Despite strict regulations governing pipeline leak detection systems, globally, the incidents of oil and gas pipeline leaks have witnessed a steady rise. Leakage in pipelines can occur due to various reasons, such as natural damage, ageing, weather conditions, corrosion, tampering, etc. Oil and gas pipeline leakage incidents prove to be extremely adverse not only for the environment, but also for operating companies which are liable to pay hefty amounts in the form of damages and compensation in case of any accidents. In view of these after effects of oil and gas pipeline leakages, governments of various countries have formulated regulations and guidelines, which specify dedicated methods for oil and gas pipeline leak detection, which companies are required to abide with. These standards have made deployment and maintenance of leak detection systems a compulsion, thereby fuelling growth in oil and gas pipeline leak detection market.
According to the report – ‘Global oil and gas pipeline leak detection market forecast and opportunities, 2020’ – global oil and gas pipeline leak detection market is projected to cross US$1.8 billion in 2020. Growth in the market can be attributed to the expanding oil and gas pipeline network across the globe on account of investments in pipeline infrastructure, especially in Europe and Africa. In addition to deployment in new pipelines, leak detection systems are rapidly being used in ageing pipelines.
Across the globe, the average age of pipelines is 30 years, while some pipelines are as old as 100 years. Ageing pipelines, being more prone to corrosion, possess greater risk of leakage, and thus demand use of better leak detection systems. On account of strict regulations and high compensations in case of hydrocarbon spills, ageing pipelines are propelling the demand for pipeline leak detection across the globe. ‘Global oil and gas pipeline leak detection market forecast and opportunities, 2020’ discusses the following aspects of oil and gas pipeline leak detection market across the globe:
- Segmental analysis – onshore and offshore.
- Regional analysis – Americas, Europe, Asia and Oceania, Africa.
- Changing market trends and emerging opportunities.
- Competitive landscape and strategic recommendations.
What does the report offer?
- An in-depth understanding of global oil and gas pipeline leak detection market across the globe.
- The ongoing trends and anticipated growth over the next five years.
- To help industry consultants and oil and gas pipeline leak detector manufacturers align their market-centric strategies.
- To obtain research based business decisions, and add weight to presentations and marketing material.
- To gain competitive knowledge of leading market players.
- To avail 10% customisation in the report without any extra charges and get research data or trends added in the report as per the buyer's specific needs.
The information contained in this report is based upon both primary and secondary research. Primary research included interviews with oil and gas pipeline leak detector manufacturing companies, suppliers, distributors and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
Read the full report here.
Edited from source by Stephanie Roker