Leak Detection Market for Oil and Gas Industry | North America to Offer Huge Growth Opportunities Through 2024 | Technavio
Scope of the report
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Technavio has announced its latest market research report titled Global Leak Detection Market for Oil and Gas Industry 2020-2024 (Graphic: Business Wire)
This report provides a detailed analysis of the leak detection market by product (fixed leak detectors and portable leak detectors), end-user (downstream, upstream, and midstream), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Emerson Electric Co., FLIR Systems Inc., Honeywell International Inc., nVent Electric Plc, Pentair Plc, Perma-Pipe International Holdings Inc., Schneider Electric SE, Siemens AG, SONOTEC GmbH, and Xylem Inc. Rise in emphasis on ensuring the safety of workers across end-user industries is a key trend in the global leak detection market which will lead to significant market growth. Prolonged exposure to various gases can be fatal and lead to serious health issues such as cancer. This is compelling end-users in the oil and gas industry to adopt several protective systems such as fire and gas detection equipment to ensure the safety of workers. All these factors are leading to a positive outlook for the leak detection market.
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Leak Detection Market for Oil and Gas Industry: Segmentation by Geography
The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. North America was the largest market for leak detection in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 41% of the market’s growth will originate from North America during the forecast period. Over the years, there has been a significant rise in oil and gas E&P activities in countries such as the US and Canada. In addition, governments in North America are undertaking various initiatives to increase oil and gas production for ensuring energy security. These factors are fueling the growth of the leak detection market in North America. The US is a key market for leak detection for the oil and gas industry in North America.
Leak Detection Market for Oil and Gas Industry: Segmentation by Product
The leak detection market is segmented into two segments based on solutions comprising of fixed leak detectors and portable leak detectors. The market witnessed an increased demand for fixed leak detectors in 2019. Fixed leak detectors are installed in areas that are known for potential risks such as chemical storage rooms, confined spaces, and areas that have proximity to flammable and toxic gases. They are also effective in operations that have underground applications. These factors are creating significant growth potential in the segment.
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Leak Detection Market for Oil and Gas Industry: Growth Drivers
Growing upstream investments will drive market growth. The growth in the global population and industrial development has increased the demand for energy. Besides, there is a decline in the production of oil and gas in several conventional oilfields. To meet the growing energy demand and maximize production from conventional oilfields, oil and gas companies are making significant investments in upstream activities. For instance, in August 2019, the Oil and Natural Gas Corp. announced a multi-billion investment plan to increase oil and gas output from its domestic and overseas fields by 100%. The company is also planning to double its refining capacity and diversify into renewables to obtain a four-fold higher net profit by 2040. Such investments in upstream activities will propel the growth of the global leak detection market.
Leak Detection Market for Oil and Gas Industry: Market overview
The leak detection market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Emerson Electric Co., FLIR Systems Inc., and Honeywell International Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the complexity of leak detection in harsh working conditions will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Leak Detection Market for Oil and Gas Industry: Parent Market Overview
Technavio categorizes the global leak detection market for oil and gas industry as a part of the global oilfield equipment and services market within the global oil and gas market. The global oilfield equipment and services market covers products and companies engaged in upstream exploration and production (E&P) operations, production of equipment or service contracts, and is an important manufacturing sector that caters to the needs of the oil and gas upstream sector.
Growth in the oilfield equipment and services market will be driven by the increase in global energy demand and robust growth in the power industry.
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