The leak detection market for oil & gas is estimated to be USD 2.1 billion in 2020 and is projected to reach USD 3.0 billion by 2025; it is expected to grow at a CAGR of 7.8% from 2020 to 2025. Some of the key driving factors of the Leak detection market for oil & gas are increasing incidents of oil and gas leakages in pipelines and storage tanks at production facilities, ongoing construction of new pipelines and expansion of existing ones, and evolving government regulations about the implementation of leak detection systems.
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E-RTTM technology of leak detection market for oil & gas to grow at the highest CAGR during the forecast period
As pipelines can transport different types of oil and condensates, as well as natural gas over long distances; they require the most accurate technique for leakage monitoring and detection. E-RTTM is one of the widely incorporated technologies in modern leak detection systems used in oil and natural gas production facilities and transmission pipelines. This technology provides accurate information pertaining to leakages and is free from false alarms. Therefore, the E-RTTM segment of the market is projected to grow at the highest rate during the forecast period. The E-RTTM technology can detect small leaks (less than 1% of the flow), identify the size of the leakages accurately, and model all dynamic fluid characteristics (flow, pressure, and temperature). Moreover, the time it takes to detect leakages is negligible.
Natural gas segment to lead leak detection market for oil & gas from 2020 to 2025
The natural gas segment of the leak detection market for oil & gas is projected to grow at a higher CAGR than the oil and condensate segment during the forecast period. The increasing number of government regulations to reduce carbon dioxide emissions is one of the key drivers leading to risen demand for leak detection technologies and systems from natural gas production facilities. Software-based dynamic modeling monitors, which include E-RTTM, are used in natural gas production facilities for leak detection. The key advantages of E-RTTM-based systems include their ability to monitor continuously without any interference in pipeline operations. Moreover, the increased consumption rate of natural gas worldwide has resulted in the development of new pipeline infrastructures.
Leak detection market for oil & gas in APAC to grow at the highest CAGR during the forecast period
The key factors driving the growth of the market in this region include expansion of existing pipelines and development of new ones, increased incidents of oil and gas leakages in pipelines and storage tanks at production facilities, and formulation of stringent regulations by the governments for the implementation of leak detection technologies and systems in different countries of APAC. In July 2020, China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities worth USD 55.9 billion (391.4 billion yuan). Under the deal, PipeChina, formally known as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants, PetroChina and Sinopec, in return for cash and equity in the pipeline company. Such developments are expected to create attractive growth opportunities for the leak detection market for oil & gas in China.
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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), Asel-Tech (Brazil), Bridger Photonics (US), Flyscan Systems Inc. (Canada), Fotech Group Ltd. (UK), Hawk Measurement Systems (Australia), MAGNUM (Germany), MSA Safety (US), OptaSense Ltd. (UK), Simulation Software Ltd. (UK), and TTK (France) are some of the key players operating in the leak detection market for oil & gas.