The pipeline monitoring system market is projected to grow from USD 4.6 billion in 2019 to USD 6.5 billion by 2024, at a CAGR of 7.1% from 2019 to 2024. The demand for pipeline monitoring system can be attributed to high growth as a result of the increasing number of oil & gas leakages in production, pipelines, and storage tanks due to natural disasters and high pressure along with stringent government regulations for pipeline safety and security and expansion and upgradation of pipelines. The growing trend of the development of new devices and solutions to monitor pipeline performance, optimize resources, automate the functions, and safeguard the operations are resulting in the growth of pipeline monitoring system. The next-generation technologies, which are the future of the pipeline monitoring market, comprise integrated, multi-layered systems using disruptive technologies, Internet of Things (IoT), digital acoustic sensing, and connected pipelines.

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Ultrasonic technology sector to gain maximum traction
The ultrasonic technology segment is estimated to dominate the market in 2019; however, magnetic flux leakage technology is projected to be the fastest-growing technology in the next ten years. The growth in demand for ultrasonic technology in the pipeline monitoring system sector is on account of its preference by many oil & gas companies to detect small and large leakages. This technology is mostly used for leak detection in pipeline monitoring systems, as it provides early detection of deviating conditions, facilitating asset damage prevention, and reducing power consumption.

Leak detection is estimated to be the fastest-growing segment
On the basis of solution, the leak detection segment is projected to grow at the highest CAGR from 2019 to 2024. This can be attributed to the increasing focus on improving the control over pipeline infrastructures and improving productivity, which would enable the monitoring of the conditions of assets and raise the alarm in case of unauthorized events. Some of the major reasons for the growth of the leak detection solution market are the increasing investments from oil & gas companies in pipeline monitoring infrastructures and the need for safe transportation of the liquids.

Recent Developments
In March 2019, Siemens equipped 29 gas turbines with Remote Diagnostic Services for Gail India Limited across the Hazira-Vijaipur-Jagdishpur(HVJ) pipeline and the Vijaipur C2/C3 plant to provide advanced software services for an easy manufacturing process.

In January 2019, Transcanda started a new project named Mountaineer Xpress (MXP), a Columbia Gas project, designed to transport supply from the Marcellus and Utica shale plays to points along the system and to the Leach interconnect with Columbia Gulf. Approximately 45 per cent of this project was placed in service on January 18, 2019, with the remainder to be placed in service in February and March 2019, along with Gulf Xpress, a Columbia Gulf project.
North America contributes a major market share in the global pipeline monitoring system market. The North American market is projected to grow at the highest rate than the other region, as many new pipelines are under construction in this region. Asia Pacific is projected to register the highest growth after North America from 2019 to 2024, while Europe accounts for the second-largest market share in the market. Emerging economies such as India, China, and Japan are projected to grow at moderate CAGRs between 2019 and 2024.

Major players in the pipeline monitoring system market includes Siemens AG (Germany), Honeywell International Inc. (U.S.), BAE Systems (U.K), Perma Pipes(U.S), Transcanada ( Canada), PSI AG (Germany), Pure Technology (Canada), Orbcomm Inc. (U.S.), and Huawei (China).