Industry Outlook and Trend Analysis
The global Leak Detector Market was worth USD 1.98 billion in 2014 and is expected to reach approximately USD 1.98 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of -0.85% during the forecast period. Leak detector is an electronic device that is used to detect and identify the leakage of oil and gas. These devices are used in homes, commercial complexes, and factories, as security frameworks to detect the leakage and reveal the alarming circumstance to end-users in like manner keeping in mind the end goal to avert any unsafe condition. These indicators sense the gas or oil spilled and produces a signal to make legitimate move. Presently, in enterprises, leak detectors are fitted with a sound caution to clear the zone if there should be an occurrence of poisonous gas or oil leakage.
Drivers and Restraints
The leak detector market is driven by the expansion in investment in off-shore resources of energy and rising demand to execute appropriate leak detection among industries to maintain a strategic distance from potential accidents and disaster and quick development of oil and gas industry. Additionally, the demand for suitable leak detection systems to stay away from potential accidents and disaster is expanding, which additionally bolsters the market development. However, retrofitting of some leak detection systems blocks the market development. In addition, increased interest in offshore energy options and stringent government safety control are foreseen to give new opportunities to the market.
The leak detector market is segmented on the basis of mining types, technology, application, and geography. On the basis of type, it is sectioned into downstream, upstream and midstream. Based on technology, it is segmented into external leak detection, internal leak detection and others. On the basis of application, it is divided into chemical plants, water treatment plant, oil & gas refineries, thermal power plant, and others.
Regional Outlook and Trend Analysis
In 2016 North America represented the biggest share of the global leak detection market for oil and gas. The increasing oil and gas production in Canada and United States is fuelling the amount of pipeline infrastructure projects in North America, thereby boosting the development of the leak detection market for oil and gas in this region. Also, strict government regulations in the United States to adopt leak detection systems in oil and gas pipelines are the boosting market development in North America.
The major strategies implemented by the leading players in the market are agreements, partnerships, and contracts. The leading players in the market are Siemens, Honeywell International Inc, FLIR Systems, PSI AG and KROHNE Messtechnik.
The Leak Detector Market is segmented as follows-
External Leak Detection
Internal Leak Detection
Thermal Power Plants
Water Treatment Plants
Oil & Gas Refineries
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?