The global leak detection and repair market is estimated to value over US$ 26 billion by 2029 end and register aCAGR of over 9% from 2019 to 2029.
The imposition of stringent government regulations coupled with raising awareness regarding the harmful effects of greenhouse gas emission remains the key factor driving the growth of the market. High accuracy alongside low-cost operation remains the key factor behind the inflation of the market. Technological advancements in an unmanned aerial vehicle, industrial automation and robots are expected to spur the market. Advancement of technology in the oil and gas industry has led to more deployment of gas leak detection systems, thus fueling the growth of the market.
The market is classified into by product, by technology, and by region. The technology consists of handheld gas detectors, UAV-Based detectors, vehicle-based detectors, and manned aircraft detectors. Handheld gas detectors are expected to lead the market during the forecast period. Handheld gas detectors are low cost and are portable. It's used for detecting gases such as Methanal, Ammonia and Carbon Dioxide. Handheld is mostly deployed in Method 21 for overlooking emissions. Improvements in pipeline infrastructure, rising trade of gas & oil products remains the key factor behind the growth of handheld gas detectors. The imposition of associated regulatory policies is also driving the demand for handheld gas detectors thus inflating the leak detection and repair market.
The UAV-based detector is also expected to grow during the forecast period. UAV-based detector allows operators to view detection with a laser sensor from aerial view. Advancements in sensors, image processing are expected to stimulate the demand of UAV-based detectors thus inflating the market.
In terms of technology, the VOC analyzer is expected to dominate the growth of the market. VOCs like handheld gas detectors are vastly used in Method 21 inspection. VOC analyzer can detect various gases such as oxygen, fluorine, chlorine, bromine, and nitrogen.
Optical Gas Imaging detects a leak from distance and offers enhanced accuracy alongside improved monitoring speed of gas leaks. It also helps in the scanning of larger areas for detection of hazardous gas. Such advantages have led to more deployment of OGI. OGI is also expected to inflate the market during the forecast period. US EPA has listed OGI and VOC analyzer as one of the preferred technologies.
In terms of region, North America is the global leader of the market. Government regulations alongside the rapid adoption of advanced technological advanced products are driving the growth of the market in the region. ONE Future (Our Nation's Energy Future) was an initiative formed in 2014 by eight established US companies aiming at reducing methane emissions to one or less percent. Asia-Pacific region is expected to witness vast growth as well. Presence of prominent players coupled with the rising number of offshore oil and gas facilities is expected to accelerate the presence of the market in the region. Many prominent players are investing in the region, particularly in India and China to expand the market.
The leading players of the market are ABB Ltd, Advisian, AECOM, Chicago Bridge & Iron Company N.V, PrecisionHawk, Bridger Photonics, LI-COR Inc, Aeris Technologies, and Ball Aerospace & Technologies Corp.
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Global Leak Detection and Repair Market Segmentation:
By Product
• Handheld Gas Detectors
• UAV-Based Detectors
• Vehicle-based Detectors
• Manned Aircraft Detectors
By Technology
• Volatile Organic Compounds (VOC) Analyzer
• Optical Gas Imaging (OGI)
• Laser Absorption Spectroscopy
• Ambient/Mobile Leak Monitoring
• Acoustic Leak Detection
• Audio-Visual-Olfactory Inspection
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World
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Competitive Landscape:
● Tier 1 players- established companies in the market with a major market share
● Tier 2 players
● Emerging players which are growing rapidly
● New Entrants
FutureWise Key Takeaways
● Growth Prospects
● SWOT Analysis
● Key Trends
● Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global leak detection and repair market by technology, by product, and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies
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