Global Oil and Gas Pipeline Leak Detection Market: Overview
The natural resources of oil and gas are in limited resources and require heavy investments for a fruitful extraction. Additionally, the leakage of oil and gas often leads to substantial damage of property and sometimes life too, besides severely affecting the environment for a long term. As a result, it is paramount for the players operating in the oil and gas industry to install efficient detection methods. As the demand for oil and gas surges further, the dependency on these pipelines to delivery consistently is mounting. This is clearly reflecting on global oil and gas pipeline leak detection market, which is expected to expand at a healthy growth rate during the forecast period of 2016 to 2024.
This report on global market for oil and gas pipeline leak detection market is a comprehensive analysis of all the techniques available, and based on factors that are expected to impact the growth rate in next few years, it provides figurative estimations until 2024. One of the key aspect of the report is its section on company profiles, wherein several prominent players have been analyzed for their market share and other recent developments. The global oil and gas pipeline leak detection market can be categorized on the basis of technology and geography. By technology, the market can be divided into flow meters, fiber optic sensors, infra-red detection, and pressure sensors.
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Global Oil and Gas Pipeline Leak Detection Market: Trends and Opportunities
The rapid growth of the oil and gas sector, which is fueled by the surging demand for energy, is the primary driver of this market. Additionally, the escalating demand for energy is leading to extended exploration and production activities and in the recent times, several new pipeline network have come up. Pipeline material failure and corrosion have been the major causes of leakage in oil and gas pipelines. Concurrently, the need for proper leak detection techniques to avoid potential disaster and accidents is on the rise. Increased investment in offshore energy recourses is another driver for the global market for oil and gas pipeline leak detection. Flow monitoring, fiber optic sensors, pressure monitoring, and infra-red leak detection are the four prominent leak detection technologies that are used for the detection of leakages in buried as well as un-buried hydrocarbon pipelines.
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Global Oil and Gas Pipeline Leak Detection Market: Region-wise Outlook
Geographically, report studies the lucrativeness of the regional markets of North America, Europe, Asia Pacific, the Middle East and Africa, and rest of the world. Currently, the Middle East and Africa region constitutes the maximum market for oil and gas pipeline leak detection, owing to vast network of pipeline, which is extending even further. As a result, this region is projected for the best growth rate during the forecast period. The region of North America is dominated by the developed economy of the U.S. which resides several prominent players in this market and hence is expected to remain a prosperous region over the course of next few years.