Leak Detection And Repair Market is Flourishing With Healthy CAGR by 2030

Leak Detection And Repair Industry Overview

The global leak detection and repair market size is expected to reach USD 27.89 billion by 2030, growing at a CAGR of 4.4% over the forecast period, 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 MEA regions. According to IEA, oil demand in the Asia Pacific is expected to reach 9 million barrels per day by 2040. Various government bodies are encouraging the use of advanced leak detection and repair (LDAR) systems, which is creating new opportunities for market growth. For instance, in December 2020, the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act was signed into law in the U.S. This act directs gas pipeline operators to use enhanced leak detection technologies to ensure the safety of pipelines and the environment.

 

Leak Detection And Repair Market Segmentation

Grand View Research has segmented the global leak detection and repair market on the basis of component, product, technology, and region:

 

Based on the Component Insights, the market is segmented into Equipment and Services.

• The services segment dominated the market in 2021 and accounted for more than 65.0% share of the global revenue. Leaking equipment, such as pumps, valves, connectors, and compressors, are the leading sources of volatile organic compounds emissions in chemical manufacturing facilities and petroleum refineries.
• The equipment segment is anticipated to register the fastest growth rate over the forecast period. The integration of enhanced technologies in LDAR equipment is expected to create a new opportunity for the growth of the segment.

 

Based on the Product Insights, the market is segmented into Handheld Gas Detectors, UAV-based Detectors, Vehicle-based Detectors, and Manned Aircraft Detectors.

• The handheld gas detectors segment dominated the market in 2021 and accounted for more than 38.0% share of the global revenue.
• The UAV-based detectors segment is anticipated to register the fastest CAGR over the forecast period. The use of UAV-based detectors to navigate dangerous areas is one of the critical advantages of these aerial solutions, which drives the segment growth.

 

Based on the Technology Insights, the market is segmented into Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging (OGI), Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, and Audio-Visual-Olfactory Inspection.

• The Volatile Organic Compounds (VOCs) analyzer segment dominated the LADR market in 2021 and accounted for more than 30.0% share of the global revenue.
• The Optical Gas Imaging (OGI) segment is expected to register the fastest CAGR over the forecast period. Optical gas imaging is a thermal imaging technology that utilizes highly sensitive infrared cameras to detect small fugitive emissions from the oil and gas industries.

 

Leak Detection And Repair Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Market Share Insights

• November 2021: SCF Ventures, a venture capital firm focused on providing capital to companies operating in the energy services sector, announced its investment in Qube Technologies, a continuous emission monitoring technology provider.
• December 2020: Senet, a cloud-based services software platform provider, announced its partnership with CNIguard, a technology company, and Semtech, a semiconductor provider. Through this partnership, the companies delivered LoRaWAN natural gas leak detection solutions to utilities across the U.S.

 

Key Companies Profile

The competitive landscape of the market is highly fragmented in nature. The market players focus on product innovation strategies to strengthen their market positions. Companies are making efforts to test innovative ways for remotely monitoring methane emissions.

 

Some prominent players in the global leak detection and repair market include

• Aeris Technologies, Inc.
• IBM Thomas J. Watson Research Center
• Bridger Photonics, Inc.
• LI-COR, Inc.
• Duke University
• Colorado State University
• Palo Alto Research Center
• Maxion Technologies, Inc.
• Rebellion Photonics
• Physical Sciences, Inc.
• Avitas Systems
• PrecisionHawk
• SeekOps, Inc.
• Advisian
• Ball Aerospace & Technologies Corp.
• Gas Ops Leak Detectives, LLC (G.O.L.D. LLC).
• Guideware Systems, LLC.
• Summit Inspections Services, Inc.
• GHD, Inc.
• ERM Group, Inc.
• AECOM
• Guardian Compliance
• ABB Ltd.
• Chicago Bridge & Iron Company N.V.
• Heath Consultants
• ENCOS, Inc.
• Team Inc.
• VelocityEHS
• Picarro Inc.
• Microdrones GmbH
• Boreal Laser Inc.
• Kairos Aerospace

 

Order a free sample PDF of the Leak Detection And Repair Market Intelligence Study, published by Grand View Research.