According to the new market research report “Leak Detection Market for Oil & Gas by Technology (Acoustic, E-RTTM, Cable Based, Mass/Volume Balance, Laser Absorption and LIDAR, Vapour Sensing, Thermal Imaging), and Region – Global Forecast to 2022”, published by MarketsandMarkets, the market for oil and gas is expected to be valued at $3.38 billion by 2022, growing at a CAGR of 6.9% between 2016 and 2022.
The company says that 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 acoustic/ultrasonic technology is expected to lead the leak detection market for oil and gas between 2016 and 2022. 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 market for the E-RTTM technology is expected to grow at a high rate between 2016 and 2022 as it can detect small leakages. It provides more accurate results and leak locations in fractions of time. E-RTTM is one of the most widely used technologies incorporated in leak detection systems.
North America is investing significantly in oil and gas pipeline projects to cater to the growing demand for oil and gas. The US is the leading country in terms of oil production and consumption, and has the largest network of oil and gas pipelines. In 2015, the US produced 767.3 billion cubic meters of natural gas and 12,703.55 thousand barrels of oil per day, according to the British Petroleum data. In North America, several pipeline construction projects have been awarded for the supply of oil to the refinery and petrochemical industries. The US government has mandated stringent regulations pertaining to the implementation of leak detection systems for ensuring pipeline safety and mitigating the rising environmental concerns; this has boosted the demand for demand for leak detection systems for oil and gas. In addition, the increasing incidents of leakages in the oil and gas pipelines are contributing to the growth of the market in North America.
According to MarketsandMarkets, the major players in the leak detection market for oil and gas include Honeywell, PSI, Siemens, FLIR Systems, KROHNE Messtechnik, Schneider Electric, Synodon, Atmos International, Clampon, TTK-Leak Detection System, Pentair, Pure Technologies, Perma-Pipe, Sensit Technologies and Bridger Photonics.