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Leak Detection Market to Reach $8.2 Billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research

The leak detection market is driven by several factors, including increase in demand for leak detection and repair (LDAR) systems, rise in demand from the oil and gas industry, focus on environmental protection, and the development of smart cities.

Wilmington, DE, March 08, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, Leak Detection Market by Technology (Acoustic/Ultrasound, Fiber Optic, Pressure-flow Deviation Methods, Mass/Volume Balance, Thermal Imaging, and Others) and End User (Oil and Gas, Chemical Plants, Water Treatment Plants, Thermal Power Plants, Mining and Slurry, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global leak detection industry generated $4.7 billion in 2022, and is projected to reach $8.2 billion by 2032, registering a CAGR of 5.6% from 2023 to 2032.

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  • 130 – Tables
  • 49 – Charts 
  • 280 – Pages

Prime Determinants of Growth   

The leak detection market growth is primarily driven by factors such as increase in demand for leak detection and repair (LDAR) systems, growing demand from the oil and gas industry, and focus on environmental protection. In addition, development of smart cities is expected to further benefit the market. However, high initial cost concerns are expected to restrain the growth of the leak detection market during this period.  

Report Coverage & Details:

 Report Coverage Details
Forecast Period  2023–2032
Base Year  2022
Market Size In 2022  $4.7 Billion
Market Size In 2032  $8.2 Billion
CAGR  5.6%
No. Of Pages In Report  280
Segments Covered  Technology, End User, And Region
Drivers  Increasing Demand For Leak Detection And Repair (LDAR) Systems

 Growing Demand From The Oil And Gas Industry

 Focus On Environmental Protection

Opportunities  Development Of Smart Cities
Restraints  High Initial Cost

The Acoustic/Ultrasonic Segment is anticipated to dominate in terms of revenue during the forecast period.  

By technology, the acoustic/ultrasonic segment accounted for more than one-fifth of the total revenue in the global leak detection industry in 2022, and it is expected to continue to lead during the forecast period, due to its high sensitivity and effectiveness in detecting leaks across various industries, such as oil and gas, water management, and chemical processing. However, the fiber optic segment is expected to experience the fastest CAGR of 8.05% from 2023 to 2032, primarily attributed to its capability for long-distance monitoring, immunity to electromagnetic interference, and suitability for harsh environments, driving its adoption in sectors like oil and gas pipelines and critical infrastructure.  

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The oil and gas segment is projected to lead during the forecast period 

By end user, the oil and gas segment emerged as the market leader in the global leak detection market in 2022, holding nearly one-third of the market share due to the high susceptibility of oil and gas infrastructure to leaks, stringent regulatory requirements, and the industry’s commitment to minimizing environmental risks and ensuring operational integrity. However, the water treatment plants segment is projected to a the attain the fastest CAGR of 7.91% from 2023 to 2032. This is attributed to increase in concerns regarding water scarcity, stringent regulations governing water quality and conservation, and growing investments in upgrading aging water infrastructure, thus, driving the demand for advanced leak detection systems in water treatment plants.  

North America garnered the major share in 2022 

Region-wise, North America dominated the leak detection revenue in 2022, attaining more than one-third of the global market share, owing to factors such as stringent environmental regulations, a mature industrial infrastructure, significant investments in pipeline infrastructure, and a strong emphasis on safety and operational efficiency, thus driving the adoption of advanced leak detection technologies in sectors like oil and gas, chemicals, and water management across the region.  

However, the Asia-Pacific segment is projected to experience the fastest CAGR of 7.81% from 2023 to 2032, due to rapid industrialization, urbanization, expanding infrastructure development, increasing investments in oil and gas exploration and production activities, rising awareness regarding environmental protection, and growing government initiatives to enhance pipeline safety and minimize environmental risks, thereby driving the demand for efficient leak detection solutions in various industries across the Asia-Pacific region.  

Key Industry Developments:   

In October 2021, Honeywell announced the release of two Bluetooth-connected gas detectors that can continuously monitor dangerous gases even in fog, rain, snow, and other inclement weather and provide facilities to keep the oil and gas petrochemicals, chemicals, and other workers and industrial sites safe.  

In November 2021, Teledyne FLIR launched two additional models of the FLIR Si124 Industrial Acoustic Imaging Camera. The Si124-LD is intended for compressed air leak detection, whereas the Si124-PD is intended for partial discharge detection in high-voltage electrical systems. This extension offers additional, personalized solutions for a variety of end-user needs, ranging from utility infrastructure to plant conditions, at a fraction of the cost.

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Leading Market Players:   

  • Honeywell International Inc. 
  • Siemens AG 
  • Schneider Electric SE 
  • FLIR Systems Inc.
  • Emerson Electric Co. 
  • Pentair PLC 
  • Pure Technologies Ltd. 
  • Sensit Technologies LLC 
  • Bridger Photonics, Inc. 
  • Perma-Pipe International Holdings, Inc. 

The report provides a detailed analysis of these key players in the global leak detection market. These players have adopted product launch and product expansion strategies to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.    

Key Benefits For Stakeholders: 

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the leak detection market analysis from 2022 to 2032 to identify the prevailing leak detection market opportunity. 
  • The market research is offered along with information related to key drivers, restraints, and opportunities. 
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 
  • In-depth analysis of the leak detection market segmentation assists to determine the prevailing market opportunities. 
  • Major countries in each region are mapped according to their revenue contribution to the global market. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
  • The report includes the analysis of the regional as well as global leak detection market trends, key players, market segments, application areas, and market growth strategies. 

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Leak Detection Market Key Segments:

By Technology 

  • Pressure-Flow Deviation Methods 
  • Mass/Volume Balance
  • Thermal Imaging
  • Others 
  • Acoustic/Ultrasonic 
  • Fiber Optic

By End User 

  • Oil and Gas 
  • Chemical Plants 
  • Water Treatment Plants 
  • Thermal Power Plants 
  • Mining and Slurry 
  • Others

By Region 

  • North America (U.S., Canada, and Mexico) 
  • Europe (UK, Germany, France, Russia, and Rest of Europe) 
  • Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific) 
  • Latin America (Brazil, Argentina, and Rest of Latin America) 
  • Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa)

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About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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Originally published at https://www.einpresswire.com/article/694423884/leak-detection-market-to-reach-8-2-billion-globally-by-2032-at-5-6-cagr-allied-market-research

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