MarketsandMarkets has published a new oil and gas leak detection market report, which provides a global forecast to 2022. The new report – “Leak Detection Market for Oil & Gas by Technology (Acoustic, E-RTTM, Cable Based, Mass/Volume Balance, Laser Absorption and LIDAR, Vapor Sensing, Thermal Imaging), and Region - Global Forecast to 2022” – expects the oil and gas market to be valued at US$3.38 billion by 2022, growing at a CAGR of 6.9% between 2016 and 2022.
The growth of this market can be attributed to the increased number of leakage incidents in oil and gas pipelines and storage tanks, the development and expansion of existing pipelines and construction of new pipelines, along with stringent government regulations pertaining to the implementation of leak detection systems.
According to the forecast, acoustic/ultrasonic technologies are expected to lead the oil and gas leak detection market between 2016 and 2022. These technologies are widely used in single-phase and multi-phase flow pipelines due to their advantages, such as quick leak detection capabilities, suitability for leak detection in large pipelines and their requirement for simple sensor and software setup with minimal calibration.
With its ability to detect minute leaks, the E-RTTM technology market is expected to grow at a high rate between 2016 and 2022. E-RTTM provides more accurate results and leak locations in fractions of time. It is one of the most widely used technologies that is incorporated in leak detection systems.
North America is investing significantly in oil and gas pipeline projects to cater to its growing oil and gas demand.
The US is the leading country in terms of oil production and consumption, and has the largest network of oil and gas pipelines. In 2015, the US produced 767.3 billion m3 of natural gas and 12 703.55 thousand bpd pf oil, according to British Petroleum data.
In North America, several pipeline construction projects have been awarded for the supply of oil to the refinery and petrochemical industries. The US government has mandated stringent regulations pertaining to the implementation of leak detection systems for ensuring pipeline safety and mitigating the rising environmental concerns. This has boosted the demand for oil and gas leak detection systems.
Some key leak detection companies in the oil and gasindustry are Honeywell International Inc., PSI AG, Siemens AG, FLIR Systems Inc., KROHNE Messtechnik GmbH, Schneider Electric SE, Synodon Inc., Atmos International, Clampon AS, TTK-Leak Detection System, Pentair PLC, Pure Technologies Ltd., Perma-Pipe Inc., Sensit Technologies LLC, and Bridger Photonics Inc.
The report can be accessed here.
Read the article online at: https://www.worldpipelines.com/business-news/07022017/marketsandmarkets-publishes-a-leak-detection-market-report/