LONDON, March 10, 2016 /PRNewswire/ -- Leak detection is the system which is used to detect leaks in the pipelines and assist the pipeline controllers in identifying the leaks. Leak detection system provides an alarm when there is a leak in the pipeline and display the other related information to the pipeline controllers, in order help in decision making. The leak detection market for oil & gas is expected to witness considerable growth in the near future due to increasing demand of oil & gas throughout the globe.
Key driving factors for the growth of the leak detection market for oil & gas is increasing number of oil & gas leakages at production, pipelines and storage tanks due to natural disasters and high pressures, increased government regulations for safety & security, expansion and up gradation of exploration, drilling sites, pipelines and refineries. However, some of the restraining factors for the growth of the leak detection market include cost for few technologies of leak detection systems such as enhanced real time transient model (E-RTTM). Rise in demand for oil & gas exploration and production around the world, increasing fuel consumption and environmental concerns are the key opportunities for leak detection market for oil & gas.
The leak detection market report analyzes the market by type, technology and geography. The leak detection market for oil & gas has been segmented based on technology into pressure wave technology, E-RTTM, fiber optic sensing cables, vapor sensing tubes, mass-volume balance method and others. Currently, negative pressure wave technology has a large market share and the trend is expected to continue during the forecast period. Moreover, the market for E-RTTM technology is expected to grow at a high CAGR of 8.3% between 2015 and 2020.
The report also provides the geographic view for major regions—North America, South & Central America, Europe, Asia-Pacific (APAC), Middle East and Africa. This report covers the drivers, restraints, opportunities and challenges of leak detection market for oil & gas. North America is the largest market for leak detection and is also expected to grow at the highest CAGR between 2015 and 2020. Major players involved in this market are Honeywell International Inc. (U.S.), PSI AG (Germany), Perma-Pipe Inc. (U.S.), Atmos International (U.K.), TTK (France), ClampOn AS (Norway), Pentair Ltd. (U.K.), Pure Technologies Ltd. (Canada), Siemens Ag. (Germany), Krohne Group (Germany), and Schneider Electric S.E. (France).
- Leak detection market for oil & gas is expected to grow at a CAGR of 7.1% between 2015 and 2020.
- This report includes the market statistics pertaining to type, technology, and geography along with their respective revenues.
- The Porter's five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the leak detection market for oil & gas.
- Major drivers, restraints, opportunities, and challenges for the leak detection market for oil & gas have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the markets based on type, technology, and geography have been conducted to give an overall view of the leak detection market for oil & gas.
- A detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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