Press release
Leak Detection And Repair Market Poised to Hit $26.32 Billion by 2029 with Accelerating Growth Trends
Leak Detection And Repair
Leak Detection And Repair Market Size Growth Forecast: What to Expect by 2025?
The market for leak detection and repair has experienced substantial growth in recent years. The market value is projected to rise from $19.85 billion in 2024 to $20.89 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.3%. The historical growth can be credited to the increased usage of leak detection and repair (IDAR) systems, amplified investments in oil and gas exploration in developing nations, and economic expansion.
How Will the Leak Detection And Repair Market Size Evolve and Grow by 2029?
In the upcoming years, the market size for leak detection and repair is set to experience substantial growth. Forecasts predict it will reach $26.32 billion by 2029, sustaining a compound annual growth rate (CAGR) of 5.9%. Reasons contributing to this growth during the forecasted period include a rise in the utilization of leak detection and repair (IDAR) systems, amplified investment in oil and gas exploration in evolving countries, and overall economic expansion. The forecast period is also expected to observe key trends like enhanced usage of IDAR systems, augmented investment in oil and gas exploration in developing nations, and economic acceleration.
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What Drivers Are Propelling the Growth of Leak Detection And Repair Market Forward?
The escalating activities in exploration and production of oil and gas are anticipated to fuel the expansion of the leak detection and repair market. The term 'exploration and production' (E&P) in the oil and gas industry pertains to the procedures needed for finding and retrieving hydrocarbons, such as gas and oil, from beneath the Earth's surface. These E&P activities for oil and gas could spark multiple benefits for the leak detection and repair (LDAR) market, primarily in managing the environmental and operational hurdles linked with the extraction of hydrocarbons. As an example, in March 2022, a survey report issued by S&P Global, a publicly listed corporation in the US, showed a significant surge in production, capital expenditure, employment, and total operating costs in the oil and gas exploration field in the first quarter. Furthermore, approximately 52% of surveyed participants noted an upswing in oil production, whilst 47% reported an increase in natural gas production throughout the first quarter of 2022. Consequently, the growth of the leak detection and repair market is being spurred by the escalating activities in exploration and production of oil and gas.
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Which Emerging Trends Are Transforming the Leak Detection And Repair Market in 2025?
The emergence of technological innovation is a prevalent trend that's rising in the leak detection and repair market. Numerous businesses are debuting new offerings with innovative technology to enhance customer experience. For example, Bitspower, a firm based in Taiwan that offers water-cooling equipment, in March 2022, introduced the Bitspower Digital Leak Detector. This portable gadget enables enthusiasts of water-cooling to identify leaks promptly and precisely. It comes with a digital pressure indicator and a built-in, manually operated air pump to apply pressure to the system. The device's rotatable male 1/4 connector allows for easy connection directly to a water-cooling system's port.
What Are the Key Segments in the Leak Detection And Repair Market?
The leak detection and repairmarket 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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Who Are the Key Players Shaping the Leak Detection And Repair Market's Competitive Landscape?
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, C 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
What Geographic Markets Are Powering Growth in 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.
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