Leak Detection Market Growth At A Cagr Of 6.4% In The Forecast Period Of 2019 To 2026

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Market Analysis: Global Leak Detection Market
Leak detection market is set to witness a substantial CAGR of 6.4% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. An upsurge in the demand for cleaner emissions by the environmental and government organizations will provide strong outlook for the business expansion over the forecast period.
Market Definition: Global Leak Detection Market
Leak detection is a particular method through which the occurrence of a leak is determined during corrosion. It can be either in a liquid or gaseous form. This method is mainly used in the Oil & Gas industry particularly in upstream, middle stream, and downstream. Both internal and external methods of detection are available for the leak detection such as infrared and laser technology and hydrostatic testing. Leak detection systems ranges from simple, visual line walking and checking to the complex arrangements of software and hardware.
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... Market Drivers:
• Rapid expansion of the petrochemical industries and production activities is affecting the market growth in a positive way
• Rising incidences of oil & gas leakages is driving the market growth
• Increasing consumer awareness pertaining to the environmental conservation and natural gas consumption
• Increasing investments in the off-shore energy resources by the major players will propel the market size
Market Restraint:
• Growing retrofitting trends of some leak detection systems is hampering the market growth
Segmentation: Global Leak Detection Market
Category
• Oil
• Gas
Product
• Fixed
• Portable
Technology For Oil
• Acoustic/Ultrasonic
• Mass/Volume Balance
• Fiber Optic
• Vapor Sensing Tubes
• E-RTTM
Technology For Gas
• Acoustic/Ultrasonic
• Laser Absorption & Lidar
• Cable Based
• Statistical & Real Time Monitoring
• Vapor Sensing
• Flow Monitoring
• Thermal Imaging
End User
• Upstream
• Middle stream
• Downstream
Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o Italy
o U.K.
o France
o Spain
o Netherlands
o Belgium
o Switzerland
o Turkey
o Russia
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o South Korea
o Australia
o Singapore
o Malaysia
o Thailand
o Indonesia
o Philippines
o Rest of Asia-Pacific
• South America
o Brazil
o Argentina
o Rest of South America
• Middle East and Africa
o Saudi Arabia
o UAE
o South Africa
o Egypt
o Israel
o Rest of Middle East and Africa
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Key Developments in the Market:
• In January 2018, SENSIT Technologies, global leader in the gas detection and measurement instruments launched its Gasless Leak Trainer. It was designed for meeting hands-on training needs with respect to the hazardous leak investigations and gas emergencies. It pairs a Bluetooth-enabled tablet with special equipped SENSIT & TRAK-IT IIIa Multi-Gas Detectors for simulating the real-world scenarios without any requirement of the live gas. The respective launch of the instrument helped in the diversification of product portfolio of the company
• In July 2015, Honeywell International Inc. acquired Elster Division of Melrose Industries plc for a sum total of USD 5.1 billion. It is the leading provider of thermal gas solutions for commercial, industrial, and residential heating systems and gas, water, and electricity meters. They also deal in the smart meters and software & data analytics solutions. This will provide effective generation of the definitive future returns for the Honeywell's shareowners as it will provide an increment in their growth profile across the globe
Competitive Analysis
Global leak detection market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of conversational computing platform market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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Major Market Competitors/Players
Few of the major competitors currently working in the global leak detection market are Honeywell International Inc., Siemens, FLIR Systems Inc., PSI Software AG, KROHNE Messtechnik GmbH, ClampON AS, Pentair plc., Xylem Inc., SENSIT Technologies, Schneider Electric, Perma-Pipe, Atmos International (Atmos), TTK-Leak Detection System, Bridger Photonics Inc., RAE Systems, EnergySolutions, IRT Consult Environmental & Energy Ltd., EnTech Engineering, PC and others.
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