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According to a new report published by Grand View Research, the promising growth prospects of the market are attributed to the evolving government regulations to implement leak detection systems among various end users.
The globe leak detection and repair market size is expected reach US$26.07 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand a CAGR of 4.6% from 2021 to 2028. The growth is due, among other things, to the increasing oil and gas leaks in pipelines and storage tanks as well as the ongoing construction of new pipelines. The increase in oil and gas consumption has increased production activities of oil and gas thereby creating the need for leak detection repair systems.
Today, oil and gas companies are using the power of the Internet of Things for leak detection, remote area monitoring, etc. In the oil and gas industry, IoT technology is being used to monitor pumps, compressors, and motors, and to detect temperature, dynamic pressure, and traces of gas in pipelines deployed. Various companies are striving to provide IoT-based pipeline leak detection services. For example, in November 2020, Siemens announced its partnership with ProFlex Technologies, a provider of leak detection solutions for pipeline operators. This partnership will combine ProFlex’s advanced Pipe-Safe leak detection technology with Siemens’ IoT system to enable operators to reduce the risk of gas leaks.
Government agencies around the world have been making efforts to reduce methane emissions in recent days. The US Environmental Protection Agency (EPA) is making efforts to reduce methane emissions from the oil and natural gas industry as part of the government’s climate protection plan and the Clean Air Act. This strategic plan aims to reduce methane emissions from the oil and gas industry by 40% to 45% by 2025. Methane is a major contributor to global warming and has a potential of more than 25% compared to carbon dioxide. This creates the need for leak detection and repair solutions to control methane leaks from the oil and gas industry.
The COVID-19 pandemic is expected to have a positive impact on the market growth in the coming years. The pandemic has led to increased use of UV leak detection systems to identify leaks in mobile HVAC systems. The pandemic has led to an increased use of car heating systems to disinfect emergency vehicles. This necessitates a leak detector as coolant leaks can put engines at risk of overheating.
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Leak Detection and Repair Market Report Highlights
• Low cost operation, high accuracy and sensitivity in leak detection, environmental concerns related to emissions of harmful greenhouse gases and support from governments and regional associations are among the key growth drivers for the market
• The existence of the largest oil and gas pipeline network and the concentration of major oil and gas exploration and refining companies in North America should provide a high potential market for the deployment of gas leak detection, monitoring and repair systems during the forecast period
• Major American and European oil and gas companies are focused on expanding their presence in the Asia-Pacific region through acquisitions and investments
• Asia-Pacific national oil companies such as Oil and Natural Gas Corporation, China National Offshore Oil Corporation and Petronas are also expanding their operations to take advantage of the region’s fast-growing market
• Technically, VOC analyzers (Volatile Organic Compounds) are in demand because they detect various gases such as propane, methane and carbon dioxide
• North America dominated the market in 2020 due to stringent regulations such as the US Leak Detection Regulations and high adoption of advanced technologies by companies in the region
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Leak Detection and Repair Market Segmentation
Grand View Research has segmented the global leak detection and repair market by product, technology and region:
Leak Detection and Repair Product Outlook (Revenue, $M, 2016-2028)
• Hand throttle detectors
• UAV-based detectors
• Vehicle based detectors
• Detectors for manned aircraft
Leak Detection and Repair Technology Outlook (Revenue, $M, 2016-2028)
• Volatile Organic Compounds (VOC) analyzer.
• Optical Gas Imaging (OGI)
• Laser absorption spectroscopy
• Ambient/mobile leak monitoring
• Acoustic leak detection
• Audiovisual odor test
Regional Leak Detection and Repair Outlook (Revenue, $M, 2016-2028)
• North America
• Great Britain
• Asia Pacific
• Latin America
• Middle East and Africa
List of Major Players in Leak Detection and Repair Market
• Aeris Technologies, Inc.
• IBM Thomas J. Watson Research Center
• Bridger Photonics, Inc.
• LI-COR, Inc.
• Duke University
• Colorado State University
• Palo Alto Research Center
• Maxion Technologies Inc.
• Rebellion photonics
• Physical Sciences Inc.
• Avitas systems
• SeekOps, Inc.
• Ball Aerospace & Technologies Corp.
• Gas Ops Leak Detectives, LLC (GOLD LLC).
• Guideware Systems, LLC.
• Summit Inspections Services, Inc.
• GHD, Inc.
• ERM Group, Inc.
• Guardian Compliant
• ABB Ltd.
• Chicago Bridge & Iron Company NV
• Health Advisor
• ENCOS, Inc.
• Team Inc.
• EHS speed
• Picarro Inc.
• Microdrones GmbH
• Boreal Laser Inc.
• Cairo Aerospace
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