Global Leak Detection and Repair (LDAR) Market Size on Route to $27.48 Billion by 2030, CAGR of 4.77% | Detecting a Greener Future

New York, NY, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Leak Detection And Repair (LDAR) Market By Component (Services And Equipment), By Technology (Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging (OGI), Mobile Leak Monitoring, Laser Absorption Spectroscopy, Acoustic Leak Detection, And Audio-Visual-Olfactory Inspection), By Product (Handheld Gas Detectors, Vehicle-Based Detectors, UAV-Based Detectors, And Manned Aircraft Detectors), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Leak Detection and Repair (LDAR) Market size & share in terms of revenue was valued at USD 18.97 billion in 2022 and it is expected to surpass around USD 27.48 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.77% during the forecast period 2023 to 2030.”

What is Leak Detection and Repair (LDAR)? How big is the Leak Detection and Repair (LDAR) Industry?

Report Overview:

The global leak detection and repair (LDAR) market size was evaluated at $18.97 billion in 2022 and is slated to hit $27.48 billion by the end of 2030 with a CAGR of nearly 4.77% between 2023 and 2030.

Leak Detection and Repair, often known as LDAR, is a type of system that can be used to repair various components, including pumps, agitators, connectors, valves, and compressors. Because of this, dangerous air pollutants and volatile organic compound emissions will be cut down, which will aid the environment. In addition to this, LDAR instruments contribute to a safer and more productive workplace by helping to cut down on the number of incidents that occur in the oil and gas and petroleum industries. A rise in the extraction of natural gas and petroleum from reservoirs is associated with an increased risk of leakage. As a result, the demand for leak detection and repair systems in the chemical and specialty chemicals industry has skyrocketed as a direct result of this trend.

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Global Leak Detection and Repair (LDAR) Market: Growth Factors

The rapid adoption of cutting-edge LDAR technology in the oil and gas industry was the impetus behind the market's expansion on a global scale.

Because of the prevalence of the usage of artificial intelligence algorithms by oil and gas emitting companies to locate leaks, there has been a rise in the need for LDAR systems that feature cutting-edge levels of technological innovation. As a consequence of this, demand in the global leak detection and repair (LDAR) market will increase. The potential for expansion of the worldwide market is being fueled by the large number of venture capital financing organisations that are providing cash to businesses whose primary goal is to provide AI-driven LDAR solutions to the end customers of those businesses' products and services. In the last three months of the year 2021, for example, SCF Ventures, a venture capital company that specialises in providing financial assistance to companies engaged in the provision of energy, announced that it had made investments in Qube Technologies, a key player in the manufacturing of products that monitor constant carbon emissions in the atmosphere. These sorts of actions will not only contribute to global green initiatives, but they will also increase the need for leak detection and repair systems all around the world. The tremendous expansion of the market on a global scale will be facilitated by the widespread implementation of UAV-based leak detection and repair systems across a wide range of end-use industries.

Leak Detection and Repair (LDAR) Market: Restraints

The global expansion of industry may be slowed down between 2023 and 2030 if rising demand for renewable energy continues.

Demand in the global leak detection and repair (LDAR) sector may be hampered by the increasing emphasis that various governments are placing on the development of renewable energy. To give just one example, during the first three months of 2021, the government of the United Kingdom invested around 106 million dollars in environmentally friendly technology of the next generation. In addition, it is concentrating on the green energy sector and the creation of green products as well as the utilisation of renewable energy sources on a wide scale in order to lessen the damage to the environment that is being caused by carbon emissions.

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Report Scope

Leak Detection and Repair (LDAR) Market: Segmentation Analysis

The global market for leak detection and repair (LDAR) may be broken down into four different categories: component, technology, product, and geography.

When broken down into its component parts, the global market for leak detection and repair may be divided into two categories: services and equipment. In addition to this, it is anticipated that the equipment segment will report the greatest CAGR in the years to come. In 2022, the equipment segment was responsible for almost 45% of the total market share. Integrating cutting-edge technology like artificial intelligence and cloud connectivity with LDAR machinery might be the key to the market sector's continued expansion in the years to come. In addition, the application of the component in the monitoring of greenhouse gas and carbon emissions will boost growth in the category.

The handheld gas detectors, vehicle-based detectors, unmanned aerial vehicle-based detectors, and manned aircraft detectors segments make up the global leak detection and repair industry. These divisions are based on the type of detectors used. In addition to this, the segment of portable gas detectors, which contributed significantly towards the global industry share in 2022, is poised to acquire a leading position in the global industry in the years to come. This is because the handheld gas detectors segment has been growing at a rapid rate. The segmental expansion during the assessment timeframe may be subject to a rising product penetration in the oil and gas sector due to the fact that the former offers a multitude of benefits, such as compactness, lightweightness, portability, and speedy and reliable detection of gas leaks. In addition to this, handheld gas detectors are utilised in order to locate leaks of gases such as carbon dioxide, methanol, and ammonia gas.

