The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Leak Detection Market.
It was estimated prior to this unanticipated outbreak Leak Detection Market will reach CAGR of 8.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Leak Detection market for oil & gas is projected to witness an impressive CAGR of 7.2% during the forecast period. The key demand generators of the market are increasing incidents of leakages in the oil and gas pipelines, stringent regulations regarding implementation of leak detection systems, and organic growth of the oil & gas industry over the next five years.
Leak Detection Market Share: By Technology Type
Based on the technology type, the market is segmented as Acoustic/Ultrasonic, Extended Real-Time Transient Model Fiber Optic, Mass/Volume Balance, Vapor Sensing Tubes, and Others. Acoustic/Ultrasonic is expected to remain the dominant technology in the market till 2026, owing to its wider usage in the single-phase and multi-phase flow pipelines as it offers various benefits over other technologies such reliable, quicker, easy to comprehend, and minimal calibration requirement.
Leak Detection Market Share: By Regions
In terms of regions, North America is estimated to be the largest market, fueled by the USA. The dominance of the region is attributed to the presence of a large number of shale gas facilities in the region especially in the USA. The USA is among the largest oil & gas producer in the world. Asia-Pacific is projected to witness the highest growth in the market over the next five years, propelled by rapid growth in oil & gas production capacity and refineries across the region.