Global Leak Detection and Repair Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- February 18, 2022
- CHEMICAL, NEWS
- Leak Detection and Repair Market Growth, Leak Detection and Repair Market news, Leak Detection and Repair Market share, Leak Detection and Repair Market Size, Leak Detection and Repair Market Trend
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The global Leak Detection and Repair market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 10% during the forecast period (2021-2027).
Leak detection and repair is a work practice that is designed to identify leaking equipment so that emissions can be reduced through repairs. A rise in the demand for operational and safety efficiency among companies, coupled with the increase in the incidents of oil and gas leakages in pipelines and storage tanks at production facilities are some of the prominent factors which are leading to the market growth. As per EPA, approximately 70,367 tons per year of VOCs and 9,357 tons per year of HAPs have been emitted from equipment leaks.
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The global oil and gas exploration and production sector make up a large portion of the global economy, and the growth of this industry is only expected to increase in the future. Leaks of oil and gas are most common in the upstream, midstream, and downstream stages. Globally, oil and gas exploration and production operations have increased as a result of expanding global oil and gas consumption. It is forecasted that OPEC crude oil production will average 32.11 million b/d in 2021 and 34.15 million b/d in 2022.According to the US Pipeline and Hazardous Materials Safety Administration (PHMSA), pipeline leaks generated approximately USD7.7 billion in losses between January 2005 and June 2020. Approximately 83% of these losses were compensated by the industry, while the remaining 17% were covered by the general public.
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Renewable energy often referred to as clean energy, comes from natural sources or processes that are constantly replenished. The demand for energy across the globe is enormous and natural sources would be comprising a majority share in renewable energy. Therefore, to meet the growing demand of consumers investment in renewable energy across the world is increasing to reduce carbon emissions with cheaper technology and economies of scale which in turn is driving the demand for the leak detection and repair system. For instance, the global investment in renewable energy capacity reached more than USD 282 billion in 2019. This was more than USD 213 billion renewable energy investments made throughout the world in 2010. Therefore, increasing developments in natural gas and petroleum infrastructure worldwide are also expected to drive market growth.
The demand for Leak Detection and Repairs witnessed an adverse impact during the COVID-19 pandemic. Nationwide lockdown, border closures, and the half in the industrial sector acted as a market growth hinder during the pandemic. the International Energy Agency projected that oil and gas revenues for several key producers will fall by between 50 to 85% in 2020, compared with 2019. Also, global oil and natural gas production reduced by 6.9% and 3.3% respectively in 2020 as compared to 2019.
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Based on the component, the market is fragmented into Services and Equipment. The services segment grabbed the major market share and dominated the market in 2020. The market of this segment would reach USD XX Mn by 2027. The key factors attributed to the growing market of this share are the growth in the industrial sector, emerging oil and gas industry coupled with the government regulation to limit greenhouse glasshouse, the equipment segment would witness the XX% CAGR during the forthcoming years.
Based on the product, the market is fragmented into Handheld Gas Detectors, UAV-Based Detectors, Vehicle-based Detectors, Manned Aircraft Detectors. The Handheld Gas Detectors segment grabbed XX% market share in 2020 and captured USD XX Mn the market. The demand is emerging from the oil and gas companies due to the lightweight and portable structure, Moreover, properties such as fast and reliable detection, compact and ease of use are also gaining end-users traction. However, the UAV-Based Detectors would witness the highest CAGR during the frothing years.
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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. The increasing popularity of renewable energy coupled with the encouragement by the government for the use of renewable sources in the region is adding to the pace of the market growth leading to a dramatic increase in biofuels production in North America.
Global Leak Detection and Repair Market Segmentation
Market Insight, by Component
Market Insight, by Product
- Handheld Gas Detectors
- UAV-Based Detectors
- Vehicle-based Detectors
- Manned Aircraft Detectors
Market Insight, by Technology
- Volatile Organic Compounds Analyzer
- Optical Gas Imaging
- Laser Absorption Spectroscopy
- Ambient/Mobile Leak Monitoring
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Aeris Technologies, Inc.
- Bridger Photonics, Inc.
- LI-COR, Inc.
- ABB Ltd.
- Palo Alto Research Center
- Maxion Technologies, Inc.
- Rebellion Photonics
- Physical Sciences, Inc.
- Avitas Systems