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In order to satisfy the increasing demand for energy, the leaks in oil and gas pipelines should be avoided. The incidents of leaks lead to environmental damage and also hefty compensations for the organizations. Considering the adverse effects caused by leakages governments in major countries have formulated guidelines and regulations making maintenance and deployment of leak detection systems mandatory. The pipeline and hazardous materials safety administration (PHMSA) issued a rule to improve regulations for hazardous liquid pipelines. It formed new compliance requirements for system operators and owners envisioned to sustain pipe integrity and to prevent leak accidents. Corrosion of the pipelines which mainly depends on the fluid transported through them is the main reason for leakages. Aged pipelines are most hampered due to corrosion and require continuous monitoring.
On the basis of the location, global oil and gas pipeline leak detection equipment market can be segmented into onshore and offshore. Currently, the oil and gas pipeline leak detection equipment installed is more in number on onshore locations as compared to offshore locations. As the offshore exploration activities have been on a rise in recent years after 2015 the utilization of leak detection equipment has also increased at offshore locations.
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On the basis of technology the global oil and gas pipeline leak detection equipment market is segmented into acoustics sensors, flowmeters, cable sensors, vapour sensors, and others. Traditionally, the flowmeters were used for the leak detection purpose, but with the advancements in technology other equipment have entered the market and they are now dominating the market. Sensors and cables are the two leak detection equipment which is mostly used in the current market.
The major market driver for the global oil and gas pipeline leak detection equipment market is the increase in the number of incidents of leakages all over the world. As these leakages result in huge losses and also affect the environment. The governments have made norms which make use of leak detection as an important factor in any hydrocarbon pipeline. Also, the increasing energy demand of crude oil, natural gas, and refined products is the market driver for the global oil and gas pipeline leak detection equipment market.
The fluctuations in crude oil prices and the high initial cost of installation of the leak detection equipment are the key market restraints for the global oil and gas pipeline leak detection equipment market. Also, the high cost of pre-feasibility studies required to be done before installation act as the key market restraint for the global oil and gas pipeline leak detection equipment market.
Some of the notable companies in the Key players operating in the oil and gas pipeline leak detection equipment market are Siemens AG, Honeywell International Inc, PSI AG, FLIR International, ClampOn AS, TTK Leak Detection System, Atmos International, Krohne, Messtechnik GmbH, Schneider Electric SE, Synodon Inc, Perma-pipe Inc, Bridger Photonics Inc, Laser Diagnostic Instrument, and Arjay Engineering
· Acoustic Sensors
· Cable Sensors
· Vapour Sensors
· North America (The USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global oil and gas pipeline leak detection equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Owing to increasing exploration and drilling activities in the USA and Canada the North America region is projected to witness growth in the oil and gas pipeline leak detection equipment market. Asia Pacific region has the maximum demand for energy owing to which the utilization of leak detection equipment’s at onshore locations has increased in recent years and will continue to rise. In Latin America and the Middle East Region, the presence of major oil reserves in the region and the increasing exploration activities are expected to fuel the demand for oil and gas pipeline leak detection equipment.