Selbyville, Delaware, Jan. 28, 2021 (GLOBE NEWSWIRE) -- As per credible estimations, global leak detection market size had reached a valuation of USD 1.95 billion in the year 2019 and is likely to experience a y-o-y growth rate of 7.8% between 2020 and 2027. The growth can be majorly credited to high occurrence of oil & gas leakages among pipelines as well as storage systems.
The document offers crucial insights pertaining to the several market segmentations while elaborating on their individual impact on the overall business outlook. Besides, the report compares the historical data with the existing market trends in order to ensure effective decision making during investment assessment. The report also provides significant information of the leading companies by describing their growth strategies and their respective market share.
Leak detection systems have been gaining significant popularity in the oil & gas sector since it is an essential part to prevent any relevant calamities and ensure operational safety. Moreover, there has been an upsurge in demand for oil and gas resources, which in turn has propelled the construction of new pipelines. Focus towards expanding and modernizing existing oil pipelines is also contributing towards global leak detection industry remuneration.
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Introduction of stringent regulations by worldwide governments in order to ensure operational safety have also augmented the demand for leak detection systems across the globe, thereby stimulating the overall industry outlook.
Gas leak detections had become a challenge among ventilated and open facilities, thereby fueling the product demand. However, lack of technological advancements, high costs associated with the product, and rising concerns regarding inadequate provision of information could potentially act as a bottleneck to global leak detection market expansion.
An overview of the market segmentations
Global leak detection market is segmented based on technology type and application scope. Speaking of technology type, the market is split into thermal imaging, laser absorption and LiDAR, mass/volume balance, fiber optic, extended real-time transient model, and acoustic segments. The application spectrum of the overall market consists of natural gas and oil & condensate.
A summary of the geographical reach
Highlighting the regional scope, global leak detection market is divided into North America, Europe, Latin America, Asia-Pacific, and rest of the world. According to reliable predictions, North America presently accounts for the largest market share and is expected to record consistent growth throughout the forecast duration. Mounting demand for oil & gas have impelled the adoption of leak detection systems, thereby facilitating the business scenario in North America.
Asia-Pacific is also likely to develop as a key revenue contributor towards worldwide leak detection market by the year 2027. Increasing oil exploration activities, growing oil demand, and escalating investments towards natural gas production projects are favoring the regional market scenario.
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Global Leak Detection Market by Technology Type (Revenue, USD Billion, 2017-2027)
- Thermal Imaging
- Laser Absorption and LiDAR
- Mass/Volume Balance
- Fiber Optic
- Extended Real-Time Transient Model
- Acoustic
Global Leak Detection Market Application Spectrum (Revenue, USD Billion, 2017-2027)
- Natural Gas
- Oil & Condensate
Global Leak Detection Market by Geographical Reach (Revenue, USD Billion, 2017-2027)
North America
- Canada
- United States
Asia-Pacific
- Japan
- South Korea
- Australia
- China
- India
- Rest of Asia-Pacific
Europe
- Italy
- France
- Germany
- Spain
- United Kingdom
- Rest of Europe
Latin America
- Mexico
- Brazil
Rest of the World
Global Leak Detection Market Competitive Analysis (Revenue, USD Billion, 2017-2027)
- Yokogawa Electric Corporation
- HIMA Group
- AVEVA Group plc
- Atmos International
- PSI Software AG
- KROHNE Group
- ABB Ltd.
- Emerson Electric Co.
- Honeywell International Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Leak detection Market, by Region, 2018-2027 (USD Billion)
1.2.2. Leak detection Market, by Technology, 2018-2027 (USD Billion)
1.2.3. Leak detection Market, by Medium, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Leak detection Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Processing Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Leak detection Market Dynamics
3.1. Leak detection Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Leak detection Market Processing Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Leak detection Market, by Technology
5.1. Market Snapshot
5.2. Global Leak detection Market by Technology, Performance- Potential Analysis
5.3. Global Leak detection Market Estimates & Forecasts by Technology 2017-2027 (USD Billion)
5.4. Leak detection Market, Sub Segment Analysis
5.4.1. Acoustic
5.4.2. Extended Real Time Transient Model
5.4.3. Fiber Optic
5.4.4. Mass/Volume Balance
5.4.5. Laser Absorption and LiDAR
5.4.6. Thermal Imaging
Chapter 6. Global Leak detection Market, by Medium
6.1. Market Snapshot
6.2. Global Leak detection Market by Deployment Medium, Performance - Potential Analysis
6.3. Global Leak detection Market Estimates & Forecasts by Medium 2017-2027 (USD Billion)
6.4. Leak detection Market, Sub Segment Analysis
6.4.1. Oil and Condensate
6.4.2. Natural Gas
Chapter 7. Global Leak detection Market, Regional Analysis
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