Press release
Oil and Gas Pipeline Leak Detection Equipment Market Key Growth Factors and Industry Analysis 2016 – 2024
The torchbearers in the global oil and gas pipeline leak detection equipment market are leveraging their core business strengths in this highly competitive market. They are also focused on acquisitions to augment their technological strengths in a bid to develop new products. Expansion of product portfolio is another popular growth strategy adopted by key players for increased market share.
This 175-page report gives readers a comprehensive overview of the Oil and Gas Pipeline Leak Detection Equipment market. Browse through 24 data tables and 76 figures to unlock the hidden opportunities in this market. http://www.transparencymarketresearch.com/oil-gas-pipeline-leak-detection-equipment-market.html
Some of the key growth drivers in the global oil and gas pipeline leak detection equipment market are stringent environmental rules regarding handling oil and gas, policies regarding pipeline leakages and obligations on part of pipeline operators to compensate for a leak. The growth of oil and gas pipeline leak detection equipment market can also be attributed to aging pipeline, large number of planned projects for pipeline construction, and increasing number of incidents of pipeline leakages.
As per a report by Transparency Market Research, the global oil and gas pipeline leak detection equipment market to expected to expand at a CAGR of 6.8% for the forecast period between 2016 and 2024. Progressing at this rate, the revenue of the market is projected to be become US$3.65 bn by 2024 increasing from US$2.02 bn in 2015.
Acoustic/ultrasonic Technology Segment to emerge at fore due to Economic Reliability
In terms of technology, the oil and gas pipeline leak detection equipment market is segmented into mass-volume balance, fiber optics, acoustic/ultrasonic, vapor sensing, and others. The segment of mass-volume balance, among these, held the leading share of 39.3% of the overall market in 2015. On the other hand, the segment of acoustic/ultrasonic is expected to expand at a significant CAGR over the forecast period due to economic reliability of the technology.
Based on location, the oil and gas pipeline leak detection equipment market is divided into onshore and offshore. Between the two, onshore led the global oil and gas pipeline leak detection equipment market in 2015 and is predicted to account for a significant share over the forecast period.
On the basis of equipment type, flowmeters, cable sensors, acoustic sensors, and others are the segments into which the global oil and gas pipeline leak detection equipment market is divided. Among these, the segment of flowmeters held a significant share in the oil and gas pipeline leak detection equipment market in 2015 and is expected to hold a sizable share over the forecast period.
Get accurate market forecast and analysis on the Oil and Gas Pipeline Leak Detection Equipment market. Request a sample to stay abreast on the key trends impacting this market @ http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=26594
Planned Pipeline Construction Projects Power Growth in Middle East and Africa
The regional segments into which the global oil and gas pipeline leak detection equipment market is segmented are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is a key regional market due to an extensive network of pipelines in the region. North America contributed the leading revenue of 40% to the overall market in 2015, of which the U.S. stood as the leading contributor.
Europe followed North America in terms of market share in the global market in 2015. However, the regional market of Middle East and Africa is predicted to expand at a rapid pace during the forecast period and display an increased market share between 2015 and 2024. The growth of the Middle East and Africa oil and gas pipeline leak detection equipment market is due to a large number of planned projects for pipeline construction.
The key players in the global oil and gas pipeline leak detection equipment market profiled in this study are Siemens AG, KROHNE Messtechnik GmbH, Schneider Electric SE, Perma-Pipe Inc., FLIR Systems Inc., TTK-Liquid Leak Detection Systems, PSI AG, Honeywell International Inc., ATMOS International, Pentair Thermal Management, Pure Technologies Ltd., and AREVA NP.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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