The global oil and gas pipeline leak detection market is growing on account of increasing concerns related to the security of operations in the oil industry. Oil and gas pipelines are laid across a wide municipal network, and this necessitates proper leak detection. The oil and gas industry is characterised by the presence of several security and safety nodes. Furthermore, the humongous investments made in the oil and gas industry have played a vital role in inducting leak detection technologies. The revenue index of the global oil and gas pipeline leak detection market shall improve as new safety standards become a part of this industry.
- Oil leaks and spills have had adverse consequences for the industry, and this is an important consideration from the perspective of market growth. The welfare loss caused by oil leakage could affect the integrity and performance of oil exporters. Besides, the undisputed relevance of increasing the productivity of oil and gas pipelines has also aided market growth. Several new technologies for prevention of oil spills have come to the fore in recent times.
- The energy sector has embraced smart technologies and systems that can help in optimizing industrial processes. Besides, the quest of the energy sector to induct detection technologies based on IoT sensors has also played to the advantage of the market vendors. Advancements in machine learning, artificial intelligence, and deep learning shall help towards developing seamless detection technologies.
- Cross-country and cross-regional gas pipelines are equipped with detection technologies of various grades. Regional decision makers are making ardent efforts to transform existing detection systems into more responsive, resilient, and reactive systems. This trend, coupled with increase in the stretch of regional pipelines, shall aid market growth. The supremacy of the Middle East oil and gas sector remains uncontested across the world, and this is an important dynamic of regional market growth.
Global Oil and Gas Pipeline Leak Detection Market: Overview
The natural resources of oil and gas are in limited resources and require heavy investments for a fruitful extraction. Additionally, the leakage of oil and gas often leads to substantial damage of property and sometimes life too, besides severely affecting the environment for a long term. As a result, it is paramount for the players operating in the oil and gas industry to install efficient detection methods. As the demand for oil and gas surges further, the dependency on these pipelines to delivery consistently is mounting. This is clearly reflecting on global oil and gas pipeline leak detection market, which is expected to expand at a healthy growth rate during the forecast period of 2016 to 2024.
This report on global market for oil and gas pipeline leak detection market is a comprehensive analysis of all the techniques available, and based on factors that are expected to impact the growth rate in next few years, it provides figurative estimations until 2024. One of the key aspect of the report is its section on company profiles, wherein several prominent players have been analyzed for their market share and other recent developments. The global oil and gas pipeline leak detection market can be categorized on the basis of technology and geography. By technology, the market can be divided into flow meters, fiber optic sensors, infra-red detection, and pressure sensors.
Global Oil and Gas Pipeline Leak Detection Market: Trends and Opportunities
The rapid growth of the oil and gas sector, which is fueled by the surging demand for energy, is the primary driver of this market. Additionally, the escalating demand for energy is leading to extended exploration and production activities and in the recent times, several new pipeline network have come up. Pipeline material failure and corrosion have been the major causes of leakage in oil and gas pipelines. Concurrently, the need for proper leak detection techniques to avoid potential disaster and accidents is on the rise. Increased investment in offshore energy recourses is another driver for the global market for oil and gas pipeline leak detection. Flow monitoring, fiber optic sensors, pressure monitoring, and infra-red leak detection are the four prominent leak detection technologies that are used for the detection of leakages in buried as well as un-buried hydrocarbon pipelines.
Global Oil and Gas Pipeline Leak Detection Market: Region-wise Outlook
Geographically, report studies the lucrativeness of the regional markets of North America, Europe, Asia Pacific, the Middle East and Africa, and rest of the world. Currently, the Middle East and Africa region constitutes the maximum market for oil and gas pipeline leak detection, owing to vast network of pipeline, which is extending even further. As a result, this region is projected for the best growth rate during the forecast period. The region of North America is dominated by the developed economy of the U.S. which resides several prominent players in this market and hence is expected to remain a prosperous region over the course of next few years.
Companies mentioned in the research report
Some of the prominent companies in global oil and gas pipeline leak detection market are Siemens AG, Pure Technologies Ltd., Schneider Electric SA, Pentair Ltd., Krohne Messtechnik GmbH, PSI AG, Perma-Pipe, Inc., FLIR Systems, Inc., ATMOS International, Energy Solutions International, Asel-Tech, Inc., and Honeywell International, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.