Oil and Gas Pipeline Leak Detection Equipment Market to Reach US$3.65B by 2024 – Transparency Market Research

Nov 14, 2017 - (Newswire)

A recent intelligence study by Transparency Market Research (TMR) has detected that the shares in the global oil and gas pipeline leak detection market is distributed among a small chunk of companies who currently own a position of strength. The competitive landscape is expected to remain consolidated among the major players such as Schneider Electric SE, Honeywell International Inc., and Siemens AG. These three players reserved 35% of the market in 2015 and are expected to further dominate the market via acquisitions and divestments for sustainable growth of their business. One of the example of position strengthening via acquisition can be Siemens’ acquisition of aero-derivatives and energy compressor from Rolls-Royce in 2014. This helped the company to block the technical void it had in its gas turbine portfolio.

As per the projections of the TMR report, the demand in the global oil and gas pipeline leak detection equipment market will increment at a notable CAGR of 6.8% during the forecast period of 2016 to 2024. The business and commerce study has evaluated that the opportunities in oil and gas pipeline detection equipment market, worldwide, were worth US$2.02B in 2015 and estimates it to swell up to US$3.65B by 2024.

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In the near future, apart from mergers and acquisitions, the major players are also expected to invest furiously for the development of advanced technologies and device innovative equipment in order to meet the diverse challenges such as high temperature, extreme pressure, deep and ultra-deep water, and arctic conditions. Honeywell, Pure Technologies, Atmos International, EnergySolutions, IRT Consult Environmental & Energy, ClampOn, EnTech Engineering, KROHN Messtechnik, Perma-Pipe and RAE Systems are some of the other notable players operating in the global market for oil and gas pipeline leak detection equipment.

Technology-wise, the TMR report segments the global oil and gas pipeline leak detection equipment market into fiber optics, mass-volume balance, vapor sensing, acoustic/ultrasonic, and others. Among these, in 2015, the mass-volume balance segment accounted for 39.3% of the demand, and is expected to remain highly profitable in the near future too, although the demand for acoustic or ultrasonic segment is projected to expand at most robust growth rate. In terms of location, the market has been bifurcated into onshore and offshore. Currently, onshore category continues to garner the maximum demand.

Presently, North America is the most lucrative region of the vendors operating in this market, gaining strong traction from the developed countries of the U.S. and Canada. The North America oil and gas pipeline leak detection equipment market served 40% of the total demand. On the other hand, Europe is expected to maintain is second position in terms of demand throughout the forecast period of 2016 to 2024, although the growth of the Middle East and Africa oil and gas pipeline leak detection equipment market is due to a large number of planned projects for pipeline construction.

Implementation of Government Regulations for Safety Driving Demand

Introduction of stringent government regulations related to the implementation of leak detection systems, increasing incidents of oil and gas leakages in pipelines and storage tanks at production facilities, and expansion of infrastructure with new pipeline are some of the key factors driving the demand in the global oil and gas pipeline leak detection equipment market. On the other hand, retrofitting of some leak detection systems and lack of technological advancements in offshore leak detection systems are obstructing the market from attaining its true potential.

Nevertheless, the vendors operating in this market are expected to gain new opportunities from rising oil and gas exploration and production activities across the world, increasing oil and natural gas consumption and environment concerns, development of drone technology, technology improvement in methane leak detection, and increasing usage of wireless gas detection system.

Research Report PR: https://www.transparencymarketresearch.com/pressrelease/oil-gas-pipeline-leak-detection-equipment-market.htm​

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Original Source: https://www.newswire.com/news/oil-and-gas-pipeline-leak-detection-equipment-market-to-reach-us-3-65-20058398

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