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(IT-NEWSWIRE.COM, September 17, 2018 ) The Global Pipeline Safety Market was valued at USD 5.85 billion in 2016 and is projected to reach USD 13.40 billion by 2025, growing at a CAGR of 9.65% from 2017 to 2025.
Pipelines have been established as a secure and efficient method of conveying dangerous products over long distances. Pipeline safety can be described as the array of responsibilities that are applicable to most or all pipelines. There are several advantages in using pipelines, such as the reduced liability and insurance cost, the low chances of injuries as well as illnesses and the low administration costs.
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With the advancement of drilling sites, refineries and exploration of new sites along with the demand for gas and oil in the more developing countries, there is a growth in the stringency of security regulations and standards. These factors drive the market for pipeline safety. Factors such as constraints in the budget, the growing population, and instability in the political climate are factors that are restraining the market for pipeline safety.
Competitive Landscape:
The major players in the market are as follows:
General Electric
Huawei Technologies Co. Ltd.
ABB Group
BAE Systems
Honeywell International Inc.
Thales Group
Schneider Electric Se
Senstar, Inc.
Siemens AG
Radiobarrier
Future Fiber Technologies
Syrinix
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