Leak Detection Market size is set to expand at over 5% CAGR from 2032 to 2032 driven by the rising focus on prevention of hazardous incidents.
Several industry players are placing targeted efforts on advancements in sensor technologies, data analytics, and automation to enhance the effectiveness and efficiency of leak detection systems, further propelling the industry growth. For instance, in October 2023, Sensata Technologies introduced Sensata ResonixTM, its first-ever RGD sensor with UL certification to cater to various A2L refrigerant gases used in HVAC systems.
The leak detection industry is segmented into type, technology, end-use industry & region.
Based on type, the market share from the handheld detectors segment is projected to gain significant traction at over 4.5% CAGR from 2023 to 2032 owing to its ease of use and rapid response capabilities for quick, on-the-spot leak identification to facilitate prompt preventive actions. Lately, multiple industries are prioritizing proactive measures for safety and environmental compliance, further contributing to the growing adoption of handheld detectors for applications across gas pipelines, water systems, and industrial facilities.
In terms of end-use industry, the leak detection industry from the oil and gas segment is estimated to record steady growth through 2032. Stringent environmental regulations and the growing focus on safety may drive the demand for advanced leak detection technologies in the oil and gas sector. Moreover, market players are working on providing innovative solutions, including advanced sensors, and monitoring technologies for catering to the increasing demand for efficient leak detection. To cite an instance, in June 2023, ION Science introduced the Panther gas leak detector with few new capabilities and twice as sensitive as its predecessor, the GasCheck G.
Regionally, the North America leak detection industry is set to expand at over 4% growth rate between 2023 and 2032. The strict environmental regulations coupled with the strong focus on pipeline safety are accelerating the adoption of advanced leak detection technologies. The aging infrastructure and the heightened awareness of water conservation is also adding to the increased demand for leak detection solutions in water and wastewater systems. Additionally, the booming oil & gas sector along with the surging emphasis on preventing environmental hazards and ensuring operational efficiency will further propel the regional market growth.