There are increasing demand for leak detection and repair (LDAR) systems among companies globally because of their benefits, such as cost-saving, safety improvement, and environmental protection. Numerous acoustic and non-acoustic devices are used for water pipeline leakage. Also, the rise in integrating several technologies, such as machine learning and artificial intelligence (AI), to efficiently detect leaks in their infrastructure is enhancing market growth.
According to Data Bridge Market Research, the Global Leak Detection Market was valued at USD 2.28 billion in 2021 and is expected to reach USD 4.41 billion by 2029, registering a CAGR of 8.60% during the forecast period of 2022-2029.
" Increased Capital Funding for AI-based Leak Detection And Repair (LDAR) Systems Surge the Market Growth"
Numerous venture capital funding companies are investing in companies that offer AI-based leak detection and repair (LDAR) systems, creating new opportunities for market growth. For instance, SCF Ventures, a venture capital firm focused on offering capital to companies operating in the energy services sector, announced its investment in Qube Technologies in 2021. Qube Technologies is a continuous emission monitoring technology provider. Qube Technologies' continuous emission monitoring technology allows oil and gas operators to detect, decrease, and evaluate methane emissions better. The investment would help Qube Technologies increase its deployment of continuous monitoring systems and help several industries minimize emissions. Thus, this factor boosts market growth.
What restraints the growth of the Global Leak Detection Market?
" Technical Complications with Leak Detectors"
Several technical complications lead to a decrease in market growth. To ensure peak operation, water detection systems need regular maintenance and checks on power sources and batteries. Some lack third-party integrations, which can make routine maintenance difficult. Furthermore, comprehensive models will need technical help from a specialist or plumber. All these major factors impede the growth of the market.
Segmentation: Global Leak Detection Market
The global leak detection market is segmented on the basis of type, product type, technology and end user.
- On the basis of type, the global leak detection market is classified upstream, midstream and downstream.
- On the basis of product type, the global leak detection market is classified into handheld gas detectors, uav-based detectors, manned aircraft detectors and vehicle-based detectors, others.
- On the basis of technology, the global leak detection market is classified into acoustic / ultrasound, fiber optic, pressure-flow deviation methods, extended real-time transient model (e-rttm), thermal imaging, mass/volume balance, vapor sensing, laser absorption and lidar, hydraulic leak detection, negative pressure valves and others.
- On the basis of end-user, the global leak detection market is classified into oil and gas, chemical plant, water treatment plants, thermal power plant, mining and slurry and others
Regional Insights: North America is expected to dominate the Global Leak Detection Market
North America dominates the market due to stringent government regulations and norms within the region. The increasing oil and gas industry is thus creating the need for leak detection and repair systems in the U.S. In addition to this, government subsidies to the oil and gas industries are further enhancing the regional market growth
Asia-Pacific is expected to grow in 2022-2029 due to the increased demand for oil and oil products in the region. The growing production of natural gas in countries like China is also creating the need for leak detection and repair systems.
To know more about the study, visit, https://www.databridgemarketresearch.com/pt/reports/global-leak-detection-market
Recent Developments in Global Leak Detection Market
- In 2021, Aeris Technologies, Inc. provided sensitive drone mapping of methane emissions without supplementary ground-based measurements. Aeris Consider offered a sensitive drone-based system for detecting gas system leaks, mapping CH4 hotspots, and computing total CH4 fluxes in anthropogenic contexts such as landfills, wastewater treatment facilities, biogas plants, energy generation, and agriculture.
The Prominent Key Players Operating in the Global Leak Detection Market Include:
- Teledyne FLIR LLC (U.S.)
- Honeywell International Inc. (U.S.)
- Siemens (Germany)
- Atmos International (Atmos) (U.K.)
- Xylem (U.S.)
- PERMA-PIPE International Holdings, Inc. (U.S.)
- PSI Software AG (Germany)
- AVEVA Group plc (U.K.)
- Yokogawa Electric Corporation (Japan)
- INFICON (Switzerland)
- Fotech Group Ltd. (U.K.)
- Asel-Tech Inc. (U.S.)
- Hawk Measurement Systems (Australia)
Above are the key players covered in the report, to know about more and exhaustive list of global leak detection market companies contact, https://www.databridgemarketresearch.com/pt/contact
Research Methodology: Global Leak Detection Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
