The most recent study conducted by Report Ocean, titled “Global Leak Detection Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Leak Detection. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Leak Detection Market is valued approximately USD 1.95 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.8 % over the forecast period 2020-2027. Leak Detection System & Services in Gas and Oil industry has become an essential part of safety measures to avert the calamities that have taken place in the past. To fulfill the increasing demand of gas and oil, new pipelines are being constructed along with the expansion of the current pipelines.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The factor driving the demand for the leak detection market is the rise in the number of incidents of oil and gas leakages in pipelines and storage tanks at production facilities with the increase in pipelines, more storage facilities are needed which will also be requiring leak detection system, and the stringent rules by the government to mandate leak detection systems is set to drive the market to the peak.
In addition to that, the exploration for oil wells has initiated the construction and development of pipelines and storage facilities across the globe. As of November 2020, Neptune Energy started the first gas production from the Adorf Carboniferous development in northwestern Germany. In February 2020. Gas leak detections become challenging in open and ventilated facilities, hence, effective gas leak detectors are needed, issues such as lack of adequate information associated with gas leak detectors and the expensive hardware for the detectors are significantly hampering the adoption of leak detection market. Lack of technological advancements in offshore leak detection systems can also boost the market of the leak detection systems.
The regional analysis of global Leak Detection market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increase in the global demand for oil and gas. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as, increase in the demand lead to oil exploration which, in turn, attracts investments pertaining to natural gas production projects.
would create lucrative growth prospects for the global Leak Detection market across Asia-Pacific region.
Major market player included in this report are:
Honeywell International Inc. (US)
Emerson Electric Co. (US)
ABB (Switzerland)
KROHNE Group (Germany)
PSI Software AG (Germany)
Atmos (UK)
AVEVA (UK)
FLIR Systems Inc. (US)
HIMA (Germany)
Yokogawa Electric Corporation (Japan)
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By technology:
Acoustic
Extended Real Time Transient Model
Fiber Optic
Mass/Volume Balance
Laser Absorption and LiDAR
Thermal Imaging
By Medium:
Oil and Condensate
Natural Gas
By Region:
North America
U.S.
Canada
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Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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