Oil and Gas Pipeline Leak Detection Equipment Market Estimated to Reach US$ 3.65 Bn by 2024: Transparency Market Research
ALBANY, New York, July 4, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Oil and Gas Pipeline Leak Detection Equipment Market (Technology- Mass-Volume Balance, Acoustic/Ultrasonic, Fiber Optics, Vapor Sensing, Others), (Location- Onshore, Offshore), (Equipment Type- Flowmeters, Acoustic Sensors, Cable Sensors, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024." According to the report, the global oil and gas pipeline leak detection equipment market was valued at US$ 2.02 Bn in 2015 and is expected to reach US$ 3.65 Bn by 2024, expanding at a CAGR of 6.8 % from 2016 to 2024.
Oil and gas pipeline leak detection equipment is installed in oil and gas pipelines for detecting leakages in it. Stringent environmental regulations and increasing losses to business due to leakages have forced the pipeline operators to install these equipment for better detection. Oil and gas pipeline leak detection equipment performance is analyzed on the parameters of reliability, accuracy and amount of time required to detect leak in the pipeline.
On the basis of technology the oil and gas pipeline leak detection equipment market can be segmented into mass-volume balance, acoustic/ultrasonic, fiber optics, vapor sensing, and others. Mass-volume balance accounted for approximately 40% of the global oil and gas pipeline leak detection equipment market and is forecasted to hold a dominant share during the forecast period. The large number of aging pipelines globally which are more prone to leakages is expected to propel the market for oil and gas pipeline leak detection equipment during the forecast period.
Based on location the oil and gas pipeline leak detection equipment market can be divided into onshore and offshore. Onshore segment dominated the global oil and gas pipeline leak detection equipment market in 2015 and is predicted to hold a significant share during the forecast period. With large number of planned and under-construction oil and gas pipelines in the world the oil and gas pipeline leak detection equipment is likely to grow at a healthy rate during the forecast period.
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Based on equipment type the oil and gas pipeline leak detection equipment market can be classified into Flowmeters, acoustic sensors, cable sensors, and others. Flowmeters held significant share in global oil and gas pipeline leak detection equipment market in 2015 and is projected to hold a sizable share during the forecasted period. The increasing demand for more reliable and quicker leak detection equipment among the pipeline operators is anticipated to boost the demand for oil and gas pipeline leak detection equipment.
North America dominated the oil and gas pipeline leak detection equipment market followed by Europe. Middle East & Africa is anticipated to grow fastest during the forecast period followed by Asia Pacific.
The key players of oil and gas pipeline leak detection equipment market include Siemens AG, PSI AG, KROHNE Messtechnik GmbH, Honeywell International Inc., Schneider Electric SE, ATMOS International, Perma-Pipe Inc., Pentair Thermal Management, FLIR Systems Inc., Pure Technologies Ltd., TTK-Liquid Leak Detection Systems, and AREVA NP.
The report segments the global oil and gas pipeline leak detection equipment market as:
Oil and Gas Pipeline Leak Detection Equipment Market - Technology Analysis
- Mass-Volume Balance
- Acoustic/Ultrasonic
- Fiber Optics
- Vapor Sensing
- Others
Oil and Gas Pipeline Leak Detection Equipment Market - Location Analysis
- Onshore
- Offshore
Oil and Gas Pipeline Leak Detection Equipment Market - Equipment Type Analysis
- Flowmeters
- Acoustic Sensors
- Cable Sensors
- Others
Oil and Gas Pipeline Leak Detection Equipment Market - Regional Analysis
- North America
- U.S.
- Canada
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific (APAC)
- Latin America
- Brazil
- Argentina
- Rest of Latin America (LATAM)
- Middle East & Africa
- South Africa
- Egypt
- GCC
- Rest of Middle East & Africa (MEA)
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/oil-gas-pipeline-leak-detection-equipment-market.htm
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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