Albany, NY -- (SBWIRE) -- 09/27/2017 -- A few large companies that dominate the global oil and gas pipeline leak detection equipment market features a highly consolidated vendor landscape, says Transparency Market Research (TMR) in a new report. Honeywell International Inc., Schneider Electric SE, and Siemens AG are the torchbearers with these companies holding 35% of the market in 2015.
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"Top players in the market are strategizing for acquisitions and divestments for sustainable business growth," says TMR's lead analyst. Siemens AG, for example, acquired Rolls-Royce's Energy compressor and aero-derivatives gas turbines business in 2014 to fill a technological gap in its own gas turbine portfolio.
Leveraging core strengths and focus on expansion of oil and gas sector is another popular growth strategy adopted by companies in this market. For instance, Honeywell International recently bagged a contract for the Trans-Anatolian Gas Pipeline because of its expertise in integrated control and safety systems.
TMR estimates the global oil and gas pipeline leak detection equipment market to be worth US$3.65 bn by 2024 increasing from US$2.02 bn in 2015 at a CAGR of 6.8% between 2016 and 2024.
In terms of technology, mass-volume balance is the leading segment with the segment anticipated to hold 37.4% of the market by the end of 2024.
North America is currently the leading regional market in the global oil and gas pipeline leak detection market. However, the Middle East and Africa is expected to display a significant CAGR over the forecast period.
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Business Implications of Rising Environmental Considerations Fuel Growth
Environmental concerns and policies regarding pipeline leakages is the prime factor driving the global oil and gas pipeline leak detection equipment market. This is because past incidents of pipeline leakage have been detrimental to the extent that it has wiped off complete flora and fauna of the leak site. Obligations on part of pipeline operators after a leak has happened is another important factor driving this market. Pipeline operators not only suffer business losses and but also need to pay high compensations to affected bodies.
Volatile Oil Prices Hinder Growth
Proving to be a hindrance to the growth of oil and gas leak detection equipment market is volatile oil prices that hamper execution of new pipeline projects. Generally, new pipeline projects are planned are put under construction if only oil prices are high enough for the project to be profitable. However, unforeseen changes in oil prices such as the recent drop in oil prices in 2015, has proved to be detrimental with considerable cut short in pipeline length for new as well as under-construction pipelines.
Nevertheless, the global oil and gas pipeline leak detection equipment market is expected to be benefitted from growth opportunities that are expected to come to the fore. Pipeline projects planned in 2015 that would be more than 100,000 miles of pipelines is expected to present new opportunities to the global oil and gas pipeline leak detection equipment market. Furthermore, technological advances in pipeline leak detection systems that is aimed to improve the integrity of pipelines with fewer accidents and low downtime will benefit the growth of this market.
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The information presented in this review is based on the findings of a report by Transparency Market Research report, titled "Oil and Gas Pipeline Leak Detection Equipment Market (Technology - Mass-Volume Balance, Acoustic/Ultrasonic, Fiber Optics, and Vapor Sensing; Location - Onshore and Offshore; Equipment Type - Flowmeters, Acoustic Sensors, and Cable Sensors) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."