Global oil and gas pipeline monitoring equipment market is fragmented. The market will be mainly driven by the growth in cross-border pipeline infrastructure. The growing global demand for oil and gas has necessitated the need for connecting new exploration sites to refineries and demand centers. This has significantly increased the number of cross-border pipeline projects worldwide. The ongoing TurkStream cross-border pipeline project between Russia and Turkey is one such example. Globally many such cross-border pipeline projects are underway, which is expected to drive the demand for oil and gas monitoring equipment over the forecast period, thereby fueling the market growth.
Developments in drone technology will aid in the growth of the global oil and gas monitoring equipment market. However, the volatile nature of crude oil prices might hinder the growth opportunities for market players.