Increasing oil & gas exploration activities are driving the growth in global oil & gas pipeline leak detection market in the forecast period.
According to TechSci Research report, “Oil & Gas Pipeline Leak Detection Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026”, the global oil & gas pipeline leak detection market stood at USD2401.32 million in 2020 and is expected to grow at a CAGR of 10.21% in the forecast period on account of increasing network of pipelines in the oil & gas industry.
Due to the sheer consequences of oil and gas pipeline leaks, governments in major countries have enacted rules and legislation requiring the maintenance and deployment of leak detection systems. The Pipeline and Hazardous Materials Safety Administration (PHMSA) recently published a rule to enhance hazardous liquid pipeline restrictions. It established new compliance criteria for system operators and owners with the goal of maintaining pipe integrity and preventing leaks. The increase in incidences of leakage in oil & gas pipelines and storage tank production facilities might be attributed to the expansion of the oil & gas pipeline leak detection market. Other reasons such as the expansion and rehabilitation of current channels as well as the building of new channels around the world and government rules requiring the implementation of leak detection systems help to drive the demand even higher.
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The global oil & gas pipeline leak detection market is segmented on the basis of type, internal v/s external, internal leak detection method, external leak detection method, application, end use, competitional landscape, and regional distribution. Based on type, the market is further fragmented into Upstream, Midstream and Downstream. The midstream segment is expected to register the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of the usage of leak detection systems in the midstream segment. The processing, transportation, and storage of crude oil and natural gas are all part of the midstream section of the oil and gas industry. The oil and gas industry's midstream activities are seen as a low-risk, highly regulated sector. The pipelines and gathering or transmission infrastructure that transport gas from the well (upstream) to homes and businesses are operated by midstream corporations (downstream). Midstream operations also treat the commodity, remove water or trash, compress it, and prepare it for downstream markets.
Based on Internal Leak Detection Method, the market is segmented into Mass Volume Balance, Negative Pressure Wave, Pressure Point Analysis and Real Time Transient Monitoring (RTTM). Real Time Transient Monitoring (RTTM) is expected to register the largest revenue shares and assert its dominance over the market in the upcoming five years. Expansion of existing pipelines and development of new ones are driving market growth, increased incidents of oil and gas leakages in pipelines and storage tanks at production facilities and the formulation of stringent regulations by governments for the implementation of leak detection technologies and systems around the world are driving the growth of the market.
Key market players in the Oil & Gas Pipeline Leak Detection Market include:
- Honeywell International, Inc.
- Atmos International Inc.
- Siemens AG
- FLIR Systems Inc.
- Schneider Electric SA
- Bridger Photonics Inc.
- ClampOn AS, Pentair PLC
- Pure Technologies Ltd.
- Ttk-Leak Detection System
- Yokogawa Electric Corporation
Honeywell International Inc., headquartered in Charlotte, North Carolina, is an American publicly traded multinational conglomerate corporation. Aerospace, building technologies, performance materials and technologies, and safety and productivity solutions are the four main areas of business for the company. The company is one of the largest providers of the oil & gas pipeline leak detection systems. They are recently launching innovative and technologically advanced products that is further promoting their brand value.
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“North America region is anticipated to hold the largest revenue shares of the market and dominate the segment in the upcoming five years on the account of rapidly increasing oil & gas exploration activities in the region. America’s oil and natural gas industry supports 10.3 million jobs in the United States and nearly 8% of the nation’s GDP. Moreover, oil prices have reached their greatest levels in six years, and the oil and gas industry has returned strongly during 2021. APAC is expected to register significant growth due to the expanding network of gas pipelines across the region. Furthermore, increasing investments in the Asia Pacific region is expected to drive the market for leak detection systems in the region. Moreover, technological advancements in the leak detection systems may influence the growth of the global oil & gas pipeline leak detection market in the upcoming five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Oil & Gas Pipeline Leak Detection Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Type (Brass Oil & Gas Leak Detection, Steel Oil & Gas Leak Detection), By Application (Vertical Alignment of Walls, Doorjamb, Lining up Points, Wallpapering), By Part (Pointed End, Weight, Hole for String, String), By End User (Residential, Commercial, Industrial), By Region”, has evaluated the future growth potential of global oil & gas pipeline leak detection and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global oil & gas pipeline leak detection market.
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