Leak Detection Market Expected to reach $3.0 billion by 2025

The report "Leak Detection Market for Oil & Gas with COVID-19 Impact by Technology (Acoustic, E-RTTM, Fiber Optic, Mass/Volume Balance, Laser Absorption and LiDAR, Thermal Imaging), Medium (Oil and Condensate, Natural Gas), and Region - Global Forecast to 2025", is estimated to be USD 2.1 billion in 2020 and is projected to reach USD 3.0 billion by 2025; it is expected to grow at a CAGR of 7.8% from 2020 to 2025. Increasing incidents of oil and gas leakages in pipelines and storage tanks at production facilities, ongoing construction of new pipelines and expansion of existing ones, and evolving government regulations pertaining to the implementation of leak detection systems are the key factors driving the growth of the leak detection market for oil & gas. Rising oil and gas exploration and production activities worldwide, increasing global oil and natural gas consumption, and ongoing technological advancements in leak detection systems are projected to create lucrative opportunities for the players operating in the leak detection market for oil & gas during the forecast period.

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The leak detection market for oil & gas includes players like Honeywell International Inc. (US), Emerson Electric Co. (US), ABB (Switzerland), KROHNE Group (Germany), and PSI Software AG (Germany. These players have strong market presence for leak detection solutions across various countries in North America, Europe, Asia Pacific, and RoW.

Evolving government regulations pertaining to implementation of leak detection systems
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. Under the newly proposed hazardous liquid pipeline safety regulations in 2019, the US Pipeline and Hazardous Materials Safety Administration (PHMSA) amended the Pipeline Safety Regulations to enhance the safety of pipelines transporting hazardous liquids, in response to congressional mandates, as well as the National Transportation Safety Board (NTSB) and Government Accountability Office (GAO) recommendations.

Acoustic/Ultrasonic technology is expected to lead the market during the forecast period

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. These systems 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) can detect leaks less than 3mm (0.1-inches) in diameter. They have the lowest false alarm rate in the industry, with less than 1 false alarm per year.

Onshore segment to hold the largest market size of leak detection market for oil & gas during the forecast period

The onshore segment is projected to lead the leak detection market for oil & gas from 2020 to 2025. According to the US Environmental Protection Agency (EPA), equipment leakages accounted for more than 40% of industry-reported methane emissions in the US from the onshore production in 2017. Such leakages are extremely harmful to the environment and cause huge financial losses to onshore oil and gas production companies. Therefore, installing efficient and reliable leak detection technologies and systems in onshore facilities has become a mandate. Moreover, the increasing number of oil and gas onshore projects across the world is also responsible for the rising demand for leak detection technologies and systems.

Leak detection market for oil & gas in APAC to grow at the highest CAGR during the forecast period

The key factors driving the growth of the market in this region include expansion of existing pipelines and development of new ones, increased incidents of oil and gas leakages in pipelines and storage tanks at production facilities, and formulation of stringent regulations by the governments for the implementation of leak detection technologies and systems in different countries of APAC. In July 2020, China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities worth USD 55.9 billion (391.4 billion yuan). Under the deal, PipeChina, formally known as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants, PetroChina and Sinopec, in return for cash and equity in the pipeline company. Such developments are expected to create attractive growth opportunities for the leak detection market for oil & gas in China.

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Honeywell International Inc. (US), Emerson Electric Co. (US), ABB (Switzerland), KROHNE Group (Germany), PSI Software AG (Germany), Atmos (UK), AVEVA (UK), FLIR Systems Inc. (US), HIMA (Germany), Yokogawa Electric Corporation (Japan), Asel-Tech (Brazil), Bridger Photonics (US), Flyscan Systems Inc. (Canada), Fotech Group Ltd. (UK), Hawk Measurement Systems (Australia), MAGNUM (Germany), MSA Safety (US), OptaSense Ltd. (UK), Simulation Software Ltd. (UK), and TTK (France) are some of the key players operating in the leak detection market for oil & gas.

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This release was published on openPR.