The research analysts forecast the global IoT market in pipeline management to grow at a CAGR of 12.17% during the period 2017-2021.
IoT in pipeline management is used in all the processes involved, starting from design of pipelines to carrying out operations. The technology helps in estimating both time-dependent and independent threats to pipelines. IoT in pipeline management is a challenging task, considering the pipelines are spread across a large geographical area and in harsh environments. The use of IoT in pipeline management has made a positive economic impact in pipeline operations by reducing downtime and scheduling regular maintenance.
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Technavio recognizes the following companies as the key players in the global IoT market in pipeline management: Cisco, Schneider Electric, Sierra Wireless, and TELUS.
Other Prominent Vendors in the market are: Leica Geosystems, Yokogawa, Aerotech, and AMETEK.
One trend in the market is increasing oil thefts. Oil exploration, storage, and transportation is the main job for the oil production and transportation companies. To store and transport crude oil safely is a tough task for oil companies as oil theft always makes them suffer a huge economic loss with constantly rising oil price.
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According to the report, one driver in the market is totally integrated solutions for pipelines. The pipeline industry is undergoing a transformation. These transformations are basically driven by political and environmental factors, regulations, technology advances, and apprehensions on infrastructure safety. Environmental, regulatory and infrastructure security problems originating in end-user industries can be tackled effectively with the help of developments in the field of automation, and communication technology. Integrated solutions for pipelines help in understanding the challenges faced by pipeline operators and managers to ensure higher productivity, lower life cycle costs, and secure return of the investment.
Further, the report states that one challenge in the market is standards for IoT technology. The lack of standards and documented practices has not only limited the impact of IoT technologies but also raised a question on the quality of performance. These factors affect the volume of software and IoT devices that are being sold to end-user companies. Without any standards or manual, manufacturers and developers sometimes develop products that operate in disruptive ways on the Internet with minimal concern of their impact on related processes. A poorly designed and configured device can create negative consequences for networking resources when connected to a broader network.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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