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Global Leak Detection Market Estimated to Reach US$ 1373.7 Mn by 2021 | Report Studied On Top Key Player Like siemens AG, Honeywell International Inc., Baker Hughes, Krohne Group, Schneider Electric, Ziebel A.S., Future Fibre Technologies Ltd, Fotech Solu

07-14-2018 08:06 PM CET | Energy & Environment

Press release from: Absolute Markets Insights

Global Leak Detection Market Estimated to Reach US$ 1373.7 Mn

A leak is an opening for fluid so as to escape from a container or fluid-containing system, through which the contents of the container can flow away. Leaks are generally accidental and undesired. Growing concern for water conservation along with escalating demand for leak detection systems is propelling growth in the global market. The global leak detection market was valued at US$ 902.7 Mn in 2015 and is expected to reach US$ 1373.7 Mn by 2021.
Some of the major factors responsible for the growing use of leak detection equipment for safe and economical operations is the rising focus on environmental concerns and government regulations, increasing need for monitoring, reduction of harmful emissions and highly combustible nature of petrochemicals. The global market for leak detection can be categorized on the basis of technology, product type and geography.
Top Key Included In This Report are:
siemens AG, Honeywell International Inc., Baker Hughes, Inc., Krohne Group, Schneider Electric, Ziebel A.S., Future Fibre Technologies Ltd., Fotech Solutions Ltd., Omnisens S.A., Silixa Ltd. Schlumberger Limited, TGT and amongst others. For instance, the Baker Hughes, Inc.

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One of the factors driving the growth of the market is the ability to control leakage risk by adopting highly effective leak detection technology that can accurately monitor leakage. Some of the potential benefits of leak detection technology include: Improved environmental quality helps reduce pollution risks, early detection of leaks, and cost savings. The leak detection market is one of several factors that can drive future growth.
Demand for cleaner emissions by governments and environmental groups has led oil and gas companies to invest more in highly reliable but costly equipment. There are several problems with current leak detection technologies that are hiding the oil and gas companies' efforts to effectively reduce leaks. The main challenge of the current technology is to have the capacity to perform identification, quantification, localization and classification. However, this has lowered the quality and requirements of the technology and caused a high competition in the global spill detection market.
Energy demand is increasing in many countries around the world, along with social and economic development. Oil and gas exploration and production are key activities in the oil and gas industry. The purpose of the exploration activity is to analyze the commercially available reserves of oil and gas. The new technology offers a wide range of uncertain opportunities for oil and gas production in many parts of the world. Therefore, exploration and production activities are expected to increase and develop in the future and contribute to the growth of the leak detection market.

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The Fiber Optic Sensors is Projected to be the Dominant Segment During the Forecast Period, 2018-2026
Fiber optic sensors are one of the types of leak detection used to monitor pipeline leaks and detect temperature. Using fiber optics to monitor temperature profiles over long distances, it represents a very efficient way to perform leak detection along pipelines. Due to key characteristics such as extended range, long term stability, transportable systems, and cost for large cost savings. It helps you view and analyze all your data in one interface. The market can then take up a significant global position.

Emerging pipeline projects in Middle-East and Africa is driving the Leak Detection Market Growth
Currently, the Middle East and Africa constitute the largest market for oil and gas pipeline leak detection. Pipeline Construction Plans Due to the large number of projects, the pipeline of large networks is expanding. For example, in the pipeline Uganda section of East Africa, there are plans to install 230 km of 33 kV power cable and 296 km of fiber optic cable in the near future and many new projects are planned for installation. As a result, the region is expected to grow at its best during the forecast period of 208-2026.

Regional Outlook:

The global gas leak detector market is divided into Asia Pacific (APEJ), Western Europe, Eastern Europe, Japan and the Middle East and Africa excluding North America and Japan. In 2014, the US, Western Europe and Eastern Europe accounted for 50% of the total market value. APEJ accounts for 35% of the world market value, making it the single most unique market for gas leak detectors. In addition, the Middle East and African markets are expected to grow at a CAGR of over 6% during the forecast period.

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About Us:
Absolute Markets Insights is a global market research company taking into account leading businesses, colleges, universities, non-profit organizations, and government foundations. Absolute Markets Insights is dedicated to presenting you an ideal blend of data parameters. Our reports depend on the research and analysis that covers a magnitude of factors, for example, industry research, market sizing and forecasts, technological advancements, innovation trends, financial growth, pricing trends, competitive insights, and an in-depth study of market segments.

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