Global Leak Detection Market Professional Survey Report 2017

Press Release   •   Aug 14, 2017 05:59 EDT

Global Leak Detection Market Research Report 2016

The leak detection market for oil and gas was valued at USD 2.10 Billion in 2015 and is expected to reach USD 3.38 Billion by 2022, at a CAGR of 6.9% between 2016 and 2022. The base year considered for the study is 2015 and the forecast period is between 2016 and 2022.

This report provides a detailed analysis of the leak detection market for oil and gas based on technology for oil and condensate, technology for natural gas, and geography. The report forecasts the market size, in terms of value, for various segments with regard to six main regions North America, South & Central America, the Middle East, Africa, Europe, and Asia-Pacific (APAC). It strategically profiles the key players and comprehensively analyzes their market rankings and core competencies, along the detailed competitive landscape for the market leaders.

The research methodology used to estimate and forecast the leak detection market for oil and gas begins with capturing data on key vendor revenues through secondary research. The secondary sources include British Petroleum Data, U.S. Energy Information Administration, World Oil News, among others. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global leak detection market for oil and gas from the revenue of key players in the market. After arriving at the overall market size, the total market has been split into several segments and sub segments, which have been verified through primary research by conducting extensive interviews with people holding key positions in the industry such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub segments.

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North America is investing significantly in oil and gas pipeline projects to cater to the growing demand for oil and gas. The U.S. is the leading country in terms of oil production and consumption, and has the largest network of oil and gas pipelines. In 2015, the U.S. produced 767.3 billion cubic meters of natural gas and 12,703.55 thousand barrels of oil per day, according to the British Petroleum data. In North America, several pipeline construction projects have been awarded for the supply of oil to the refinery and petrochemical industries.

The U.S. government has mandated stringent regulations pertaining to the implementation of leak detection systems for ensuring pipeline safety and mitigating the rising environmental concerns; this has boosted the demand for demand for leak detection systems for oil and gas. In addition, the increasing incidents of leakages in the oil and gas pipelines are contributing to the growth of the market in North America.

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