Introduction:

Leak detection is a method in which the existence of a leak within a system is determined. The techniques are utilized across a wide range of systems where a container must seal in some material. The variety of detection methods can be classified as internal or external, depending on where the leak detection system (LDC) is located. Leak detection equipment is the simplified smart device which helps to prevent unnecessary leakage of gas, air, oil, water, and other fluids from overflow or leaking by providing a hearable alert. Leak detection technologies can be classified according to the physical principles involved in the leak detection. The leak detection technologies can be classified into three groups: biological methods, hardware-based methods, and software-based methods. Several government initiatives and favorable government regulations are taken into consideration to execute leakage detection using leak detection equipment and to prevent incidents of leakage in various industry, which may cause a massive loss in developed and developing countries. These are factors anticipated to drive the revenue growth of the global leak detection equipment market.

 

The leak detection equipment market is anticipated to reach USD XXX.X million by 2030 from USD XXX.X million in 2021, at a CAGR of 8.6% during the forecast period.

 

The global market for leak detection equipment is growing rapidly due increasing demand for leak detection products and services in the industrial and commercial sectors. The industrial sector is the largest consumer of leak detection products and services.

 

Growth Drivers:

Many countries are concentrating their efforts on constructing oil and gas pipeline networks since they are the safest and most cost-effective means of transportation. Pipelines allow oil and gas to be transported safely and efficiently through urban areas with little impediments. For speedier transportation of hydrocarbons, multiple cross-country oil and gas pipelines are being proposed. They are anticipated to drive the growth of leak detection equipment market.

Several government initiatives and favorable government regulations are taken into consideration to execute leakage testing using leak test equipment and to prevent incidents of leakage in various industry, which may cause a massive loss in developed and developing countries. Government subsidies to the oil and gas industry is driving the growth of leak detection equipment market.

Integration of various technologies such as machine learning and Artificial Intelligence (AI) for efficiently detecting leaks in their infrastructure. A machine learning algorithm assist in identifying leaks and emission risks on the ground with the use of satellite imagery.

Leak detection equipment market continues to expand as a result of rising demand from emerging economies, due to increase in the number of small and medium-sized businesses, increasing demand for HVAC/R systems, and strengthening of IT sector in nations like China and India. Other reasons supporting the growth of the leak detection equipment market in emerging economies include increasing industrialization, booming manufacturing activities, and increasing government norms and regulations.

 

Leak Detection Equipment Segmentation:

By Type:

·         Upstream

·         Midstream

·         Downstream

By Product Type:

·         Handheld Gas Detectors

·         UAV-Based Detectors

·         Manned Aircraft Detectors and Vehicle-Based Detectors

·         Others

By Technology:

·         Acoustic / Ultrasound

·         Fiber Optic

·         Pressure-Flow Deviation Methods

·         Extended Real-Time Transient Model (E-RTTM)

·         Thermal Imaging

·         Mass/Volume Balance

·         Vapor Sensing

·         Laser Absorption and Lidar

·         Hydraulic Leak Detection

·         Negative Pressure Valves

·         Others

By End Use Industry:

·         Oil and Gas

·         Chemical Plant

·         Water Treatment Plants

·         Thermal Power Plant

·         Mining and Slurry

·         Others

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Leak Detection Equipment Market by Type Review:

Based on the type, the market for leak detection is segmented into upstream, midstream, and downstream. On the basis of type, midstream segment is expected to be the largest in terms of market share, while it is predicted to grow at a highest rate in terms of CAGR during the forecast period because leak detection equipment is primarily used in midstream type.

 

Leak Detection Equipment Market by Product Type Review:

Based on the product type, the market is segmented into four segments: handheld gas detectors, UAV-based detectors, manned aircraft detectors and vehicle-based detectors, and others. On the basis of product type, the handheld gas detectors have the largest share in market, while the UAV-based detectors expected to grow at fastest CAGR during the forecast period. The oil & gas companies want UAV-based detectors due to increased safety and effectiveness.

 

Leak Detection Equipment Market by Technology Review:

Based on the technology, the market for leak detection equipment is segmented into eleven segments: acoustic/ultrasound, fiber optic, pressure-flow deviation methods, extended real-time transient model (E-RTTM), thermal imaging, mass/volume balance, vapor sensing, laser absorption and lidar, hydraulic leak detection, negative pressure valves, and others. On the basis of technology, extended real-time transient model (E-RTTM) is expected to dominate the market in terms of market share, while it is forecasted to grow at the highest rate in terms of CAGR during the forecast period due to numerous advantages of E-RTTM like it can detect small leakages, identify the size of the leakage accurately, and model all dynamic fluid characteristics.

 

Leak Detection Equipment Market by End-Use Industry Review:

Based on the end-use industry, the market is segmented into six segments: oil & gas, chemical plant, water treatment plants, thermal power plant, mining and slurry, and others. Among these, the segment for oil & gas is expected to be the largest in terms of market share, while the segment is projected to grow at the fastest rate in terms of CAGR during the forecast period because oil & gas industry is the major consumer of leak detection equipment market.

Regional Outlook:

The leak detection equipment market research report offers detailed analysis and forecasts for five major regions i.e., North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.

North America dominated the global leak detection equipment market during the forecast period. Due to increasing exploration and drilling activities in the United States and Canada, rapid industrialization, and presence major market players in the North America region is expected to drive the growth of leak detection equipment market during the forecast period.

Asia pacific is expected to grow at a highest pace in terms of CAGR during the forecast period, due to rapid urbanization & construction activities, increasing purchase power and industrialization. Additionally, the Asia Pacific market demand is also being boosted by the expansion of the operations of numerous oil corporations, like the National Marine Oil Corporation of China and the Oil and Natural Gas Corporation of India. The rising number of oil &gas exploration and production projects, along with the expansion of oil and gas pipelines, drives the growth of the leak detection equipment market in the region.

Europe and Latin America is expected to grow at substantial rate during the forecast period due to developed economies in Europe and increasing government regulations in both Europe and Latin America region.

Key Companies in Leak Detection Equipment Market:

The research report offers a competitive analysis of prominent companies operating in the leak detection equipment market. Some of the leading players profiled in the market research report include:

·         Honeywell International Inc

·         ABB

·         FLIR Systems, Inc.

·         Siemens Energy

·         Schneider Electric

·         Atmos Internatonal

·         Xylem

·         Emerson Electric Co.

·         KROHNE Group

·         TTK

·         PSI Software AG

·         HIMA

·         AVEVA Group plc

·         Yokogawa Electric Corporation

·         Other Players