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Leak detection market to hit $3.38 billion by 2022

Leak detection market to hit $3.38 billion by 2022

This research report predicts the Global Leak Detection Market reaching $3.38 billion by 2022. The market is estimated to grow at a CAGR of 6.9% between 2017 and 2022. Leak detection is used to determine if and in some cases where a leak has occurred in systems which contain liquids and gases.

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Leak Detection Company analysed in report are 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.

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(Canada), Perma-Pipe Inc. (U.S.), Sensit Technologies LLC (U.S.), and Bridger Photonic Inc. (U.S.).

“The Leak Detection market is estimated to witness significant growth between 2017 and 2022”

Key factors driving the growth of the Leak Detection include increasing 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.

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“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.

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.

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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

Research Coverage: 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.

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.

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