Leak Detection Market Projected to reach .0 billion by 2025

Posted by edwardzmusso on March 9th, 2023

The Leak Detection Market is projected to grow from USD 2.1 billion in 2020 to USD 3.0 Billion by 2025, at a CAGR of 7.8% from 2020 to 2025. Rising occurrences of oil & gas leakages in pipelines and storage tanks at production facilities and progressing government regulations concerned with the implementation of leak detection systems are some of the major factors propelling the growth of the leak detection market for oil & gas.

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The natural gas segment will grow at the highest CAGR during the forecast period.

There is a growing concern about the impact of carbon dioxide emissions on the environment, and governments worldwide are taking steps to reduce these emissions. One of the strategies employed is to increase the consumption of natural gas, which is considered a cleaner source of energy compared to other fossil fuels. As a result, there is a rising demand for natural gas, which leads to increased production, storage, and transportation. This growth in natural gas consumption, however, also increases the risk of leaks in production and storage facilities and transportation pipelines. To mitigate this risk, leak detection technologies and systems are in high demand, as they help prevent environmental damage and minimize financial losses. Therefore, increasing government regulations to reduce carbon dioxide emissions are driving the demand for leak detection technologies and systems in natural gas production and storage facilities and transportation pipelines.

North America to lead the global leak detection market for oil & gas during the forecast period.

North America is expected to dominate the leak detection market for oil and gas during the forecast period. The US government offers significant subsidies to petroleum companies, including tax exemptions at every stage of the oil exploration and extraction process, which has led to a rise in oil and gas projects in the country. This growth in the oil and gas industry is expected to drive the demand for leak detection technologies and systems in the US. Furthermore, the Pipeline and Hazardous Materials Safety Administration (PHMSA), an agency of the US Department of Transportation, has reported an increase in the number of leakages in oil and gas pipelines and storage tanks at production facilities, which further contributes to the growth of the leak detection market for oil and gas in North America.

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Honeywell International (US), Emerson Electric (US), ABB (Switzerland), KROHNE Group (Germany), PSI Software (Germany), Atmos (UK), AVEVA (UK), FLIR Systems (US), HIMA (Germany), Yokogawa Electric (Japan), Asel-Tech (Brazil), Bridger Photonics (US), Flyscan Systems (Canada), Fotech Group (UK), Hawk Measurement Systems (Australia), MAGNUM (Germany), MSA Safety (US), OptaSense (UK), Simulation Software (UK), and TTK (France) are some of the key players operating in the leak detection market for oil & gas.

News also Covered: https://www.prnewswire.com/news-releases/leak-detection-market-worth-3-0-billion-by-2025--exclusive-report-by-marketsandmarkets-301191947.html

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edwardzmusso
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