Oil and gas leak detection system is used to detect leakage in the pipeline that contains liquids and gases. Global oil and gas leak detection market is expected to grow at a CAGR of 7% during the forecast period 2016-2023. These leak detection systems functions on various methods of detection such as infrared, hydrostatic testing, laser technology etc. The leak detection systems are widely used in oil and gas pipelines and factories to detect any leakage or theft of resources. There has been increased adoption of oil and gas leak detection systems due to the rising number of oil and gas leakage incidents globally.
North America is the largest market region and had accounted for a highest market revenue share in 2016. The key factor driving the growth of oil and gas leak detection market in North America is the increasing oil and gas production in United States and Canada which has led to the increment in the number of projects of pipeline infrastructure in North America. Moreover, the strict government regulation in the United States for the implementation of leak detection systems in oil and gas pipelines is boosting the market growth in North America. Furthermore, the Middle East and Africa regions are expected to emerge as the fastest growing market region during the forecast period 2016-2023. The key factor driving the market growth is owing to the large number of companies and lucrative market for oil and gas pipeline leak detection, Moreover, the vast network of oil and gas pipeline which is continuously growing.
The global oil and gas leak detection market is influenced by the presence of major companies such as Honeywell international Inc., PSI AG, Siemens AG, Flir systems, Inc., Krohne Messtechnik GMBH etc. Product launch, joint venture, merger and acquisition are some of the crucial strategies adopted by the key market players to gain competitive advantage.
Global oil and gas leak detection market report covers segmentation analysis of technology type (oil and condensate), technology type (natural gas) and applications. Report further covers segments of technology type (oil and condensate) which includes Acoustic/Ultrasonic, E-RTTM, Fibre Optic, Vapour Sensing, Mass/Volume Balance etc. Among these segments the acoustic/ ultrasonic is the leading segment with highest CAGR during forecast period 2016-2023. The acoustic/ultrasonic technology is extensively used in single-phase and multi-phase oil and gas flow pipelines due to its advantages such as fast detection mechanism, simple sensors and easy to use software etc. Whereas, applications of oil and gas leak detection are Packaging, Agriculture, Food processing, Construction, Mining, Automotive, Aerospace etc.