Leak Detection and Repair Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast
Leak Detection and Repair Market Introduction The global leak detection and repair market is estimated to value over USD 26 Billion by 2029 end and register a CAGR of over 9% from 2019 to 2029. Pumps, valves, connector, and leaking equipment, all are considered as major contributors to volatile hazardous air pollutants (VHAP). EPA has rolled out leak detection repair market (LDAR) regulations for monitoring these equipment for leakages. These regulations have fueled the growth of the market. Increasing awareness regarding greenhouse emissions is also boosting the market. Owing to digital transformation, oil and gas companies have deployed technology that finds applications in upstream, midstream and downstream. Lower installation charges alongside sensitivity in leak detection are the main factors fueling the growth of the market. The rising risks operations in oil & gas plants and offshore oil facilities have resulted in more demand of LDAR thus propelling the market. Leak Detection and Repair Market Overview The market is classified into by product, by technology, and by region. The technology consists of handheld gas detectors, UAV-Based detectors, vehicle-based detectors, and manned aircraft detectors. Handheld gas detectors are expected to lead the market during the forecast period. Handheld gas detectors are vastly used oil & gas sector owing to its cost-effectiveness and portability. Handheld gas detectors are mostly used for overlooking pipeline operations and detecting gases like ammonia, methane and carbon monoxide. Increasing trade of oil and gas products coupled with increasing natural gas production remains the key factor driving the demand for handheld gas detectors. In terms of technology, the VOC analyzer is expected to dominate the growth of the market. Various detection technologies such as infrared absorption, flame ionization, catalytic oxidation are deployed to detect VOCs. VOCs are mostly useful for detecting various gases such as chlorine, bromine, nitrogen, sulfur, oxygen, nitrogen and fluorine. Optical gas imaging is also expected to witness substantial growth during the forecast time. It offers advantages like high accuracy, low price. Such advantages have led to rapid demand for OGI in oil & gas industry. Based on regions, North America holds a vast share of the market. Presence of the biggest oil and gas pipeline coupled with developed infrastructure is positively influencing the market in the region. Asia-Pacific region is also forecasted to be a lucrative region for manufacturers. Prominent North American and European players are keen to increase their presence in the region through investments and acquisitions. Companies such as Petronas and Oil and Natural Gas Corporation are already investing in the Asia-Pacific region. The leading players of the market are ABB Ltd, Advisian, AECOM, Chicago Bridge & Iron Company N.V, PrecisionHawk, Bridger Photonics, LI-COR Inc, Aeris Technologies, and Ball Aerospace & Technologies Corp. Additional Insights: u2022tAccording to our industry experts, UAV-based detector is expected to be in vast demand over the coming years. The UAV-based detector is a drone-based product which searches and spots gas leaks through an aerial view. They offer larger area inspection in quick time when compared to foot crews u2022tMcDermott International, Inc was handed EPC contract for the storage of CB&I tanks which boosted the presence of the market in gulf countries market growth. Request a Sample Report @ https://www.futurewiseresearch.com/request-sample.aspx?id=2322&page=requestsample Global Leak Detection and Repair Market Segmentation: By Product u2022tHandheld Gas Detectors u2022tUAV-Based Detectors u2022tVehicle-based Detectors u2022tManned Aircraft Detectors By Technology u2022tVolatile Organic Compounds (VOC) Analyzer u2022tOptical Gas Imaging (OGI) u2022tLaser Absorption Spectroscopy u2022tAmbient/Mobile Leak Monitoring u2022tAcoustic Leak Detection u2022tAudio-Visual-Olfactory Inspection By Region u2022tNorth America u2022tEurope u2022tAsia Pacific u2022tLatin America u2022tRest of the World Purchase a Copy & Ask For Discount: https://www.futurewiseresearch.com/request-sample.aspx?id=2322&page=askfordiscount Competitive Landscape: u25cf Tier 1 players- established companies in the market with a major market share u25cf Tier 2 players u25cf Emerging players which are growing rapidly u25cf New Entrants FutureWise Key Takeaways: u2022tAsia remains a lucrative region for manufacturers. Latin America is also expected to witness growth. Latin American Energy Organization is already in talks of building natural gas-based energy generation infrastructure with the involvement of public and private enterprises u2022tUS EPA has listed OGI and VOC analyzer as one of the preferred technologies. OGI is expected to stimulate the market during the forecast period Objectives of the Study: u2022tTo provide an exhaustive analysis of the global leak detection and repair market on the basis of product, end-use, technology, and region u2022tTo cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) u2022tTo evaluate and forecast micro-markets and the overall market u2022tTo predict the market size, in key regions (along with countries)u2014North America, Europe, Asia Pacific, Latin America, and the rest of the world u2022tTo record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions u2022tProfiling of companies to evaluate their market shares, strategies, financials and core competencies Inquire further details about this report at: sales@futurewiseresearch.com About FutureWise Research: We specialise in high-growth niche markets, assuring flexibility, agility and customised solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry u2013 a position secured for far more than the near future. Contact Us: Company Name: FutureWise Research Contact Person: Vinay Thaploo Email: sales@futurewiseresearch.com Phone: 44 141 628 9353 / 1 970 279 4295 City: Leeds Country: United Kingdom Website: www.futurewiseresearch.com
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