November 04, 2019
According to the latest study titled ‘Global Oil and Gas Pipeline Leak Detection System (LDS) Market: Analysis By Equipment (Thermal Imaging, Flow Meter, Pressure Sensor, Fibre Optics, Acoustic Sensor, Software Systems), 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 (US, Canada, Mexico, Brazil, France, Russia, Germany, UK, China, India, Indonesia, Australia, Iran, Turkey, Algeria, Nigeria)’ available at MarketStudyReport.com, the global oil and gas pipeline leak detection system market is estimated to grow substantially by the year 2024.
The leakage of oil and gas pipelines not only affects the environment but also the financial stance of the company in question, as it is then liable to pay hefty amounts to compensate for the loss. This in itself is a major growth driver for oil and gas pipeline leak detection system market. Also, rise in offshore and onshore oil and gas exploration activities in tandem with increasing demand for cleaner energy are liable to impel the industry outlook.
Not to mention, the improvement in economic growth worldwide alongside the presence of a stringent regulatory spectrum pertaining to maintaining a safe and pollution free environment will also drive the growth of oil and gas pipeline leak detection system market.
The study encompasses details about segmental shares, and expansion strategies adopted by manufacturers, alongside the challenges, drivers, trends, and restraints impacting the market growth.
Based on equipment type, the oil and gas pipeline leak detection system market is segmented into flow meters, thermal imaging, pressure sensors, acoustic sensors, fibre optics, and software systems. While based on application spectrum, the industry is split into onshore and offshore.
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Considering the geographical landscape, the oil and gas pipeline leak detection system market is fragmented into four major regions such as Europe, America, APAC, rest of the world. As per the report, Asia Pacific oil and gas pipeline leak detection system market size is projected to display a CAGR of over 7% during the predicted time period.
The leading players in the market are Honeywell International, Siemens, FLIR Systems Inc., Schneider Electric, PSI AG, Pure Technologies Limited, Spectris Plc, Perma-Pipe, Hifi Engineering, Schlumberger, Emerson Electric, Sensit, and TTK.
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