New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gas And Oil Pipeline Leak Detector Global Market Report 2023" - https://www.reportlinker.com/p06466473/?utm_source=GNW
, Pentair Plc., PSI AG, Krohne Messtechnik GmbH, Pure Technologies, Perma-Pipe, Laser Diagnostic Instruments AS, Arjay Engineering, Asel-Tech Inc., Yokogawa International Inc., Areva S.A., and ABB Ltd.
The global oil and gas pipeline leak detector market is expected to grow from $2.81 billion in 2022 to $2.95 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil and gas pipeline leak detector market is expected to reach $3.56 billion in 2027 at a CAGR of 4.8%.
The oil and gas pipeline leak detectors market consists of sales of flame Ionization (FID) detection devices, fluorescent leak detection, halogen leak detectors, helium leak detectors, high voltage leak detection, hydrogen leak detection, infrared open path gas leak detector, and propane leak detectors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Oil and gas pipeline leak detectors, also known as leak sensors or leak detectors, provide an alarm or visual indication of the presence of a leak in a pipe or other system containing liquids or gases. It is used to monitor a system that contains liquids, gases, or other chemicals to verify that the items inside do not escape, leak, or otherwise leave the system.
North America was the largest region in the oil and gas pipeline leak detector market in 2022. The regions covered in the oil and gas pipeline leak detector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of oil and gas pipeline leak detectors based on location are onshore and offshore.Onshore describes the development of oil fields, gas reserves, and geothermal energy on land for exploration and production, where gas flowline breaches are found using onshore oil and gas pipeline leak detectors, which track changes in frictional losses brought on by a leak.
The major mediums used are oil and condensate and natural gas and uses various technologies such as acoustic sensors, flowmeters, cable sensors, vapor sensors, and others in different applications such as fiber optic, vapor sensors, pressure sensors, infra-red detection, and flowmeters.
An increase in oil and gas consumption is expected to propel the growth of the oil and gas pipeline leak detector market.Oil and gas refers to the external drilling, production, gathering, refining, distribution, and transportation of oil and gas.
An increase in oil and gas consumption leads to an increase in the need for the system to track data such as pressure, flow rates, temperature, and whether valves are open or closed using a number of sensors. For instance, in April 2023, according to the report published by the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, in 2021, oil consumption climbed by 5.3 million barrels per day (b/d), although it remained 3.7 million b/d lower than in 2019. It is further expected to increase by a 1.4 million b/d in global liquid fuel consumption in 2023, and a 1.8 million b/d in 2024. Therefore, an increase in oil and gas consumption is driving the growth of the oil and gas pipeline leak detector market going forward.
Technological advancements are the key trend gaining popularity in the oil and gas pipeline leak detector market.Major companies operating in the oil and gas pipeline leak detector market are focused on developing innovative products to strengthen their position in the market.
For instance, in November 2022, Hawk Measurement Systems, a US-based manufacturer that develops level measurement and flows in a pipeline, launched Praetorian System for continuous real-time monitoring of oil and gas pipeline infrastructure. Fiber Optic Sensing (FOS) technology is used in HAWK’s Praetorian System, in which Fiber Optic Cable is put along the pipeline and detects changes in sound, stress, temperature, or vibration, allowing the system to cross-reference and delete spurious signals and uses temperature as well as vibration (multi-variable sensing) to positively identify the leak.
In March 2023, SkySkopes Holdings, a US-based geospatial data solutions company acquired LaSen Inc for an undisclosed amount.Through this acquisition, SkySkopes Holdings aims to increase its capacity to provide its clientele with precise, high-quality data collection and GIS solutions.
LaSen Inc is a US-based leak detection company for oil and gas pipelines.
The countries covered in the oil and gas pipeline leak detector market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The oil and gas pipeline leak detector market research report is one of a series of new reports that provides oil and gas pipeline leak detector market statistics, including oil and gas pipeline leak detector industry global market size, regional shares, competitors with an oil and gas pipeline leak detector market share, detailed oil and gas pipeline leak detector market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas pipeline leak detector industry. This oil and gas pipeline leak detector market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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