reach 30% of world consumption. The major vendors covered in the pipeline safety market for this study include ABB Group, GE Company, Schneider Electric and Siemens AG and Honeywell International.

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Pipeline Safety Market Expected to Reach $8.67 Billion by 2021