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Gas and Oil Pipeline Leak Detector Market Size, Share & Outlook 2024-2033
Gas and Oil Pipeline Leak Detector Market Size
According to The Business Research Company's, The gas and oil pipeline leak detector market size has grown strongly in recent years. It will grow from $2.95 billion in 2023 to $3.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to economic factors, industry consolidation, incident responses, regulatory evolution, infrastructure development, initial technology adoption..
The gas and oil pipeline leak detector market size is expected to see strongly grown in the next few years. It will grow to $3.76 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to market expansion, emerging economies, investment in r&d, stricter regulations, focus on preventive maintenance, environmental priorities.. Major trends in the forecast period include regulatory compliance, environmental concerns, increasing pipeline networks, cost of pipeline failures, geopolitical factors..
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Market Drivers and Trends:
The rise in global energy consumption is expected to propel the growth of the oil and gas pipeline leak detector market going forward. Energy consumption refers to the amount of energy used or consumed by individuals, organizations, or countries for various purposes. Oil and gas pipeline leak detectors detect leaks early and accurately and help prevent the loss of valuable oil and gas resources. Minimizing leaks ensures that the energy transported through the pipelines reaches its intended destination without losses. For instance, according to the Energy Information Administration (EIA), a US-based government agency, in 2022, the primary energy consumption in the United States was 100.4 quadrillion British thermal units (quads), which represented a 3% increase from the previous year. Fossil fuels accounted for 79% of the total consumption, with petroleum being the primary source of energy, followed by natural gas and coal. Therefore, the rise in global energy consumption is driving the growth of the oil and gas pipeline leak detector market.
Technological advancements are the key trend gaining popularity in the oil and gas pipeline leak detector market. Major companies operating in the oil and gas pipeline leak detector market are focused on developing innovative products to strengthen their position in the market. For instance, in November 2022, Hawk Measurement Systems, a US-based manufacturer that develops level measurement and flows in a pipeline, launched Praetorian System for continuous real-time monitoring of oil and gas pipeline infrastructure. Fiber Optic Sensing (FOS) technology is used in HAWK's Praetorian System, in which Fiber Optic Cable is put along the pipeline and detects changes in sound, stress, temperature, or vibration, allowing the system to cross-reference and delete spurious signals and uses temperature as well as vibration (multi-variable sensing) to positively identify the leak.
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Major Key Players of the Market:
Schneider Electric SE; Synodon Inc.; Siemens AG; Teledyne FLIR LLC; Atmos International Ltd.; ClampOn AS; TTK Leak Detection System; Honeywell International Inc.; Pentair plc; PSI AG; Krohne Messtechnik GmbH; Pure Technologies Ltd.; Perma-pipe Inc.; Laser Diagnostic Instruments AS; Arjay Engineering; Asel-Tech Inc.; Yokogawa International Inc.; Areva S.A.; ABB Ltd.; Bridger Photonics Inc.; Yokogawa Electric Corp.; Tenaris Inc.; Mott Macdonald Group Ltd.; Nippon Steel Corporation; ChelPipe Group; British Petroleum plc; Qatar Jet Fuel Company; Bharat Petroleum Corp. Ltd.; Gazprom Neft PJSC; Primoris Services Corporation
Gas And Oil Pipeline Leak Detector Market 2024 Key Insights:
• The gas and oil pipeline leak detector market size will grow to $3.76 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Increasing Global Energy Demand Drives Oil And Gas Pipeline Leak Detector Market
• Revolutionizing Pipeline Monitoring With Introduction Of Praetorian System With Fiber Optic Sensing Technology
• North America was the largest region in the oil and gas pipeline leak detector market in 2023
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