Leak Detection Market for Oil & Gas by Technology, Medium, region and forecast to 2025

Posted by edwardzmusso on April 13th, 2023

Leak detection has grown in importance over the past few years in a variety of industries, including water management and oil and gas. Leak detection systems can support safety and environmental responsibility while preventing major losses in terms of both resources and money. As a result, the market for leak detection has expanded quickly and is predicted to do so in the years to come.

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The leak detection market is projected to grow USD 3.0 Billion by 2025, at a CAGR of 7.8% during forecast period. This growth can be attributed to several factors, such as increasing demand for oil and gas, rising concerns about pipeline safety, and growing awareness about water conservation.

The market for leak detection is significantly fueled by the discovery and production of oil and gas. Oil and gas are transported and stored through pipelines and storage tanks, and finding leaks in these systems is essential to avoiding both environmental harm and financial losses. Particularly in recent years, the sophistication of pipeline leak detection systems has increased because to the adoption of technologies like fibre-optic sensing and acoustic monitoring.

Another industry that has a strong demand for leak detection systems is water management. According to the World Health Organization, one-third of the global population lacks access to clean drinking water, and water distribution system leaks can make this issue worse. Systems for finding leaks in pipes can assist stop the loss of valuable water supplies.

The market for leak detection systems is also gaining from the expansion of rules and guidelines for environmental safety and protection. For instance, the US Pipeline and Hazardous Materials Safety Administration (PHMSA) requires leak detection systems to be used in specific pipeline types.

The industry offers a number of different types of leak detection systems, including acoustic, cable, fibre optic, and mass balance systems. While cable leak detection systems look for changes in electrical conductivity brought on by the presence of liquids, acoustic leak detection systems use sound waves to find leaks. Mass balance systems employ sensors to measure the flow of liquids and identify changes that may signal a leak, whereas fibre optic systems use lasers to detect changes in the reflection of light caused by leaks.

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The biggest markets for leak detection systems right now are in North America, Europe, and Asia-Pacific. Due to rising concerns about water conservation and increased investments in oil and gas exploration and production, the Asia-Pacific region's market is anticipated to expand at the fastest rate.

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