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Leak Detection Market for Oil & Gas Insight | Key players: PSI AG, Siemens AG, FLIR Systems Inc., Schneider Electric SE and Synodon Inc.
sagarkan   6/10/2019 5:05:22 AM

The leak detection market for oil and gas was valued at 2.10 billion in 2015 and is expected to reach USD 3.38 billion by 2022, at a CAGR of 6.9% between 2016 and 2022. The demand for leak detection systems is being continuously increasing, owing to the growing oil and gas exploration activities, stringent government regulations pertaining to safety and security, rising demand for energy worldwide. North America and APAC hold huge opportunities for the leak detection market for oil and gas.

The increasing consumption of oil and natural gas worldwide and the rise in environmental concerns are creating ample opportunities for the leak detection market for oil and gas.

The market for the acoustic/ultrasonic technology is expected to hold a major share of the leak detection market for oil and condensate during the forecast period. The acoustic/ultrasonic technology provides quick response to the process and locates the leakage spots accurately at a good speed. This technology is suitable for both single-phase and multi-phase flow pipelines, and requires simplified sensor and software set up with minimal calibration.

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Statistical and real-time monitoring is one of the leading technologies in the leak detection market for natural gas. The demand for statistical and real-time monitoring technology for detecting leakages in pipelines for natural gas is increasing in North America. The use of this technology is high in the U.S. as it is the most reliable leak detection technique for offshore and onshore natural gas pipelines, providing minimum or no false alarms. This technology has the capacity to detect both onset and existing leakages.

North America accounted for largest share of the leak detection market for oil and gas in 2016. The increasing oil and gas production in the U.S. and Canada is boosting the number of pipeline infrastructure projects in North America, thereby driving the growth of the leak detection market for oil and gas in this region. Also, stringent government regulations in the U.S. to implement leak detection systems in oil and gas pipelines are fueling the market growth in North America. The leak detection market for oil and gas in APAC is expected to grow at high rate between 2016 and 2022. Factors such as increased oil and gas consumption in APAC and rising oil and gas pipeline construction activities in the developing countries such as China and India, among others, are propelling the growth of the leak detection market for oil and gas in this region.

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