Press release
Global Leak Detection And Repair Market to Reach $26.52 Billion by 2029, Growing at 6.1% CAGR
Leak Detection And Repair Market
The leak detection and repair market is projected to expand due to the escalating activities in exploration and production for the oil and gas sector. These activities in the oil and gas sector pertain to the procedures associated with locating and extracting hydrocarbons, such as oil and natural gas, from the earth's crust. These exploration and production undertakings can contribute to the leak detection and repair (LDAR) market in numerous ways, primarily in solving environmental and operational issues linked with hydrocarbon extraction. As reported in a survey by S&P Global, a publicly listed company in the US, in March 2022, there was a significant increase in production, capital spending, employment, and overall operation expenses in the first quarter of 2022 in the oil and gas exploration industry. Furthermore, nearly 52% of participants stated that oil production had increased along with a 47% rise in natural gas production in the 2022 quarter. Consequently, the surge in exploration and production initiatives in the oil and gas sector is fuelling the growth of the leak detection and repair market.
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What is the projected compound annual growth rate (CAGR) of the leak detection and repair market from 2025 to 2034, and what factors influence it?
The market for leak detection and repair has seen significant growth in recent years. The prediction is that it will expand from $19.85 billion in 2024 to $20.97 billion in 2025 with a compound annual growth rate (CAGR) of 5.7%. The historical growth of this market is linked to the broader use of leak detection and repair (IDAR) systems, increased investments in the oil and gas exploration sectors in emerging nations, and overall economic development.
In the coming years, the market size for leak detection and repair is predicted to experience robust growth. By 2029, it is expected to reach $26.52 billion, reflecting a compound annual growth rate (CAGR) of 6.0%. The escalated usage of leak detection and repair (IDAR) systems, an upswing in investment in oil and gas exploration in emerging economies, and economic progress contribute to the projected growth during the forecast period. Key trends within the forecast period encapsulate a rise in leak detection and repair (IDAR) systems usage, a surge in investment in oil and gas exploration in developing nations, alongside economic advancement.
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What new trends are reshaping the leak detection and repair market and its opportunities?
The surge in technological developments is an emerging trend in the leak detection and repair industry. Many corporations are debuting new products with modern technologies to improve the customer experience. For example, in March 2022, Bitspower, a company based in Taiwan that supplies water-cooling equipment, introduced the Bitspower Digital Leak Detector. This handheld gadget allows users who are enthusiasts of water-cooling to detect leaks swiftly and accurately. It comes with a digital pressure gauge, a built-in, manually operated air pump for system pressurization, and a rotatable male 1/4 connector for easy connection to a port of a water-cooling system.
What are the major segments of the leak detection and repair market and their role in driving growth?
The leak detection and repair market covered in this report is segmented -
1) By Component: Equipment, Services
2) By Product: Handheld Gas Detectors, UAV-Based Detectors, Vehicle-based Detectors, Manned Aircraft Detectors
3) By Technology: Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging (OGI), Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, Audio-Visual-Olfactory Inspection
Subsegments:
1) By Equipment: Leak Detection Sensors, Infrared Cameras, Acoustic Leak Detectors, Pressure Testing Equipment, Smoke or Tracer Gas Equipment
2) By Services: Inspection and Monitoring Services, Maintenance and Repair Services, Consulting Services, Emergency Response Services
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Which regions are key players in the growth of the leak detection and repair market?
North America was the largest region in the leak detection and repair market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the leak detection and repair market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the leak detection and repair market?
Major companies operating in the leak detection and repair market include Honeywell, AECOM, Ball Corporation, Advisian, LI-COR, Inc., Physical Sciences, Inc., ABB Ltd, Bridger Photonics, Inc., Boreal Laser Inc., Picarro Inc., Thomson & Thomson, Hermann Sewerin Gmbh, Spectrum Technologies, General Oceanics Inc., Ningbo Kingdun Electronic Industry Co.,Ltd, Microdrones, Aliaxis, Psi Software Ag, Hima, Ion Science Ltd, Gasera Ltd, Geotech-Logis Group Of Companies, Rosgeo, Tng-Group Gazprom Georesource, Gf Instruments Sro, Get S.R.O., Dias Airborne, Dod Technologies Inc, Butler Plumbing Heating & Gasfitting Ltd, Canadian Leak Detection Of Toronto, Bertin Instruments, Teledyne Gas And Flame Detection, Control Instruments Corporation, Cer*ex Monitoring Solutions, Llc., Msa Safety, Aegea, Takadu, Krohne, Aerzener Maschinenfabrik Gmbh, Ametek Process Instruments, Labconco Corporation, Envea, Qed Environmental Systems, Dilo Armaturen Und Anlagen Gmbh, Perma-Pipe, Inc., Leak Detection Pros East Rand, Centmark - Gas Detection Specialists, National Leak Detection
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What Is Covered In The Leak Detection And Repair Global Market Report?
• Market Size Forecast: Examine the leak detection and repair market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the leak detection and repair market for a structured understanding.
• Key Players Overview: Analyze major players in the leak detection and repair market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the leak detection and repair market.
• Segment Contributions: Evaluate how different segments drive overall growth in the leak detection and repair market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the leak detection and repair market.
• Industry Challenges: Identify potential risks and obstacles affecting the leak detection and repair market.
• Competitive Landscape: Review strategic developments in the leak detection and repair market, including expansions, agreements, and new product launches.
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