North America Oil & Gas Pipeline Leak and Theft Detection Market to Reach $ 2.37 Billion by 2023
Growing demand for oil & gas, increase in new exploration activities and expansion of pipeline infrastructure to fuel North America oil & gas pipeline leak and theft detection market through 2023
According to TechSci Research report, “North America Oil & Gas Pipeline Leak and Theft Detection Market By Application, By Method of Leak Detection, By Source of Revenue, By Technology, By Equipment, By Country, Competition Forecast & Opportunities, 2013-2023’’, oil & gas pipeline leak and theft detection market in North America is projected to reach $ 2.37 billion by 2023. Key factors expected to aid the market include aging pipeline, recovery in crude oil prices and stringent government regulations in the region. Moreover, increasing number of exploration & production projects and technological advancements in pigging technology are likely to steer growth in the region’s oil & gas pipeline leak and theft detection market. In 2017, external method of leak and theft detection dominated the market in North America and the segment is anticipated to maintain its market dominance during the forecast period as well, backed by its cost effectiveness and technical advancements.
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Buried pipelines segment accounts for the largest share in the oil & gas pipeline leak and theft detection market in North America, as these pipelines are majorly used for the transportation of crude oil & natural gas within and outside the country. United States generates the largest demand for oil & gas pipeline leak and theft detection systems, backed by its huge pipeline network. Moreover, huge investments are expected to be made for the replacement of aging pipeline infrastructure and new pipeline infrastructure in the country over the coming years, which is anticipated to further boost demand for oil & gas pipeline leak and theft detection systems in the US during the forecast period.
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“Oil & gas pipeline length in the United States is anticipated to increase from around 1.4 million miles in 2017 to 2.1 million miles by 2035. Moreover, growing research & development activities, recovery in crude oil prices and surging output from the Permian Basin of the US are likely to aid the oil & gas leak and theft detection market in North America over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“North America Oil & Gas Pipeline Leak and Theft Detection Market By Application, By Method of Leak Detection, By Source of Revenue, By Technology, By Equipment, By Country, Competition Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of North America oil & gas pipeline leak and theft detection market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in North America oil & gas pipeline leak and theft detection market.
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