Pipeline Safety Market Trends, Company Share To 2020: Grand View Research, Inc.
Global pipeline safety market is projected to witness considerable growth over the forecast period on account of increasing concern regarding real time monitoring of process fluid dynamics in several industries such as power supply, oil & gas, transportation and industrial manufacturing. Stringent regulations regarding leakages affecting environment in power generation and chemical industries are expected to bolster pipeline safety market over the next seven years. Many industries deal with hazardous material and flammable compounds that require enormous safety. This is expected to bolster pipeline safety market over the forecast period. Stringent legislations regarding industrial safety by national governments is expected to fuel pipeline safety market growth over foreseeable future. Requirement for frequent maintenance, integration & consultancy, and service support are anticipated to hinder the market growth over the forecast period.
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Pipeline safety market provides services to monitor and regulate fluid mechanics, contaminants accumulation, breakage detection and external impacts on pipeline. The market comprises several instruments, equipment and software systems which help to detect any kind of faults in the system. Pipeline safety market supports industries to run smoothly with enhanced safety management. Technological advancements such as smart pigging, acoustic leak detectors, laser scanning and real-time surveillance is expected to provide significant growth opportunities to market participants over the next few years.
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Rapid development in shale gas reservoirs coupled with capacity expansions in major refineries in North America is anticipated to boost the pipeline safety industry. North America is expected to be the major market player over the forecast period owing to stringent industrial safety norms. Asia Pacific regional market is projected to witness significant growth over the forecast period on account of increasing chemical manufacturing industries majorly in emerging economies such as China and India. Growing shale gas extraction in China is expected to bolster pipeline safety market growth over forecast period. Natural gas pipeline system was the dominant application segment in 2013.
Major companies operating in global pipeline safety market include Millennium Pipeline Company LLC, CEPA, New Mexico Gas Company and Koch Pipeline Company L.P. Technology advancements related to emerging factors is expected to create immense opportunities in the global market.
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