USD 18.86 billion
Report ID:
SQMIG20B2007 |
Region:
Global |
Published Date: April, 2024
Pages:
272
|Tables:
87
|Figures:
76
Leak Detection And Repair Market size was valued at USD 19.71 Billion in 2023 and is poised to grow from USD 20.6 Billion in 2024 to USD 30.61 Billion by 2032, growing at a CAGR of 4.5% during the forecast period (2025-2032).
The United States Environmental Protection Agency (USEPA) implemented Leak Detection and Repair (LDAR) regulations to reduce uncontrolled emissions from regulated in order to safeguard public health and the environment from dangerous pollutants discharged by businesses and mobile sources. A facility uses a leak detection and repair programme to find and fix leaky parts, such as valves, pumps, connectors, compressors, and agitators, in order to reduce the emission of fugitive volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).
Because of their advantages, such as increased safety, financial savings, and environmental preservation, leak detection and repair (LDAR) systems are becoming more and more popular among utility companies worldwide. By lowering the danger of accidents brought on by explosions and fire outbreaks, LDAR systems also assist oil, gas, and petroleum industries in creating healthier workplaces. Global infrastructure improvements for natural gas and petroleum are also anticipated to fuel industry expansion.
Gas leak detection systems will be incorporated by oil and gas corporations as part of their digital transformation efforts. The technique has uses in the upstream, midstream, and downstream sectors of the oil and gas industry. The adoption of LDAR systems is anticipated to be significant for offshore oil and gas installations due to the high-risk activities involved in their line of work.
US Leak Detection And Repair Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 18.86 billion
Largest Segment
Services
Fastest Growth
Services
Growth Rate
4.5% CAGR
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The Global Leak Detection and Repair Market is segmented based on Component, Product, Technology and Region. Based on Product it is segmented into Handheld Gas Detectors, UAV-Based Detectors. Based on Technology it is segmented into: Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging (OGI). Based on Component it is bifurcated into Service, Equipment. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Leak Detection And Repair Market Analysis by Component
The global LDAR market has been divided into services and equipment based on component types. In 2021, the services industry dominated the market and generated more than 67% of worldwide revenue. In chemical industrial facilities and petroleum refineries, leaky machinery such pumps, valves, connectors, and compressors is the main source of volatile organic compound emissions. Both air pollution and a risk to workers are caused by the leak. Petroleum businesses consequently request LDAR services to reduce costly leaks, fueling the segment's expansion.
Over the projection period, the equipment section is predicted to increase at the fastest rate. It is anticipated that the incorporation of improved technologies into LDAR equipment will open up new prospects for the segment's expansion. Utility companies are increasingly using equipment with multi-gas solutions, cloud connection, and other similar characteristics to monitor greenhouse gases (GHG), water vapours, and carbon dioxide. The segment is growing along with the rise in demand for LDAR equipment among scientists for sourcing certain gases.
Leak Detection And Repair Market Analysis by Technology
With more than 30% of worldwide revenue, the Volatile Organic Compounds (VOCs) analyzer segment dominated the LADR market in 2021. Different gases are categorised as VOCs, including propane, N-butane, N-pentane, and N-octane. Compared to the external environment, an indoor environment has a higher concentration of a VOC. Agents used inside of a structure, such as cleaning products, paints, glues, and printing tools, are the principal sources of VOC emissions. The primary function of volatile organic compound detectors is the quick and precise detection of VOCs. The VOC analyzer aids in the detection of gases like fluorine, chlorine, nitrogen, and sulphur.
Methane and many other organic gases can be seen using optical gas imaging (OGI), which use thermal infrared cameras. A laser is used as the light source in the spectroscopic absorption technique known as laser absorption spectroscopy (LAS), which determines the chemical concentration by detecting different laser beam strengths that have passed through the optical path.
Over the projection period, the Optical Gas Imaging (OGI) segment is anticipated to post the quickest CAGR. A thermal imaging technique called optical gas imaging makes use of extremely sensitive infrared cameras to find minute fugitive emissions produced by the oil and gas sectors. In industries like pulp and paper, petrochemical, natural gas processing plants, and power generation plants, optical gas imaging detectors are in high demand. These detectors give users the ability to identify invisible gases that escape more quickly into the environment and may be hazardous to both the environment and people.
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With a market share of 55% in 2021, North America dominated the industry. The existence of strict government laws and standards is responsible for the region's expansion. The U.S. pipeline leak detection rule mandates the installation of a leak detection system on pipelines carrying hazardous liquids. The U.S. government's support for the oil and gas industry is another factor in the industrial expansion of the nation. Leak detection and repair systems are so needed in the United States due to the expanding oil and gas sector. Government support for the oil and gas sectors is another factor fueling the expansion of the regional industry.
Over the projected time, the Asia Pacific regional market is anticipated to increase significantly. The demand for LDAR among utility firms in the region is anticipated to rise in response to the rising demand for oil and oil-related products throughout the Asia Pacific region. The demand for leak detection and repair systems is also being driven by the rising natural gas output in nations like China. Oil and gas pipeline expansion that follows is anticipated to fuel market expansion in the area..
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The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our Leak Detection and Repair market reports, some of the leading quality Leak Detection and Repair manufacturers are as follows: IBM Corporation (US), Baker Huges Company(US), WorleyParsons Limited (Australia), Ball Corporation (Ball Aerospace & Technologies Corporation) (Colorado), Team, Inc.(US), Aeris Environmental Ltd. (Australia), ABB Group(Switzerland), Kairos Aerospace, Inc.(US), Picarro, Inc.(California), ENCOS, Inc.(US), Rebellion Photonics(US), Physical Sciences, Inc.(US), Avitas Systems(US), PrecisionHawk(US).
Leak Detection And Repair Market Top Company Profiles
Leak Detection And Repair Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, in 2021, the services sector dominated the market in terms of components. The increase in demand for LDAR services among oil and gas industries to locate, track down, and fix leak components is responsible for the segment's growth. Due to the widespread usage of VOC analyzers for the detection of various gases, including propane, methane, and carbon dioxide, the Volatile Organic Compounds (VOCs) analyzers segment led the market in 2021 from a technological standpoint. Because of strict restrictions, such as the Leak Detection Regulations in the U.S., as well as the region's businesses' high adoption technologies, North America dominated the market in 2021.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 19.71 Billion |
Market size value in 2032 | USD 30.61 Billion |
Growth Rate | 4.5% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
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Market Size by Region
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For the Leak Detection And Repair Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Leak Detection And Repair Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Leak Detection And Repair Market:
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Report ID: SQMIG20B2007
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