The global leak detection market for oil and gas industry is projected to grow to US$3.15 billion by 2021, at a CAGR of just above 7% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global leak detection market for oil and gas industry for 2017 - 2021. The market research report provides segmentation based on product (fixed leak detectors and portable leak detectors) and end-users (upstream, downstream and midstream).
Leak detection systems are used to identify leaks in plants, pipelines, and storage facilities in the oil and gas industry. The emergence of stringent government regulations regarding gas emission levels from the oil and gas industry is driving the increased adoption of leak detection systems in the sector, thereby driving market growth.
Technavio’s research study segments the global leak detection market for oil and gas industry into the Americas, EMEA and APAC regions.
“The Americas comprise the leading regional segment of the leak detection market for the oil and gas industry, generating 49% of the overall revenue. The multiple unconventional oil, gas and petrochemical projects planned in the region will ensure a steady income stream to the market over the forecast period,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
The US, Canada and Mexico are the major revenue contributors to the market. The TransCanada's Prince Rupert gas transmission (PRGT) project in the US, Inter Pipeline and Pembina Pipeline in Canada, and the multiple pipeline projects in Mexico will ensure the lead of the segment through the forecast period.
The rising investments towards new gas supply pipelines and petrochemical projects in the region will impact in a steady growth in EMEA over the forecast period. The rising use of natural gas as an emission-free energy source and petrochemicals blended with gasoline for the fertilizer market will lead to pipeline and refinery upgrades. Also, oil and gas pipeline projects in Africa to improve their basic infrastructure will add significant growth prospects to the leak detection market.
“APAC is forecast to be the fastest growing regional segment, with a CAGR of close to 9% over the forecast period. The swift market growth can be attributed to developments in countries such as India, China, South Korea, Indonesia, Thailand, and Mongolia,” says Thanikachalam.
Developments in the oil and gas pipeline segment and the petrochemicals sector due to the rising energy demand in China and India will propel the growth of the lead detection market. Also, the many cross-country oil and gas pipelines planned for the movement of hydrocarbons across the countries will positively impact the market.
Read the article online at: https://www.worldpipelines.com/business-news/30032017/technavio-predicts-growth-in-oil-and-gas-leak-detection-market/