Leak Detection Market to Grow to USD 4.47 Billion by 2030 at 7.9% CAGR - Leak Detection Technology Forecastg Industry Forecast

According to a new report by Maximize Market Research, the global leak detection market was valued at USD 2.62 billion in 2023 and is projected to reach approximately USD 4.47 billion by 2030, growing at a CAGR of 7.9%. The global leak detection market is forecast to reach USD 4.47 billion by 2030, driven by rising demand in oil & gas infrastructure and stringent environmental regulations.

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♦ Key HighlightsaMarket Size:

Market size & CAGR: USD 2.62 billion in 2023, expected to reach ~USD 4.47 billion by 2030, at a CAGR of 7.9%.

Leading segment by end-user: Oil & Gas segment holds the largest market share in 2023.

Fastest-growing or largest region: Asia Pacific is expected to dominate the market during 2024-2030.

Key drivers/trends: Growth is driven by increased infrastructure for natural gas and petroleum, growing adoption of leak detection & repair (LDAR) systems, and regulatory focus on safety and environmental protection.

Top companies: FLIR Systems, Inc.; ABB; Honeywell International Inc.; Siemens Energy; Pentair.

♦ Market Outlook

The global leak detection market is experiencing robust growth as industries intensify efforts to detect and address leaks that can lead to environmental damage, safety hazards and product loss. The report indicates that the market value in 2023 stood at USD 2.62 billion and is expected to grow to about USD 4.47 billion by 2030 - reflecting a compound annual growth rate (CAGR) of 7.9%.

In terms of technology, segments such as Acoustic/Ultrasonic, E-RTTM (Extended Real-Time Transient Model), Fiber Optic, Mass/Volume Balance, Thermal Imaging, Laser Absorption & LiDAR, and Vapor Sensing are covered in the research. The E-RTTM technology segment is identified as one of the largest by market share in the forecast period.

End-user industry dynamics show that the oil & gas sector holds the largest share in 2023. The need for leak detection in upstream, midstream and downstream operations - including pipelines, processing plants and distribution systems - is boosting demand

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♦ Regional Insights

Regionally, Asia Pacific is expected to hold the largest market share during the forecast period (2024-2030). Growth in natural gas production and infrastructure in countries such as China and India is contributing significantly. For example, Asia Pacific natural gas output reached 888 billion cubic metres in 2022, illustrating the trend.

North America and Europe remain key markets as well, driven by stringent regulatory frameworks, ageing pipeline infrastructure and increasing focus on safety and leak mitigation.

♦ Key Players & Competitive Landscape

Major companies profiled in the report include FLIR Systems, Inc., ABB, Honeywell International Inc., Siemens Energy and Pentair. These players are focusing on technology upgrades, geographic expansion and service portfolio enhancement to maintain competitive advantage.

♦ Quote

"With growing infrastructure build-out in oil & gas, chemical and water sectors, the leak detection market presents a significant growth opportunity," said Jane Doe, Senior Analyst at Maximize Market Research. "Companies that integrate advanced sensing technologies and predictive analytics will be well-positioned to capture this rising demand."

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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