Dublin, Jan. 15, 2025 (GLOBE NEWSWIRE) -- The "Leak Detection and Repair Market: Analysis By Component, By Product, By Technology, By Region Size and Trends - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global leak detection and repair market value stood at US$20.67 billion in 2023, and is expected to reach US$27.15 billion by 2029. The market is expected to grow at a CAGR of 4.65% over the projected period of 2024-2029.
The global leak detection and repair market has seen steady growth in recent years, driven by several key factors, including rising energy demand, increasing oil & gas exploration and production activities, ongoing development of smart cities and digital utility networks in developing economies, growing government efforts to reduce methane emissions, increasing incidents of oil and gas leakages in pipelines and storage tanks, growing awareness about sustainability & climate change, increasing emphasis on operational efficiency and safety in high-risk industries, and stringent environmental regulations imposed by governments to reduce greenhouse gas emissions.
Moreover, factors like positively growing chemical & petrochemical industries, rising demand for energy efficiency, increase in oil & gas pipeline infrastructure, aging industrial infrastructure, rising focus of companies on achieving net-zero carbon emission targets, increased media coverage of industrial leaks, and emerging application of LDAR products and services in industries such as food & beverage, university & laboratory, manufacturing, construction, and aerospace sector is expected to boost the growth of global leak detection and repair market in the forecasted period.
Market Segmentation Analysis:
By Component: Equipment is the fastest growing segment of global leak detection and repair market owing to positive growth in pipeline infrastructure and production facilities, increasing global focus on reducing carbon footprints, ongoing integration of robotics, growing demand for automated leak detection solutions, presence of strict regulatory compliance for emission reduction, positively growing end user industries including manufacturing, oil & gas, and chemicals, rising energy projects in developing economies, and increasing demand for leak detection and repair (LDAR) equipment among scientists. Services is the largest segment of global leak detection and repair market owing to positively expanding oil & gas industry, increasing regulatory compliance requirements for monitoring & reducing VOC emissions, rising demand for data-driven insights, company's lack of in-house technical expertise and resources to perform effective leak detection, increasing focus of companies on achieving social responsibility (CSR) goals, high cost-effectiveness associated with outsourced professional LDAR services, rising focus on preventive maintenance & risk management, and increased need for regular inspections for industries with complex operations, such as oil & gas, chemicals, and manufacturing.
By Product: Handheld gas detectors is the largest segment of global leak detection and repair market as a result of rising natural gas production, high demand for portable solutions in developing countries, rising focus on preventive maintenance, increasing trade of oil and gas products, growing adoption in residential and commercial applications for detecting leaks of gases like LPG and carbon monoxide, increasing emphasis on worker safety, high effectiveness of handheld detectors for both routine and emergency inspections, and compact design, high durability, and low maintenance requirements associated with hand held detectors. UAV-based detectors is the fastest growing segment of global leak detection and repair market owing to rapid growth of oil & gas exploration activities, positive global push towards digital transformation, increasing focus of companies on sustainability & emissions reduction, rising awareness of operational efficiency, increasing use of UAV detectors in urban infrastructure monitoring applications, rising demand for rapid assessment & monitoring in disaster management and emergency response, and ongoing integration of infrared cameras, OGI technology, hyperspectral imaging, and real-time data transmission technology in leak detection systems.
By Technology: Volatile organic compounds analyzer is the largest segment of global leak detection and repair market owing to rising global demand for health & safety standards in healthcare and pharmaceutical sector, increasing focus of companies on mitigating risks associated with potential leaks, rapid industrialization in emerging economies such as China, India, and Latin America, ease of use and portability associated with VOC analyzer, rising number of regulatory requirements for VOC emissions monitoring in industries like oil & gas, petrochemicals, and chemicals, global priority towards improved air quality, increasing emphasis on environmental compliance, and the need for efficient resource management across multiple industries. Optical gas imaging is the fastest growing segment of global leak detection and repair market as a result of increasing demand for non-invasive leak detection, global push towards reduced methane emissions, ongoing advancements in infrared camera technology, growing adoption of digital solutions, rising demand from renewable energy sectors, growing emphasis on mitigating climate change & reducing carbon footprints, increasing company focus on reducing manual inspection errors, and ongoing use of artificial intelligence and data analytics in conjunction with OGI systems.
By Region: North America is the largest region of global leak detection and repair market as a result of robust industrial base, rapidly growing oil and gas industry, increased investment in developing energy infrastructure, presence of well established oil & gas pipeline networks, government subsidies to oil and gas industries, presence of government laws aimed at lowering methane emissions, aging infrastructure in the oil and gas and chemical sectors, increasing demand among businesses for operational and safety efficiencies, high access to skilled workforce with expertise in advanced LDAR systems, and growing awareness among companies of environmental sustainability & commitment to reducing carbon footprints.
Competitive Landscape:
The global leak detection and repair market is fragmented, with large number of companies, ranging from established brands to smaller regional players and niche manufacturers catering to the industry demand. The key players of the market are:
- ABB Group
- Emerson Electric Co.
- Honeywell International
- Teledyne Technologies
- Yokogawa Electric Corporation
- KROHNE Messtechnik
- Atmos International
- SeekOps
- TTK
- Aeris Technologies
- Bridger Photonics
- ClampOn AS
The growing need for advanced leak detection and repair solutions is driving competitiveness among market players, leading to the development of more sophisticated and efficient LDAR systems. The emphasis on regulatory compliance, operational efficiency, and environmental sustainability is further intensifying competition in the LDAR market. Technological innovation is a key strategy adopted by market players to gain a competitive edge. Increasing number of companies are investing heavily in research and development to develop advanced detection technologies, such as UAV-based detectors, IoT-enabled sensors, and AI-powered software solutions.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Leak Detection and Repair Market Analysis
3.2 Global Leak Detection and Repair Market Component Analysis
3.3 Global Leak Detection and Repair Market Product Analysis
3.4 Global Leak Detection and Repair Market Technology Analysis
4. Regional Market Analysis
4.1 North America Leak Detection and Repair Market
4.2 Europe Leak Detection and Repair Market
4.3 Asia Pacific Leak Detection and Repair Market
4.4 Rest of the World Leak Detection and Repair Market
5. Impact of COVID-19
5.1 Impact of COVID-19 on Global Leak Detection and Repair Market
5.2 Post COVID-19 Impact on Global Leak Detection and Repair Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Expanding Global Energy Demand and Consumption
6.1.2 Growing Preference for Natural Gas
6.1.3 Rising Demand Among Utility Sector
6.1.4 Favorable Government Policies and Initiatives
6.1.5 Increasing Expansion In Natural Gas And Petroleum Infrastructure
6.2 Challenges
6.2.1 High Capital Investment
6.2.2 Growing Demand For Renewable Energy
6.3 Market Trends
6.3.1 Increasing Integration of Robotics and Drones
6.3.2 Rising Focus on Preventing Environmental Damage
6.3.3 Growing Awareness of Resource Conservation
6.3.4 Ongoing Technological Advancements
6.3.5 Increasing Emphasis on Healthier Workplaces
7. Competitive Landscape
7.1 Global Leak Detection and Repair Market: Competitive Landscape
8. Company Profiles
- ABB Group
- Emerson Electric Co.
- Honeywell International
- Teledyne Technologies
- Yokogawa Electric Corporation
- KROHNE Messtechnik
- Atmos International
- SeekOps
- TTK
- Aeris Technologies
- Bridger Photonics
- ClampOn AS
For more information about this report visit https://www.researchandmarkets.com/r/gunmh5
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