Leak Detection Market for Oil & Gas Growing at a CAGR of 6.9% During 2016 to 2022

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10 Feb, 2017, 19:30 IST

PUNE, India, February 10, 2017 /PRNewswire/ --

The leak detection market for oil and gas was valued at 2.10 billion in 2015 and is expected to reach USD 3.38 billion by 2022, at a CAGR of 6.9% between 2016 and 2022 while Acoustic/ultrasonic expected to dominate the leak detection market between 2016 and 2022. 

Browse 71 tables and 75 figures, 15 Company profiles spread across 178 pages available at http://www.reportsnreports.com/reports/432110-leak-detection-market-for-oil-gas-by-technology-negative-pressure-wave-e-rttm-fiber-optic-cables-vpor-sensing-tubes-mass-volume-balance-method-and-others-by-type-upstream-midstream-and-downstream-and-region.html .

The growth of this market can be attributed to the increasing incidents of leakages in the oil and gas pipelines and storage tanks at production facilities, development and expansion of existing pipelines and construction of new pipelines, and stringent government regulations pertaining to the implementation of leak detection systems.

The market for the E-RTTM technology is expected to grow at a high rate between 2016 and 2022. This technology provides accurate data on the location of a leakage in a pipeline. The advantages of this technology include its ability to detect small leaks, identify the size of the leakages accurately, and model all dynamic fluid characteristics (flow, pressure, temperature). Moreover, the time it takes to detect of leakages is negligible.

The demand for the acoustic/ultrasonic technology is high because it is cost-effective. The acoustic/ultrasonic technology-based leak detection systems are widely used in single-phase and multi-phase flow pipelines, owing to their advantages such as quick leak detection capabilities, suitable for leak detection in large pipelines, and require simplified sensor and software set up with minimal calibration.

The major players operating in the leak detection market for oil and gas include Honeywell International Inc. (U.S.), PSI AG (Germany), Siemens AG (Germany), FLIR Systems Inc. (the U.S.), and KROHNE Messtechnik (Germany), Schneider Electric SE. (France), Synodon Inc. (Canada), Atmos International (U.K.), Clampon AS (Norway), TTK-Leak Detection Systems (France), Pentair PLC (U.K.), Pure Technologies Ltd. (Canada), Perma-Pipe Inc. (U.S.), Sensit Technologies LLC (U.S.), and Bridger Photonic Inc. (U.S.). Order a copy of Leak Detection Market for Oil & Gas by Technology (Acoustic, E-RTTM, Cable Based, Mass/Volume Balance, Laser Absorption and LIDAR, Vapor Sensing, Thermal Imaging), and Region - Global Forecast to 2022 research report at http://www.reportsnreports.com/purchase.aspx?name=432110 .

The leak detection market for oil and gas in APAC is expected to grow at a highest rate between 2016 and 2022. Factors such as increased oil and gas consumption in APAC and rising oil and gas pipeline construction activities in the developing countries such as China and India, among others, are propelling the growth of the leak detection market for oil and gas in this region.

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