The global Leak Detection And Repair Market size is expected to reach USD 27.89 billion by 2030, growing at a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for oil and oil products across Asia Pacific, North America, Europe, and MEA regions. According to IEA, oil demand in the Asia Pacific is expected to reach 9 million barrels per day by 2040. Various government bodies are encouraging the use of advanced leak detection and repair (LDAR) systems, which is creating new opportunities for market growth. For instance, in December 2020, the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act was signed into law in the U.S. This act directs gas pipeline operators to use enhanced leak detection technologies to ensure the safety of pipelines and the environment.

Growing government efforts to reduce methane emissions worldwide are anticipated to accentuate market growth. For instance, the Global Methane Pledge was announced on November 2021 at COP26 in Glasgow to commit to a joint goal of lowering global methane emissions by at least 30% by 2030 as compared to the 2020 levels. This initiative emphasizes reducing methane emissions by tackling methane leaking from oil and gas pipelines, wells, and other fossil fuel infrastructure. The COVID-19 pandemic is anticipated to impact the market growth favorably in the near future. The pandemic forced oil and gas companies to adopt enhanced leak detection solutions to overcome the challenges caused by employee shortage. The demand for UAV-based detectors increased among oil and gas companies amid the pandemic.

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Leak Detection And Repair Market Report Highlights

• In terms of components, the services segment dominated the market in 2021. The segment growth can be attributed to the rise in demand for LDAR services among the oil and gas companies to identify, track, and repair leak components
• In terms of product, the handheld gas detectors segment dominated the LDAR market in 2021. The segment growth can be attributed to the rise in demand for portable gas detection systems in areas, such as oil production, sewage treatment, and tunnel construction
• In terms of technology, the Volatile Organic Compounds (VOCs) analyzers segment dominated the market in 2021 due to the extensive use of VOC analyzers for detecting various gases, such as propane, methane, and carbon dioxide
• North America dominated the market in 2021 owing to stringent regulations, such as Leak Detection Regulations, in the U.S. as well as the high adoption of advanced technologies by companies in the region