TANAP pipeline safety is controlled by companies: Honeywell International Inc., Schneider Electric SE, and Siemens AG. These companies occupy about 35% of the world market, the report of Transparency Market Research (TMR) reveals.
"These companies are considered to be the best players on the market," said a leading TMR analyst. Only a few large companies in the world are working on pipeline leak control, prevention, and production of these monitoring systems in the global oil and gas market.
According to TMR, the global market for anti-leakage equipment for oil and gas pipelines will be worth $ 3.65 billion by 2024. The increase will be 6.8% from 2016 to 2024.
Oil and gas leaks are destroying flora and fauna at the scene. Pipeline operators suffer significant financial losses when there is a leak because they are liable to pay huge compensations and fines, in addition to directly disrupting the business process.
Currently, most of the leaks on oil and gas pipelines are recorded in North America. Consequently, it is the most attractive market for such companies; however, in the near future, the Middle East and Africa also predict a significant increase in demand for the services of security companies.
