SAN FRANCISCO, July 1, 2019 /PRNewswire/ -- The global leak detection and repair market size is anticipated to reach USD 24.47 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 5.4% during the forecast period. Leaking equipment, pumps, valves, and connectors in the oil & gas industry are the major sources of volatile hazardous air pollutants (VHAP) and volatile organic compounds (VOC) emissions. EPA has laid down LDAR regulations for monitoring of such equipment for possible leakages. An LDAR program is a system of procedures that help to reduce emission of VOCs and VHAPs. This program conducts audits of all components in the oil and gas industries and detects changes, if any, such as changes in gas emission level or temperature level.
Key suggestions from the report:
- Low-cost operation, high accuracy, and sensitivity in leak detection, environmental concerns regarding emission of harmful greenhouse gases, and support provided by governments and regional associations are among the primary growth stimulants for the market
- Presence of the largest oil and gas pipeline network and concentration of major oil and gas producing and refining companies in North America are expected to offer a high-potential market for the deployment of gas leak detection, monitoring, and repair systems over the forecast period
- Major American and European oil & gas companies are focusing on increasing their presence in Asia Pacific through acquisitions and investments
- National oil companies in APAC such as Oil and Natural Gas Corporation, China National Offshore Oil Corporation, and Petronas are also expanding their operations to capitalize on the region's rapidly growing market
- Latin American Energy Organization (OLADE) is focusing on development of natural gas-based energy generation infrastructure through public-private partnerships. Natural gas is expected to play a vital role in the development.
Read 142 page research report with TOC on "Leak Detection and Repair (LDAR) Market Analysis Report By Product (Vehicle-based Detectors, UAV-based Detectors, Handheld Gas Detectors), By Technology, By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/leak-detection-repair-ldar-market
Methane is a dominant greenhouse pollutant and is considered 80 times more powerful and harmful than carbon dioxide, a major greenhouse gas. In addition, methane contributes approximately 25.0% to global warming. Hence, various governments are introducing regulations and initiatives to reduce methane emissions.
Apart from government initiatives, various oil and gas producers, transmission, and distribution companies in the U.S. are actively collaborating to devise measures and deploy systems to reduce methane emission. Our Nation's Energy Future (ONE Future) initiative was formed by 8 major U.S. companies (including Southwestern Energy, BHP Billiton Ltd., and Apache Corp.) in 2014 with an emphasis on collectively achieving methane emissions to one percent (or less) of the total natural gas production. Moreover, developments in oil and gas pipeline in countries in Asia Pacific such as China and India, due to rising energy demand, are expected to boost the growth of the market over the forecast period.
Both portable and fixed gas leak detection systems are used to detect leaks in the oil and gas industry. Currently, most of the oil and gas pipelines are equipped with flow rate measurement sensors. In case of a leak, sensors detect drops in pressure. However, according to a report by the U.S. Department of Transportation, these sensors are successful in detecting leaks only around 40.0% of the time.
Grand View Research has segmented the global leak detection and repair (LDAR) market based on product, technology, and region:
- Leak Detection and Repair Product Outlook (Revenue, USD Million, 2014 - 2025)
- Handheld Gas Detectors
- UAV-based Detectors
- Vehicle-based Detectors
- Manned Aircraft Detectors
- Leak Detection and Repair Technology Outlook (Revenue, USD Million, 2014 - 2025)
- Volatile Organic Compounds (VOC) Analyzer
- Optical Gas Imaging (OGI)
- Laser Absorption Spectroscopy
- Ambient/Mobile Leak Monitoring
- Acoustic Leak Detection
- Audio-Visual-Olfactory Inspection
- Leak Detection and Repair Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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