The impact on the United States and Europe due to increasingly stringent industrial safety standards, regulatory standards and safety directives has caused an increased need for developing processes and equipment infrastructures that help achieve best practices in accordance to these safety standards.
In this blog, we explore some of the major trends impacting this shift:
Advancing safety in the oil and gas industries
Oil & gas plants are prone to incidents that can adversely affect people and the environment. The desire to mitigate these risks is driving growth in the pipeline safety market, which is expected to grow globally to US$ 8.67 billion by 2021, at a CAGR of 9.3% during the same period.
Other major drivers of this market include the need for sustainable use of resources, increased spending by oil & gas companies for infrastructure and network protection, and expansion and upgrades of refineries. The threat of oil and gas terror attacks is another key reason to deploy pipeline safety solutions across the globe. Furthermore, increasing security regulations, mandatory standards, and rising oil & gas demand in developing countriesprovide significant opportunities for pipeline safety and precision flow vendors.
One way that YZ Systems is responding to this need is by innovations such as its natural gas odorant detection system which can considerably reduce the risk of accidents as well as increasing the accuracy of delivery.
North America and Europe are expected to hold large market shares in the pipeline safety market through 2021. The main drivers responsible for the growth of the pipeline safety market in North America are technological advancements, large pipeline infrastructure, and growing demand for oil and gas. In addition, in North America and Europe, flow meters are expected to be increasingly deployed in the power generation sector due to the presence of a mature and developed industrial sector. Development of shale gas reserves is also expected to boost demand for these meters in oil and gas and chemical and petroleum refinement sectors.
The pipeline security market in the Asia Pacific region is expected to grow rapidly until 2035 trending with the prediction that Asia’s liquid fuel consumption will reach 30% of world consumption.
In the Middle East and Africa, a mature oil and gas sector is creating lucrative opportunities for flow rate measurement solutions. Flow meters are likely to be particularly deployed for upstream and downstream processes, custody transfer, measurement of flow rate of liquid hydrocarbons, and other refinery applications falling under the oil and gas and chemicals sectors.
A bright future for oil and gas
As safety continues to be a major driver of the market, the importance of proper sampling that ensures accuracy is critical—its importance cannot be overstated. Any flow system incorporating safety controls such as sensors or emergency shut down features will help industrial facilities, especially those handling oil & gas.
YZ odorizing equipment is not only extremely reliable and accurate, it is easy to understand, operate, and maintain, to facilitate achievement of a proper odorization technique.