July 28, 2020
As per the report titled ‘Global Oil and Gas Pipeline Leak Detection System (LDS) Market: Analysis By Equipment, By Application, By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Application (Offshore, Onshore), By Region (Americas, Europe, APAC, ROW), By Country available with Market Study Report LLC, global oil and gas pipeline leak detection system market is anticipated to register an appreciable growth rate over 2019-2024.
Increasing onshore and offshore oil & gas exploration activities, changing consumers preference towards cleaner energy, in consort with stringent government regulations regarding GHG emission and environment safety are driving the growth of global oil and gas pipeline leak detection system (LDS) market. Further, declining crude oil prices across the globe, coupled with growing consumer demand for increased functionality are adding momentum to the industry growth.
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Notably, oil and gas pipeline leak detection system comprises of various equipment, including thermal imaging, pressure sensor, flow meter, acoustic sensor, fibre optics, and software systems. LDS system finds application across both offshore and onshore oil & gas production sites for detecting leaks from fuel tanks, pipes, and other components.
Geographically, global oil and gas pipeline leak detection system market is split into Americas, Europe, Asia Pacific, and Rest of the World. The report projects that APAC market to register a CAGR of 7% over 2019-2024. China and India are expected to emerge as the major growth avenues for the industry, followed by Australia. Growing economy and expansion of manufacturing industry, along with strict government mandates for use of cleaner fuels are the major rationales contributing to APAC market growth.
Some of the renowned names in global oil and gas pipeline leak detection system market are Hifi Engineering, Inc., SENSIT Technologies, TTK Group, Schlumberger Limited, Emerson Electric Co., Spectris Plc, Perma-Pipe, Inc., PSI AG, Pure Technologies Limited, FLIR Systems, Inc., Schneider Electric, Honeywell International, Inc., and Siemens AG.