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“Leak detection market for oil and gas expected to grow at a significant rate between 2016 and 2022”
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 growth of this market can be attributed to the increasing incidents of leakages in the oil and gas pipelines and storage tanks at production facilities, development and expansion of existing pipelines and construction of new pipelines, and stringent government regulations pertaining to the implementation of leak detection systems.
“Market for E-RTTM technology to grow at a high rate during the forecast period“
The market for the E-RTTM technology is expected to grow at a high rate between 2016 and 2022. This technology provides accurate data on the location of a leakage in a pipeline. The advantages of this technology include its ability to detect small leaks, identify the size of the leakages accurately, and model all dynamic fluid characteristics (flow, pressure, temperature). Moreover, the time it takes to detect of leakages is negligible.
“Acoustic/ultrasonic expected to dominate the leak detection market between 2016 and 2022”
The demand for the acoustic/ultrasonic technology is high because it is cost-effective. The acoustic/ultrasonic technology-based leak detection systems are widely used in single-phase and multi-phase flow pipelines, owing to their advantages such as quick leak detection capabilities, suitable for leak detection in large pipelines, and require simplified sensor and software set up with minimal calibration.
“Leak detection market for oil and gas in APAC to grow at a high rate during the forecast period”
The leak detection market for oil and gas in APAC is expected to grow at a highest 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.
China will lead to an increase in the demand for leak detection equipment as the exploration and production of oil & gas is increasing in this country
Break-up of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 – 31%, Tier 2 – 53%, and Tier 3 – 16%
- By Designation: C–Level Executives – 37%, Directors– 42%, Others – 21%
- By Region: North America - 40%, Europe – 30%, APAC – 19% and RoW (South and Central America, the Middle East, and Africa) – 11%
The major players operating in the leak detection market for oil and gas include Honeywell International Inc. (U.S.), PSI AG (Germany), Siemens AG (Germany), FLIR Systems Inc. (the U.S.), and KROHNE Messtechnik (Germany), Schneider Electric SE. (France), Synodon Inc. (Canada), Atmos International (U.K.), Clampon AS (Norway), TTK-Leak Detection Systems (France), Pentair PLC (U.K.), Pure Technologies Ltd. (Canada), Perma-Pipe Inc. (U.S.), Sensit Technologies LLC (U.S.), and Bridger Photonic Inc. (U.S.).
The report defines, describes, and forecasts the leak detection market for oil and gas on the basis of technology for oil and condensate, technology for natural gas, and geography. It provides detailed information regarding the major factors influencing the growth of the leak detection market for oil and gas (drivers, restraints, opportunities, and industry-specific challenges). It also analyzes the competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, new product launches carried out by the key players to grow in the market.
Reasons To Buy the report:
- The illustrative segmentation, analysis, and forecast pertaining to the leak detection market for oil and gas based on technology for oil and condensate, technology for natural gas, and geography have been conducted to provide an overall view of the leak detection market for oil and gas.
- The Porter’s five forces framework has been utilized, along with the value chain analysis, to provide an in-depth insight into the leak detection market for oil and gas.
- The major drivers, restraints, opportunities, and challenges for the leak detection market for oil and gas have been detailed in this report.
- The report includes a detailed competitive landscape, along with the key players in the market and their revenues.