A laser absorption spectroscopy sector, a volatile organic compounds (VOC) analyzer section, an acoustic leak detection segment, an optical gas imaging (OGI) segment, a mobile leak monitoring segment, and an audio-visual-olfactory inspection segment are all included in the breakdown of the global market for leak detection and repair based on the technology used. In addition, the volatile organic compounds (VOC) analyzer sector is anticipated to register the largest growth in the years to come. This category accounted for about 60 percent of the total revenue generated by the global market in 2022. The increased requirement to detect leaks of gases that produce volatile organic compounds, such as N-pentane, propane, N-butane, and N-octane, might be a factor in the expansion of this market in the years to come and could be a driving force behind the growth of this market segment.

The global Leak Detection and Repair (LDAR) market is segmented as follows:

By Component

• Services
•  Equipment

By Technology

• Volatile Organic Compounds (VOC) Analyzer
•  Optical Gas Imaging (OGI)
•  Mobile Leak Monitoring
• Laser Absorption Spectroscopy
• Acoustic Leak Detection
•  Audio-Visual-Olfactory Inspection

By Product

• Handheld Gas Detectors
• Vehicle-Based Detectors
• UAV-Based Detectors
• Manned Aircraft Detectors

Browse the full “Leak Detection And Repair (LDAR) Market By Component (Services And Equipment), By Technology (Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging (OGI), Mobile Leak Monitoring, Laser Absorption Spectroscopy, Acoustic Leak Detection, And Audio-Visual-Olfactory Inspection), By Product (Handheld Gas Detectors, Vehicle-Based Detectors, UAV-Based Detectors, And Manned Aircraft Detectors), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report At https://www.zionmarketresearch.com/report/leak-detection-and-repair-ldar-market

Competitive Landscape

Some of the main competitors dominating the global Leak Detection and Repair (LDAR) market include - 

• Palo Alto Research Center
• Physical Sciences Inc.
• Microdrones GmbH
• Aeris Technologies Inc.
• Maxion Technologies Inc.
• AECOM
• Avitas Systems
• IBM Thomas J. Watson Research Center
• LI-COR Inc.
• Ball Aerospace & Technologies Corp.
• Rebellion Photonics
• Gas Ops Leak Detectives LLC
• (G.O.L.D. LLC)
• PrecisionHawk
• Summit Inspections Services Inc.
• Boreal Laser Inc.
• Chicago Bridge & Iron Company N.V.
• Kairos Aerospace
• Picarro Inc.
• Guideware Systems LLC
• GHD Inc.
• ENCOS Inc.
• Bridger Photonics Inc.
• ABB Ltd.
• VelocityEHS
• ERM Group Inc.
• SeekOps Inc.

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Leak Detection and Repair (LDAR) market is likely to expand at a CAGR of around 4.77% during the forecast period (2023-2030).            
• In terms of revenue, the Leak Detection and Repair (LDAR) market size was valued at around US$ 18.97 billion in 2022 and is projected to reach US$ 27.48 billion by 2030.
• The global leak detection and repair market is anticipated to record massive growth over the forecast period owing to a large number of oil & gas emitting firms making use of artificial intelligence algorithms for determining leaks and this has prompted the demand for technologically innovative LDAR systems.
• In terms of components, the equipment segment is slated to register the fastest CAGR over the analysis period.
• Based on technology, the volatile organic compounds (VOC) analyzer segment is predicted to lead the segmental surge over the forecast timeline.
• Based on the product, the handheld gas detectors segment is anticipated to dominate the segment over the projected period.
• Region-wise, the Asia-Pacific Leak Detection and Repair (LDAR) market is projected to register the highest CAGR during the assessment timeline.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Leak Detection and Repair (LDAR) industry?
• What are the main driving factors propelling the Leak Detection and Repair (LDAR) Market forward?
• What are the leading companies in the Leak Detection and Repair (LDAR) Industry?
• What segments does the Leak Detection and Repair (LDAR) Market cover?
• How can I receive a free copy of the Leak Detection and Repair (LDAR) Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Component, By Technology, By Product, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is likely to establish a numero uno position in the global market over the forecast period

North America, which accounted for half of the global leak detection and repair (LDAR) market share in 2022, will be the leading region during the assessment timeline. Moreover, the growth of the regional market over the anticipated timespan can be subject to strict leak-detection laws enforced in the U.S. and the acceptance of new leak-detecting systems by various end-use firms in the region. Large-scale product penetration in the oil& gas sector in countries such as the U.S. will proliferate the regional market size.

The Asia-Pacific leak detection and repair industry is set to register the highest CAGR in the next couple of years due to the presence of key players in the region. Apart from this, rise in the natural gas production in India and China has contributed majorly to the regional market size. Furthermore, strict laws governing VoC emissions in the emerging economies of the region to reduce environmental degradation are projected to spearhead the expansion of the industry in the Asia-Pacific zone.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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