Pipeline leak detection market could top US$ 1.8 billion in 2020, says research company
26 October 2015
According to the recently published TechSci Research report "Global Oil & Gas Pipeline Leak Detection Market Forecast & Opportunities, 2020", the global oil & gas pipeline leak detection market is projected to top US $ 1.8 billion in 2020. Growth of the oil & gas pipeline leak detection market will follow increasing investments in oil & gas pipeline infrastructure, especially in Africa and Europe, the report says.
Apart from being deployed in new pipelines, leak detection systems are increasingly being used in ageing pipelines. These, being more prone to corrosion, possess greater risk of leakage, and thus demand use of better leak detection systems. On account of strict regulations and high compensations in case of hydrocarbon spills, ageing pipelines are propelling demand for pipeline leak detection systems across the globe.
"Globally, the incidents of oil & gas pipeline leaks have witnessed a steady rise over the last decade. Oil & gas pipeline leaks adversely affect not only the environment, but also the finances of the companies, which are liable to pay hefty amounts for such incidents in the form of damages and compensation. In view of the aftereffects of oil & gas pipeline leakages, governments of various countries have formulated regulations and guidelines which have made deployment and maintenance of leak detection systems mandatory, thereby fueling growth in oil & gas pipeline leak detection market.", said Mr. Karan Chechi, Research Director of TechSci Research, a research based global management consulting firm.
"Global Oil & Gas Pipeline Leak Detection Market Forecast & Opportunities, 2020" has evaluated the future of othe il & gas pipeline leak detection market across the globe, and provides statistics and information on market structure, size and industry behavior. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities present in global oil & gas pipeline leak detection market.