Market Size of Pipeline Security Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.45 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pipeline Security Market Analysis
The pipeline security market was valued at USD 7.66 billion in 2020 and is expected to reach USD 13.22 billion by 2026, at a CAGR of 9.45% over the forecast period 2021 - 2026. Pipeline systems have evolved to become the primary solution for commercial activities. The market for pipeline security has been boosted by the demand for sustainable use of resources and the rising frequency of breaches and theft of small quantities of the product being transported.
- The pipeline system is being used since the 18th century for commercial activities. The pipelines are considered the safest, reliable, and efficient means of transporting large quantities of natural gas, crude oil, chemicals, and water across nations. Pipeline installations are critical infrastructure of high importance and value, and a threat to it can significantly affect meeting people's and organizations' needs and can harm the environment.
- The pipeline installed for the transport of commodities is estimated to span across 3.5 million kilometers across 120 countries worldwide. Natural gas and crude oil pipelines are expected to be the most vulnerable to attacks. Hence, the increased spending by the oil and gas corporation to install robust security infrastructure to ensure security to the pipelines has been the primary reason for the market's growth globally.
- Demand for natural gas is anticipated to increase faster than the current demand for coal or oil in the future. This has been predicted with the consideration to adhere the carbon reduction targets set globally to move towards an eco-friendly industrial sector. The increasing natural gas usage is increasing demand for its pipeline security.
- Additionally, the oil and gas sector is the most affected by the robust state-sponsored cyber-espionage campaigns, which can affect the physical infrastructure as well. These vulnerabilities have pushed the industry players to divert significant amounts of funds for security.
- However, the high deployment and maintenance cost is incorporated with the pipeline security systems as the pipeline facility is diverse and scattered. This factor is restricting companies from pipeline security system adoption.
