12-Sep-2019: The global leak detection
and repair market size is anticipated to reach USD 24.47
billion by 2025, according to a new report by Grand View Research, Inc.,
exhibiting a CAGR of 5.4% during the forecast period. Leaking equipment, pumps,
valves, and connectors in the oil & gas industry are the major sources of
volatile hazardous air pollutants (VHAP) and volatile organic compounds (VOC)
emissions. EPA has laid down LDAR regulations for monitoring of such equipment
for possible leakages. An LDAR program is a system of procedures that help to
reduce the emission of VOCs and VHAPs. This program conducts audits of all
components in the oil and gas industries and detects changes, if any, such as
changes in gas emission level or temperature level.
Methane is a
dominant greenhouse pollutant and is considered 80 times more powerful and
harmful than carbon dioxide, a major greenhouse gas. In addition, methane
contributes approximately 25.0% to global warming. Hence, various governments
are introducing regulations and initiatives to reduce methane emissions.
Apart from
government initiatives, various oil and gas producers, transmission, and
distribution companies in the U.S. are actively collaborating to devise
measures and deploy systems to reduce methane emission. Our Nation’s Energy
Future (ONE Future) initiative was formed by 8 major U.S. companies (including
Southwestern Energy, BHP Billiton Ltd., and Apache Corp.) in 2014 with an
emphasis on collectively achieving methane emissions to one percent (or less)
of the total natural gas production. Moreover, developments in oil and gas
pipeline in countries in Asia Pacific such as China and India, due to rising
energy demand, are expected to boost the growth of the market over the forecast
period.
Both portable and
fixed gas leak detection systems are used to detect leaks in the oil and gas
industry. Currently, most of the oil and gas pipelines are equipped with flow
rate measurement sensors. In case of a leak, sensors detect drops in pressure.
However, according to a report by the U.S. Department of Transportation, these
sensors are successful in detecting leaks only around 40.0% of the time.
In
depth research report on Leak Detection and Repair (LDAR) Market
Further key findings from the report suggest:
·
Low-cost operation, high accuracy, and sensitivity in leak
detection, environmental concerns regarding emission of harmful greenhouse
gases, and support provided by governments and regional associations are among
the primary growth stimulants for the market
·
Presence of the largest oil and gas pipeline network and
concentration of major oil and gas producing and refining companies in North
America are expected to offer a high-potential market for the deployment of gas
leak detection, monitoring, and repair systems over the forecast period
·
Major American and European oil & gas companies are
focusing on increasing their presence in Asia Pacific through acquisitions and
investments
·
National oil companies in APAC such as Oil and Natural Gas
Corporation, China National Offshore Oil Corporation, and Petronas are also
expanding their operations to capitalize on the region’s rapidly growing market
·
Latin American Energy Organization (OLADE) is focusing on
development of natural gas-based energy generation infrastructure through
public-private partnerships. Natural gas is expected to play a vital role in
the development.
Grand View Research
has segmented the global leak detection and repair (LDAR) market based on
product, technology, and region:
Leak Detection and Repair Product Outlook (Revenue, USD
Million, 2014 - 2025)
·
Handheld Gas Detectors
·
UAV-based Detectors
·
Vehicle-based Detectors
·
Manned Aircraft Detectors
Leak Detection and Repair Technology Outlook (Revenue, USD
Million, 2014 - 2025)
·
Volatile Organic Compounds (VOC) Analyzer
·
Optical Gas Imaging (OGI)
·
Laser Absorption Spectroscopy
·
Ambient/Mobile Leak Monitoring
·
Acoustic Leak Detection
·
Audio-Visual-Olfactory Inspection
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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