Oil & Gas Pipeline Leak Detection Market to Grow with a CAGR of 10.21% during the Forecast Period
Increasing oil & gas exploration activities are driving
the growth in global oil & gas pipeline leak detection market in the
forecast period.
According
to TechSci Research report, “Oil & Gas Pipeline Leak Detection Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2016-2026”,
the global oil & gas pipeline leak detection market stood at USD2401.32
million in 2020 and is expected to grow at a CAGR of 10.21% in the forecast
period on account of increasing network of pipelines in the oil & gas
industry.
Due
to the sheer consequences of oil and gas pipeline leaks, governments in major
countries have enacted rules and legislation requiring the maintenance and
deployment of leak detection systems. The Pipeline and Hazardous Materials
Safety Administration (PHMSA) recently published a rule to enhance hazardous
liquid pipeline restrictions. It established new compliance criteria for system
operators and owners with the goal of maintaining pipe integrity and preventing
leaks. The increase in incidences of leakage in oil & gas pipelines and
storage tank production facilities might be attributed to the expansion of the
oil & gas pipeline leak detection market. Other reasons such as the
expansion and rehabilitation of current channels as well as the building of new
channels around the world and government rules requiring the implementation of
leak detection systems help to drive the demand even higher.
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The
global oil & gas pipeline leak detection market is segmented on the basis
of type, internal v/s external, internal leak detection method, external leak
detection method, application, end use, competitional landscape, and regional
distribution. Based on type, the market is further fragmented into Upstream,
Midstream and Downstream. The midstream segment is expected to register the
largest revenue shares of the market and dominate the market segment in the
upcoming five years on account of the usage of leak detection systems in the
midstream segment. The processing, transportation, and storage of crude oil and
natural gas are all part of the midstream section of the oil and gas industry.
The oil and gas industry's midstream activities are seen as a low-risk, highly
regulated sector. The pipelines and gathering or transmission infrastructure
that transport gas from the well (upstream) to homes and businesses are
operated by midstream corporations (downstream). Midstream operations also
treat the commodity, remove water or trash, compress it, and prepare it for
downstream markets.
Based
on Internal Leak Detection Method, the market is segmented into Mass Volume
Balance, Negative Pressure Wave, Pressure Point Analysis and Real Time
Transient Monitoring (RTTM). Real Time Transient Monitoring (RTTM) is expected
to register the largest revenue shares and assert its dominance over the market
in the upcoming five years. Expansion of existing pipelines and development of
new ones are driving market growth, increased incidents of oil and gas leakages
in pipelines and storage tanks at production facilities and the formulation of
stringent regulations by governments for the implementation of leak detection
technologies and systems around the world are driving the growth of the market.
Key
market players in the Oil & Gas Pipeline Leak Detection Market include:
- Honeywell International, Inc.
- Atmos International Inc.
- Siemens AG
- FLIR Systems Inc.
- Schneider Electric SA
- Bridger Photonics Inc.
- ClampOn AS, Pentair PLC
- Pure Technologies Ltd.
- Ttk-Leak Detection System
- Yokogawa Electric Corporation
Honeywell
International Inc., headquartered in Charlotte, North Carolina, is an American
publicly traded multinational conglomerate corporation. Aerospace, building technologies,
performance materials and technologies, and safety and productivity solutions
are the four main areas of business for the company. The company is one of the
largest providers of the oil & gas pipeline leak detection systems. They
are recently launching innovative and technologically advanced products that is
further promoting their brand value.
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“North America region is anticipated to
hold the largest revenue shares of the market and dominate the segment in the
upcoming five years on the account of rapidly increasing oil & gas
exploration activities in the region. America’s oil and natural gas industry
supports 10.3 million jobs in the United States and nearly 8% of the nation’s GDP.
Moreover, oil prices have reached their greatest levels in six years, and the
oil and gas industry has returned strongly during 2021. APAC is expected to
register significant growth due to the expanding network of gas pipelines
across the region. Furthermore, increasing investments in the Asia Pacific
region is expected to drive the market for leak detection systems in the
region. Moreover, technological advancements in the leak detection systems may
influence the growth of the global oil & gas pipeline leak detection market
in the upcoming five years,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Oil & Gas Pipeline
Leak Detection Market - Global Industry Size, Share, Trends, Opportunity and
Forecast, 2016-2026 Segmented By Type (Brass Oil & Gas Leak Detection,
Steel Oil & Gas Leak Detection), By Application (Vertical Alignment of
Walls, Doorjamb, Lining up Points, Wallpapering), By Part (Pointed End, Weight,
Hole for String, String), By End User (Residential, Commercial, Industrial), By
Region”, has evaluated the future
growth potential of global oil & gas pipeline leak detection and provides
statistics & 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 global oil & gas pipeline leak detection market.
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