Increasing demand for energy throughout the globe has resulted in the requirement for new oil and gas pipelines to transport hydrocarbons to market, which has driven the demand for leak detection systems in the past few years. The rise in demand for oil and gas exploration and production activities around the world, increasing fuel consumption, and environmental concerns are also opportunities in the leak detection market for oil and gas.
According to MarketsandMarkets’ latest report, ‘Leak Detection Market for Oil & Gas by Technology, by Type and Region - Global Forecast to 2020’, the leak detection market for oil and gas, which has been segmented into negative pressure wave analysis, E-RTTM, fibre optic sensing cables, vapour sensing tubes, mass volume balance method, and others, is expected to grow at a CAGR of 7.1% between 2015 and 2020.
The report describes the market trends, drivers, restraints, opportunities, and challenges for the leak detection market and forecasts the market between 2015 and 2020 on the basis of type, technology, and geography. Factors driving the leak detection market include an increased number of oil and gas leakages during production, in pipelines and storage tanks, and due to natural disasters and high pressures.
The negative pressure wave technology accounts for the major share in the leak detection market. The market for this segment was valued at US$585.4 million in 2014, while the market for E-RTTM technology is expected to grow at the highest CAGR of 8.3% between 2015 and 2020.
North America is the largest shareholder in the leak detection market and the trend is expected to be the same between 2015 and 2020. The leak detection market for oil and gas in countries such the US, China, Iran, India, Canada, Iraq, Russia, Ukraine, and Saudi Arabia is expected to grow rapidly in comparison with other regions.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/30112015/leak-detection-market-for-oil-and-gas-1838/