The global Leak Detection and Repair Market size is expected to reach USD 26.07 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 4.6% from 2021 to 2028. The growth can be attributed to the increasing oil and gas leakages in pipelines and storage tanks and the ongoing new pipeline constructions, among others. The rise in oil and gas consumption has increased the production activities of oil and gas and thereby, created the need for leak detection repair systems.
Nowadays, oil and gas companies are leveraging internet of things capabilities for leakage detection, remote area monitoring, and so on. In the oil and gas industry, IoT technology is used for monitoring pumps, compressors, and motors and detecting the temperature, dynamic pressure, and traces of gas in pipelines. Various companies are making efforts to provide internet of things-based pipeline leak detection services. For instance, in November 2020, Siemens announced its partnership with ProFlex Technologies, a provider of leak detection solutions to pipeline operators. Under this partnership, the Pipe-Safe advanced leak detection technology of ProFlex will be combined with Siemen’s IoT system to enable operators to reduce the risk of gas leaks.
Government bodies across the world are making efforts to reduce methane emissions in recent days. The U.S. Environmental Protection Agency (EPA), under the government’s Climate Action Plan and the Clean Air Act, is making efforts to cut down methane emissions from oil and natural gas industries. This strategic plan is aimed toward reducing methane emissions from the oil and gas industry by 40% to 45% by 2025. Methane is the key contributor to global warming, having a potential of more than 25% compared to carbon dioxide. This creates the need for leak detection and repair solutions for controlling methane leakage from oil and gas industries.
The COVID-19 pandemic is anticipated to impact the market growth favorably in the coming years. The pandemic has led to an increase in the use of UV leak detection systems for identifying leaks in mobile HVAC systems. The pandemic has led to an increase in the use of car heating systems to sanitize emergency vehicles. Thios creates the need for a leak detector as coolant leaks can lead to the risk of overheating of engines.
Request a free sample copy or view report summary: Leak Detection And Repair Market Report
Leak Detection And Repair Market Report Highlights
- Low-cost operation, high accuracy, and sensitivity in leak detection, environmental concerns regarding emission of harmful greenhouse gases, and support provided by governments and regional associations are among the primary growth stimulants for the market
- Presence of the largest oil and gas pipeline network and concentration of major oil and gas producing and refining companies in North America are expected to offer a high-potential market for the deployment of gas leak detection, monitoring, and repair systems over the forecast period
- Major American and European oil and gas companies are focusing on increasing their presence in Asia Pacific through acquisitions and investments
- National oil companies in the Asia Pacific region such as Oil and Natural Gas Corporation, China National Offshore Oil Corporation, and Petronas are also expanding their operations to capitalize on the region’s rapidly growing market
- In terms of technology, Volatile Organic Compounds (VOC) analyzers are in demand as they detect various gases such as propane, methane, and carbon dioxide
- North America dominated the market in 2020 owing to the stringent regulations such as Leak Detection Regulations in the U.S. as well as the high adoption of advanced technologies by companies in the region