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With 7.8% CAGR, Leak Detection Market Growth to Surpass USD 3.0 billion
Leak Detection Market for Oil & Gas by Technology (Acoustic, E-RTTM, Fiber Optic, Mass/Volume Balance, Laser Absorption and LiDAR, Thermal Imaging), Medium
Immense safety measures are required to carry or transfer flammable or explosive materials, such as natural gas or oil, through pipelines as a small leak in these pipelines may result in serious consequences. Pipelines are also subject to vandalism or even terrorist attacks. During wars, pipelines are often targeted by military troops of hostile countries. Thus, governments worldwide have made it mandatory to implement leak detection systems in oil and gas pipelines to avoid leakages in them and ensure their safety. This is one of the key factors driving the growth of the leak detection market for oil & gas, globally.
The acoustic/ultrasonic segment is estimated to account for the largest share of the market in 2020. The growth of this segment can be attributed to the increased use of acoustic/ultrasonic technology-based leak detection systems in single-phase and multi-phase flow pipelines. The systems based on acoustic/ultrasonic technology have quick leak detection capabilities, are suitable for leak detection in large pipelines, and require simplified sensor and software set up with minimal calibrations. The systems using the negative pressure wave method (acoustic/ultrasonic)
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North America is projected to account for the largest size of the leak detection market for oil & gas from 2020 to 2025. It is investing significantly in oil and gas pipeline projects to cater to the growing demand for oil and gas. The US is a leading country globally in terms of oil production and consumption. It has the largest network of oil and gas pipelines in the world. The country ranks first in the world in terms of oil and gas production. It has the largest network of oil and gas pipelines. Moreover, regulations mandated by the US Government to implement leak detection technologies and systems for the safety of pipelines and the environment lead to the growth of the leak detection market for oil & gas in the country.