Oil & Gas Pipeline Leak Detection Equipment Market is Estimated to Reach $4.26 Billion By 2026, Says Accurize Market Research
Global Oil & Gas Pipeline Leak Detection Equipment Market Report, published by Accurize Market Research, forecast that the global market is expected to reach $4.26 Billion by 2026, growing at a CAGR of 6.8% from 2019 to 2026. North America dominated the global oil & gas pipeline leak detection equipment market in 2018, and anticipated to hold the major market share till 2026.
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Market Introduction and Market Dynamics
The dependency on these pipelines to delivery consistently is mounting owing to the surge in demand for oil and gas. Leak detection systems are progressively being used in aging pipes, owing to various factors such as strict government regulations, higher risk of leakage, and being more prone to corrosion. The rapid growth of the oil and gas sector, escalating demand for energy, and increased investment in offshore energy resources are the major factors driving the oil & gas pipeline leak detection equipment market. Further, the need for proper leak detection techniques to avoid potential disaster and accidents would provide several growth opportunities in forecasted years. In addition, construction of new pipelines, and expansion of existing pipelines, is also projected to fuel the market during the forecast years.
Market Segmentation and Crisp Analysis
The global oil & gas pipeline leak detection equipment market has been segmented into type and technology. The oil and gas are the further classifications of the type segment. The technology segment includes fiber optic sensors, pressure sensors, infra-red detection, flow meters, and others. By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). The pressure sensors and fiber optic sensors accounted for majority of the market share in 2018. The market for flow meter segment is anticipated to grow moderately in the coming six to seven years.
Regional Segmentation and Crisp Analysis
The global oil & gas pipeline leak detection equipment market has been segmented by geography into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America covers the U.S., Canada, and Mexico, while Europe covers UK, Germany, France, Italy, and Rest of Europe. China, Japan, India, Korea, and Rest of Asia-Pacific have been analyzed under the Asia-Pacific market. Rest of the world includes Central & South America, the Middle East, and Africa. North America dominated the global market accounting for the largest market share of around in 2018, and projected to continue its dominance during the forecast period 2019 – 2026. The growth is attributed to the presence of a developed economy like U.S. The Middle East and Africa is projected to have attractive growth rate owing to rising oil and gas activities across the regions.
Manufacturers Competitive Analysis
The top players operating in the market are frequently investing on research & development and are planning to increase their presence in the untapped emerging economies. Major key players profiled in the report are Siemens AG, Honeywell International Inc., PSI AG, FLIR Systems Inc., Perma-Pipe Inc., KROHNE Messtechnik GmbH, Schneider Electric SE, and Atmos International, among others.
Scope of the Report
The scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as cross-sectional analysis of the segments including the geographies and its countries. Key companies operating in this market and their company profile along with the market share analysis and competitive scenario is also the part of the report. Furthermore, different industries clients’ information has been provided in the report which is very important for the manufacturers. Manufacturers’ data, including: revenue, shipment, revenue share, shipment share, and gross profit have been also included, which provide better understanding of the market competition.
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