Industry Background:
Pipeline Safety is defined as the protection of pipeline against the external environment like crime prevention and anti-terrorism activities. It is the method of ensuring a pipeline and all its related components are running properly. This is done to in order to confirm that the pipeline which is built is safe, reliable and sustainable. The demand for pipeline safety is growing constantly in the forecasted period due to the growing demand for oil & gas, rise in the investments in pipeline infrastructure and also advancement in the field of integrity management. Moreover, rising demand from the downstream operations, development of shale gas & synthetic natural gas coupled with rising investments in research & development are expected to propel the demand.This growth is primarily driven by Increased Spending By Oil & Gas Companies for Infrastructure and Network Protection and Rising Oil and Gas Demand in Developing Economies.
Globally, a noticeable market trend is evident Expansion and Upgradation of Refineries, Drilling Sites, and Exploration of New Sites. Major Manufacturers, such as GE (United States), Schneider Electric (France), Siemens AG (Germany), ABB Group (Switzerland), Honeywell International (United States), BAE Systems (United Kingdom), Future Fiber Technologies (Australia), Huawei Technologies Co. Ltd. (China), Senstar, Inc. (Canada) and Syrinix (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
Schneider Electric, a French multinational company, entered into a partnership with Berkana Resource Corporation, a global SCADA consulting company to develop a software solution with integral security and compliance support, while ensuring solutions meet the Pipeline and Hazardous Materials Safety Administration regulatory requirements
Regulatory Insights:
A bill aimed at strengthening pipeline safety in the U.S. is being pushed by members of the Massachusetts congressional delegation in response to September's natural gas explosions and fires in the Merrimack Valley.
Market Drivers
- Increased Spending By Oil & Gas Companies for Infrastructure and Network Protection
- Rising Oil and Gas Demand in Developing Economies
Market Trend
- Expansion and Upgradation of Refineries, Drilling Sites, and Exploration of New Sites
Restraints
- Lack of Apprehensions About Security Implementation By Operators
- Growing Population and Political Instability in the Middle East
Opportunities
Augmented Demand in Pipeline Monitoring and Leak Detection Solutions Due to Increased Pipeline Infrastructure and Increasing Security Regulations and Mandatory Standards
Challenges
Lack of Funds is Hampering the Development of Aging Infrastructure and Multi-Site Facilities Pose A Challenge for Implementing A Comprehensive Security Solution
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