Research and Markets has announced the release of a new report, ‘Global Oil and Gas Pipeline Leak Detection market Forecast and Opportunities, 2019’. According to this report, the market will be worth US$ 2.5 billion through 2019.
Increasing global demand for fuel has been driving expansion in the oil and gas pipeline network across the world. However, such rapid expansion in pipeline network also poses huge threats as the risk of pipeline leakage increases significantly. As oil and gas pipelines are loaded with hazardous material, a single leak can transform into a potential disaster, according to Research and Markets.
Leakage from pipelines can result in major accidents, as has been observed in several incidences in the past. Pipeline material failure and corrosion have been the major causes of leakage in oil and gas pipelines.
Pipeline leakages cause significant losses for the company, including monetary and in the form of lost goodwill. Often, negligent companies are highly penalised for the severe damages caused by oil spills or gas leakage. Besides losses to the company, incidences of pipeline leakage cause adverse damage to the environment. With growing number of oil and gas exploration activities globally as well as increasing environmental concerns, the demand for oil and gas pipeline leak detection systems is expected to surge during the forecast period.
The demand for leak detection systems is expected to grow steadily across all regions globally, with Middle East and Africa likely to exhibit the fastest growth during the forecast period. The MEA region has been experiencing strong growth in the oil and gas sector in recent years, which has led to large-scale expansion of pipeline network within the region, thus benefitting the market for pipeline leak detection. The Americas captured the largest share in the global leak detection market, a trend likely to continue over the next five years.
Some of the leading players in the global leak detection market include Siemens, Pure Technologies, Schneider Electric, Honeywell International and Perma-Pipe.
Edited from various sources by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/18082014/pipeline-leak-detection-market-1152/