The market is projected to grow from USD 2.1 billion in 2020 to USD 3.0 Billion by 2025, at a CAGR of 7.8% from 2020 to 2025. Rising occurrences of oil & gas leakages in pipelines and storage tanks at production facilities and progressing government regulations concerned with the implementation of leak detection systems are some of the major factors propelling the growth of the leak detection market for oil & gas.
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The natural gas segment will grow at the highest CAGR during the forecast period.
Increasing government regulations to reduce carbon dioxide emissions is one of the key drivers for increased natural gas consumption. This, in turn, contributes to the rising demand for leak detection technologies and systems in natural gas production and storage facilities and transportation pipelines.
North America to lead the global leak detection market for oil & gas during the forecast period.
North America is projected to account for the largest size of the leak detection market for oil & gas during the forecast period. The US government provides significant subsidies to petroleum companies through tax exemptions at every stage of the oil exploration and extraction process, from leasing oil fields to drilling equipment. The government support for the growth of the oil and gas industry in the US is one of the primary reasons for the rising number of oil and gas projects in the country. This is expected to contribute to the growth in demand for leak detection technologies and systems in the US. Moreover, according to the Pipeline and Hazardous Materials Safety Administration (PHMSA), an agency of the US Department of Transportation, the increasing incidents of leakages in the oil and gas pipelines and storage tanks at production facilities also fuel the growth of the leak detection market for oil & gas in North America.
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Honeywell International (US), Emerson Electric (US), ABB (Switzerland), KROHNE Group (Germany), PSI Software (Germany), Atmos (UK), AVEVA (UK), FLIR Systems (US), HIMA (Germany), Yokogawa Electric (Japan), Asel-Tech (Brazil), Bridger Photonics (US), Flyscan Systems (Canada), Fotech Group (UK), Hawk Measurement Systems (Australia), MAGNUM (Germany), MSA Safety (US), OptaSense (UK), Simulation Software (UK), and TTK (France) are some of the key players operating in the leak detection market for oil & gas.