Leak Detection And Repair Market Size, Share & Trends Analysis Report By Component (Services, Equipment), By Product (Handheld Gas Detectors, UAV-Based Detectors), By Technology, By Region, And Segment Forecasts, 2024 - 2030

Leak Detection And Repair Market Size, Share & Trends Analysis Report By Component (Services, Equipment), By Product (Handheld Gas Detectors, UAV-Based Detectors), By Technology, By Region, And Segment Forecasts, 2024 - 2030

Leak Detection And Repair Market Growth & Trends

The global leak detection and repair market size is anticipated to reach USD 27.89 billion by 2030 and is projected to grow at a CAGR of 4.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for oil and oil products across Asia Pacific, North America, Europe, and the MEA region. According to IEA, oil demand in Southeast Asia is expected to reach 9 million barrels per day by 2040.

Various government bodies are encouraging the use of advanced LDAR systems, which is creating new opportunities for market growth. For instance, in May 2023, the Pipeline and Hazardous Materials Safety Administration unveiled a pre-publication version of a Notice of Proposed Rulemaking that would improve the federal regulations regarding pipeline safety to require that operators of gas pipeline facilities implement several measures to minimize emissions of methane and other corrosive, toxic, or flammable gas from existing and new pipelines.

Growing government efforts to reduce methane emissions worldwide are anticipated to accentuate market growth. For instance, the Global Methane Pledge was announced in November 2021 at COP26 in Glasgow to commit to a joint goal of lowering global methane emissions by at least 30% by 2030 as compared to the 2020 levels. This initiative emphasizes reducing methane emissions by tackling methane leaking from oil and gas pipelines, wells, and other fossil fuel infrastructure.

Furthermore, rapid innovation in theleak detection and repair (LDAR) systems by various companies is further attributed to the market’s growth. The introduction of cutting-edge technologies such as drones, optical gas imaging (OGI) cameras, and data analytics tools has transformed leak detection and repair systems and services. These advancements reduce downtime, improve accuracy, and drive demand for LDAR systems and services in the global market.

Leak Detection And Repair Market Report Highlights

• In terms of component, the services segment dominated the market in 2023. The segment growth can be attributed to the rise in demand for LDAR services among the oil and gas companies to identify, track, and repair leak components.
• In terms of product, the handheld gas detectors segment dominated the market in 2023. The segment growth can be attributed to the rise in demand for portable gas detection systems in areas such as oil production, sewage treatment, and tunnel construction.
• In terms of technology, the Volatile Organic Compounds (VOC) analyzers segment dominated the market in 2023. The segment growth can be attributed to the rising use of VOC analyzers as they detect various gases such as propane, methane, and carbon dioxide.
• North America dominated the market in 2023 owing to stringent regulations such as Leak Detection Regulations in the U.S. as well as the high adoption of advanced technologies by companies in the region.
• In June 2023, ION Science announced the launch of a Panther gas leak detector with improved features and sensitivity compared to the GasCheck G, its predecessor. The Panther PRO includes a highly sensitive thermal conductivity sensor to quickly detect various gases such as hydrogen, helium, ammonia, and refrigerant gases.

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