According to the research report titled ‘Global Pipeline Security Systems Market Size study, by Product (Natural Gas, Crude Oil, Hazardous liquid pipelines/ Chemicals, Other), by Technology & Solution (SCADA System, Perimeter Security/Intruder Detection System, Industrial Control Systems Security, Video Surveillance & GIS Mapping, Pipeline Monitoring, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global pipeline security systems market was worth USD 7.4 billion in 2019 and is expected to be remunerated at USD 14.3 billion by the end of forecast period 2020-2027, registering 8.6% CAGR throughout.
 

Increasing cases of oil & gas leakage, and surging production of crudes are the key factors promoting global pipeline security systems market growth.
 

According to the International Energy Agency (IEA), global crude oil demand increased to nearly 100.6 million barrels in 2019, up from 96.2 million barrels in 2016. Similarly, natural gas production in 2019 was estimated to be 4,088 billion cubic meters, representing a 3.3% increase from 2018.
 

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Notably, pipeline security systems have advanced to the point that they are now the most effective solution for commercial activities. Pipelines are widely regarded as the fastest, most reliable, and efficient means of transporting large amounts of natural gas, crude oil, water, and chemicals across national borders.
 

Owing to the integration of some advanced technologies, such as video surveillance, SCADA, and industrial control systems, pipeline installations have become critical infrastructure of high significance and value, resulting in a high demand for pipeline security systems. Furthermore, these advanced technologies are incorporated into these systems to detect surface and subsurface intrusions in real time and allow high location accuracy.
 

Speaking of the negatives, lack of skilled professionals as well as hefty maintenance and implementation costs are likely to hamper worldwide pipeline security systems industry remuneration over the study period.
 

Elaborating on the geographical scope, Europe presently holds considerable portion of global pipeline security systems market share, creditable to presence of major vendors in the region, and growing investments in oil & gas sector for the implementation of pipeline security systems.
 

On the other hand, Asia Pacific industry is projected to grow substantially through 2027, attributable to increasing expenditure on onshore and offshore oil operations in developing economies like India and China, along with mounting demand for crude oil and gas.
 

Major contenders in global pipeline security systems market sphere are Thales SA, Huawei Technologies USA Inc., Senstar Corporation, OptaSense Holdings Ltd., Schneider Electric S.E., Siemens AG, Rockwell Automation Inc., ABB Ltd., General Electric Company, and Honeywell International Inc.