The top factor driving the growth of the leak detection market is the increasing incidents of oil and gas leaks in pipelines and in storage tanks at production units.
San Francisco, CA -- (SBWIRE) -- 04/07/2020 -- Leak Detection Market: Overview
Pipeline leak detection is used to find the site of leak in pipeline networks that are used for transportation of gases, oils, and other fluid products. Pipeline networks need to fulfill safety standard as they are used for long-distance transport of flammable commodities.
Leak detection systems (LDS) are primarily installed to assist pipeline authorities detect and localize leaks. Pipeline leak detection systems also benefit in terms of enhancing productivity and system reliability mainly due to fewer incidence of system breakdown and reduced inspection time.
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Leak Detection Market: Key Trends
The top factor driving the growth of the leak detection market is the increasing incidents of oil and gas leaks in pipelines and in storage tanks at production units. This has necessitated the deployment of reliable leak detection system for protection against fire hazards that can lead to loss of life or property. Furthermore, expansion of existing pipelines for increased downstream oil and gas handling capacity and stringent government regulations in place for oil and gas production facilities to be equipped with leak detection systems is bolstering the market's growth.
The expeditious growth of the oil and gas sector to fulfill the ever-increasing energy needs is also fueling the market's growth. This is because the escalating demand for energy have led to the construction of new oil and gas pipelines for downstream operations that are equipped with leak detection systems for safety reasons.
Corrosion of pipelines and failure of pipeline material for handling oil and gas flow are the major causes of leakage in oil and gas pipelines. This has necessitated the deployment of proper leak detection systems for protection against accidents and blow-ups.
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Leak Detection Market: Market Potential
In oil and gas production operations, use of technology has been instrumental for improving efficiency translating into economic benefits. The use of cloud computing is the next big thing that has not been advantageous for improved operational efficiency but also for improved safety.
In a breakthrough development, ABB Ability mobile gas leak detection developed by ABB detects leaks in no time and shares data via the cloud. The system that is based on ABB's Off-Axis Integrated Cavity Output Spectroscopy- the company's patented technology, improves pipeline integrity for protection against blow-ups and accidents.
Leak Detection Market: Regional Outlook
North America stood as the leading regional leak detection market for oil and gas in the recent past. The expansion of oil and gas production capacities in the U.S. and Canada has led to the development of pipeline infrastructure in North America, which in turn, has boosted the growth of the market for leak detection for oil and gas in the region. Stringent governmental mandates in the U.S. that necessitate oil and gas pipelines to be equipped with leak detection systems is propelling the growth of North America leak detection market.
The Middle East and Africa is also a significant regional market for leak detection for oil and gas due to the extensive network of oil and gas pipelines for downstream demand.
Leak Detection Market: Competitive Landscape
Some of the key players that operate in the global leak detection market include Honeywell International Inc., Siemens AG, KROHNE Messtechnik GmbH, Synodon Inc., Clampon AS, Pentair PLC, Perma-Pipe Inc., Bridger Photonics Inc., PSI AG, FLIR Systems Inc., Schneider Electric SE, Atmos International, TTK-Leak Detection System, Pure Technologies Ltd., and Sensit Technologies LLC.
Top players in the market are engaged in agreements, strategic alliances, and partnerships to provide value-added services and stay competitive in the market.
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