Dakota Access Pipeline to Get Final Approval From the Government
The development of energy pipeline would surge the
oil & gas pipeline leak detection market
USA: The stocks of Energy Transfer Partners surged
around 0.8 percent for approval of its controversial Dakota pipeline. On
completion, the pipeline will be used to transfer about half a million barrels
of crude oil per day from shale fields situated at North Dakota to the Gulf
Coast and across the Midwest region. The decision is in line with President
Trump’s promise to support new infrastructure and favor Oil and Natural Gas
developments. The project which was scheduled to be operational by 2016 is now
expected to start from June,2017.
TechSci Research depicts that the favorable
conditions assured by Trump administration for Oil and Natural Gas developments
will lead to a better market scenario for Oil and Gas pipeline industry in the
country. Despite strict regulations governing pipeline leak
detection systems, globally, the incidents of oil & gas pipeline leaks have
witnessed a steady rise. Leakage in pipelines can occur due to various reasons
such as natural damage, aging, weather conditions, corrosion, tampering, etc.
Oil & gas pipeline leakage incidents prove to be extremely adverse not only
for the environment, but also for operating companies which are liable to pay
hefty amounts in the form of damages and compensation in case of any accidents.
According
to released report of TechSci
Research, “Global Oil & Gas Pipeline Leak
Detection Market
Forecast & Opportunities, 2020”, global
oil & gas pipeline leak detection market is projected to cross US$ 1.8
billion in 2020. Growth in the market can be attributed to the expanding oil
and gas pipeline network across the globe on account of investments in pipeline
infrastructure, especially in Europe and Africa. In addition to deployment in
new pipelines, leak detection systems are rapidly being used in aging
pipelines. Across the globe, the average age of pipelines is 30 years, while
some pipelines are as old as 100 years. Aging pipelines, being more prone to
corrosion, possess greater risk of leakage, and thus demand use of better leak
detection systems.