The leak detection market for oil & gas is estimated to be USD 2.1 billion in 2020 and is projected to reach USD 3.0 billion by 2025; it is expected to grow at a CAGR of 7.8% from 2020 to 2025. The evolving government regulations pertaining to the implementation of leak detection systems and ongoing construction of new pipelines and expansion of existing ones drive the marketâ€™s growth.
Immense safety measures are required to carry or transfer flammable or explosive materials, such as natural gas or oil, through pipelines as a small leak in these pipelines may result in serious consequences. Pipelines are also subject to vandalism or even terrorist attacks. During wars, pipelines are often targeted by military troops of hostile countries. Thus, governments worldwide have made it mandatory to implement leak detection systems in oil and gas pipelines to avoid leakages in them and ensure their safety. This is one of the key factors driving the growth of the leak detection market for oil & gas, globally.
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The acoustic/ultrasonic segment is estimated to account for the largest share of the market in 2020. The growth of this segment can be attributed to the increased use of acoustic/ultrasonic technology-based leak detection systems in single-phase and multi-phase flow pipelines. The systems based on acoustic/ultrasonic technology have quick leak detection capabilities, are suitable for leak detection in large pipelines, and require simplified sensor and software set up with minimal calibrations. The systems using the negative pressure wave method (acoustic/ultrasonic) can detect leaks less than 3mm (0.1-inches) in diameter. They have the lowest false alarm rate in the industry, with less than 1 false alarm per year.
Natural gas segment is estimated to account for the largest share of the market in 2020 . The increased exploration, production, and consumption of natural gas to fuel leak detection market growth. There has been a significant increase in the consumption of natural gas in recent years. The presence of abundant natural gas resources and its increased production make it a competitive energy resource. Natural gas remains a key fuel in the electric power generation and the industrial sectors. In the electric power generation sector, natural gas is a preferred choice owing to its fuel efficiency. It also burns cleaner than coal or petroleum products. As governments of different countries are implementing national or regional plans to reduce carbon dioxide emissions, they are expected to encourage the use of natural gas more than carbon-intensive coal and liquid fuels. Therefore, the reliability and security of gas transportation infrastructures are of high priority in the energy sector.
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North America is projected to account for the largest size of the leak detection market for oil & gas from 2020 to 2025. It is investing significantly in oil and gas pipeline projects to cater to the growing demand for oil and gas. The US is a leading country globally in terms of oil production and consumption. It has the largest network of oil and gas pipelines in the world. The country ranks first in the world in terms of oil and gas production. It has the largest network of oil and gas pipelines. Moreover, regulations mandated by the US Government to implement leak detection technologies and systems for the safety of pipelines and the environment lead to the growth of the leak detection market for oil & gas in the country.