Global Leak Detection Market 2023-2030

Global Leak Detection Market 2023-2030

Global Leak Detection Market Size, Share & Trends Analysis Report by Product (Handheld Gas Detectors, UAV-Based Detectors, Vehicle-based Detectors, and Manned Aircraft Detectors), by Technology (Acoustic/ Ultrasonic, Pressure Analysis, Thermal Imaging, Fiber-Optic Sensing, Laser Absorption and LiDAR, Vapor Sensing, E-RTTM, and Others), and by End-User (Oil & Gas Industry, Chemical Industry, Water & Wastewater Management, Power Generation & Utilities, and Others), Forecast Period (2023-2030)

The global leak detection market is anticipated to grow at a CAGR of 6.2 % during the forecast period (2023-2030). The market’s growth is attributed to the mobile accessibility across the globe. The drive toward mobile-friendly leak detection solutions addresses the demand for mobile access to essential network data. This development corresponds to the growing reliance on mobile devices for commercial activities. For instance, in May 2022, Ovarro launched tablet-based leak detection. The company’s new solution, Eureka5, allows users to access network information on tablets and smartphones.

Segmental Outlook

The global leak detection market is segmented on the product, technology, and end-user. Based on the product, the market is sub-segmented into handheld gas detectors, UAV-based detectors, vehicle-based detectors, and manned aircraft detectors. Based on the technology, the market is sub-segmented into acoustic/ ultrasonic, pressure analysis, thermal imaging, fiber-optic sensing, laser absorption and lidar, vapor sensing, E-RTTM, and others. Furthermore, on the basis of end-user, the market is sub-segmented into oil and gas industry, chemical industry, water and wastewater management, power generation and utilities, and others. The handheld gas detectors subcategory is expected to capture a significant portion of the market share within the product segment. This can be attributed to the owing advantages such as rapid and reliable detection, compact and lightweight structures, and ease of use. These detectors are used to detect various gases such as methanol, carbon dioxide, ammonia, and methane.

The Acoustic/ Ultrasonic Sub-Segment is Anticipated to Hold a Considerable Share of the global Leak Detection Market

Among the technology, the acoustic/ ultrasonic sub-segment is expected to hold a considerable share of the global Leak Detection Market. The segmental growth is attributed to the risk mitigation in industrial settings. Ultrasonic gas leak detectors, such as the Polytron 8900, serve as early warning systems, assisting in the timely identification of leaks in industrial process environments to avoid potential accidents or environmental dangers. For instance, in February 2022, HomeNewsDräger released the Polytron 8900 ultrasonic gas leak detector transmitter is an early warning area monitor for detecting high-pressure gas leaks in outdoor industrial process environments. Polytron 8900 UGLD is designed for use in Class I Div I hazardous areas and certified as SIL 2 by TÜV.

Regional Outlook

The global leak detection market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the US government's pipeline leak detection govern requires the installation of a leak detection system on hazardous liquid pipelines. The US governments backed for the oil and gas industry additionally contributes to the country's industrial expansion.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the global Leak Detection Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the demand for precision and efficiency. The market has been driven toward new sensor technologies by the requirement for precise and real-time monitoring solutions. Laser-based optic fiber sensors combined with machine learning software provide superior accuracy and the possibility of early leak identification. According to MDPI, in October 2023, potable water supply faces challenges such as availability, quality, and losses in supply networks. In developing countries, losses can reach 50.0%. The World Bank reports $15 billion in water loss annually, with Asia-pacific losing $2 billion. This research aims to develop a laser-based multimode optic fiber sensor with machine learning software for water supply monitoring.

Market Players Outlook

The major companies serving the leak detection market includes Badger Meter, Inc., Bridger Photonics, Inc., Emerson Electric Co., Honeywell International Inc., KROHNE Messtechnik GmbH, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2022, Aliaxis SA, acquired Aquarius Spectrum, it developed adjacent businesses in the field of water management and preservation.

In November 2021, Diversified Energy Company PLC collaborated with Bridger, that provides methane leak detection technology to aerially detect fugitive natural gas emissions in a large segment of pipelines starting with the Appalachian region.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global leak detection market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.