Dublin, March 15, 2021 (GLOBE NEWSWIRE) -- The "Leak Detection and Repair Market Size, Share & Trends Analysis Report by Product (Handheld Gas Detectors, UAV-based Detectors), by Technology (VOC Analyzer, Optical Gas Imaging), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global leak detection and repair market size is expected to reach USD 26.07 billion by 2028. 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.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Leak Detection and Repair (LDAR) Market-Industry Snapshot & Key Buying Criteria, 2016-2028
2.2 Global Leak Detection And Repair (LDAR) Market, 2016-2028
Chapter 3 Leak Detection And Repair (LDAR) Industry Outlook
3.1 Market Segmentation & Scope
3.2 Leak Detection and Repair (LDAR) Market Dynamics
3.2.1 Market driver analysis
3.2.1.1 Increasing oil and gas pipeline infrastructure
3.2.1.2 Stringent government regulations to curb methane emissions
3.2.1.3 Increased adoption of natural gas-based power plants
3.2.2 Market restraint analysis
3.2.2.1 Challenges involved in leak detection in harsh environmental conditions
3.2.2.2 The oil and gas upstream segment forges ahead with cost-cutting
3.2.3 Market challenge analysis
3.2.3.1 Multiple components' leaks add to increased complexity in detection
3.2.3.2 Global focus on the development of renewable energy generation projects
3.3 Market Size and Growth Prospects
3.4 Leak Detection and Repair (LDAR)-Porter's Five Forces Analysis
3.5 Leak Detection and Repair (LDAR) Market-Company Ranking Analysis, 2020
3.6 Technology Landscape
3.7 Leak Detection and Repair (LDAR)-Key Element Analysis
3.7.1 Elements of an LDAR program
3.8 List of Major Oil and Gas Projects in North America
3.9 Leak Detection and Repair (LDAR) Market-Regulatory Landscape
3.10 List of LDAR Service Providers in the U.S.
Chapter 4 Leak Detection And Repair (LDAR) Product Outlook
4.1 Leak Detection and Repair Market Share by Product, 2020 & 2028
4.2 Handheld Gas Detectors
4.3 UAV-Based Detectors
4.4 Vehicle-based Detectors
4.5 Manned Aircraft Detectors
Chapter 5 Leak Detection And Repair (LDAR) Technology Outlook
5.1 Leak Detection and Repair Market Share by Technology, 2020 & 2028
5.2 Volatile Organic Compounds (VOC) Analyzer
5.3 Optical Gas Imaging (OGI)
5.4 Laser Absorption Spectroscopy
5.5 Ambient/Mobile Leak Monitoring
5.6 Acoustic Leak Detection
5.7 Audio-Visual-Olfactory Inspection
Chapter 6 Leak Detection And Repair (LDAR) Regional Outlook
6.1 Leak Detection And Repair (LDAR) Market Share by Region, 2020 & 2028
Chapter 7 Competitive Landscape
- 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
- PrecisionHawk
- SeekOps, Inc.
- Advisian
- Ball Aerospace & Technologies Corp.
- Gas Ops Leak Detectives, LLC (G.O.L.D. LLC).
- Guideware Systems, LLC.
- Summit Inspections Services, Inc.
- GHD, Inc.
- ERM Group, Inc.
- AECOM
- Guardian Compliance
- ABB Ltd.
- Chicago Bridge & Iron Company N.V.
- Heath Consultants
- ENCOS, Inc.
- Team Inc.
- VelocityEHS
- Picarro Inc.
- Microdrones GmbH
- Boreal Laser Inc.
- Kairos Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/x33xoh