Leak Detection And Repair Industry Overview
The global leak detection and repair market size was valued at USD 19.01 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030.
The market growth can be attributed to the increasing demand for leak detection and repair (LDAR) systems among utility companies worldwide due to their benefits, such as safety improvement, cost-saving, and environmental protection. LDAR systems also help oil and gas and petroleum companies make workplaces healthier by decreasing the risk of accidents caused due to explosions and fire outbreaks. Increasing developments in natural gas and petroleum infrastructure worldwide are also expected to drive market growth.
Gather more insights about the market drivers, restrains and growth of the Global Leak Detection And Repair Market
Many gas emission monitoring companies use machine learning and Artificial Intelligence(AI) to detect leaks in their infrastructure more efficiently. A machine learning algorithm identifies leaks and emission risks on the ground using satellite imagery. The data obtained from machine learning allows operators to identify trends and patterns over time, thereby helping them make data-driven decisions. As a result, various oil & gas companies are trying to replace their traditional LDAR systems with technologically enhanced LDAR systems. Various venture capital funding companies are investing in companies focused on providing AI-based LDAR solutions, creating new opportunities for market growth.
For instance, in November 2021, SCF Ventures, a venture capital firm focused on providing capital to companies operating in the energy services sector, announced its investment in Qube Technologies, a continuous emission monitoring technology provider. Qube Technologies’ continuous emission monitoring technology enables oil and gas operators to better detect, reduce, and measure methane emissions. The investment would help Qube Technologies accelerate its deployment of continuous monitoring systems and further enable industries to reduce emissions. However, the increasing focus of governments on the development of renewable energy generation projects is expected to hinder market growth over the forecast period.
For instance, in March 2021, the U.K. government announced that it was investing about USD 105.7 million in next-generation green technologies. This funding is part of the government’s USD 1.17 billion Net Zero Innovation Portfolio. In addition, the government also launched three new innovative challenges across areas of the green energy sector, such as floating offshore wind energy, biomass production, and energy storage technology.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
- Commercial UAV Market – The global commercial UAV market size was valued at USD 500 million in 2014 and is expected to grow at a CAGR of approximately 17% over the forecast period. Surging applications in the government and retail industry sector are expected to drive the global market for the next few years. These are autonomous or remote-controlled aerial vehicles, which include drones, remotely piloted aerial vehicles, and unpiloted aerial vehicles, exclusively used to fasten certain processes while reducing the risk to human lives.
- Distributed Acoustic Sensing Market – The global distributed acoustic sensing market size was valued at USD 360.8 million in 2018 and is anticipated to expand at a CAGR of 11.5% from 2019 to 2025. In recent times, the Distributed Acoustic Sensing (DAS) system has emerged as a passive sensing technology used for detecting sound signals. DAS technology has more advantages than traditional sensing systems for sound waves, such as relatively slim cable, lower cost, and easier installation process. DAS systems can measure the complete vertical coverage of a well without any fiber movement. Therefore, it ensures data continuity due to its thin cable.
Leak Detection And Repair Market Segmentation
Grand View Research has segmented the global leak detection and repair market report based on component, product, technology, and region:
- Leak Detection And Repair Component Outlook (Revenue, USD Million, 2017 – 2030)
- Leak Detection And Repair Product Outlook (Revenue, USD Million, 2017 – 2030)
- Handheld Gas Detectors
- UAV-Based Detectors
- Vehicle-based Detectors
- Manned Aircraft Detectors
- Leak Detection And Repair Technology Outlook (Revenue, USD Million, 2017 – 2030)
- Volatile Organic Compounds (VOC) Analyzer
- Optical Gas Imaging (OGI)
- Laser Absorption Spectroscopy
- Ambient/Mobile Leak Monitoring
- Acoustic Leak Detection
- Audio-Visual-Olfactory Inspection
- Leak Detection And Repair Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- November 2021: SCF Ventures, a venture capital firm focused on providing capital to companies operating in the energy services sector, announced its investment in Qube Technologies, a continuous emission monitoring technology provider.
- March 2021: The U.K. government announced that it was investing about USD 105.7 million in next-generation green technologies. This funding is part of the government’s USD 1.17 billion Net Zero Innovation Portfolio.
Key Companies profiled:
Some of the prominent players in the global leak detection and repair market include:
- Aeris Technologies, Inc.
- IBM Thomas J. Watson Research Center
- Bridger Photonics, Inc.
- LI-COR, Inc.
- Duke University
- Colorado State University
- Palo Alto Research Center
- Maxion Technologies, Inc.
- Rebellion Photonics
- Physical Sciences, Inc.
- Avitas Systems
- SeekOps, Inc.
- Ball Aerospace & Technologies Corp.
- Gas Ops Leak Detectives, LLC (G.O.L.D. LLC).
- Guideware Systems, LLC.
- Summit Inspections Services, Inc.
- GHD, Inc.
- ERM Group, Inc.
- Guardian Compliance
- ABB Ltd.
- Chicago Bridge & Iron Company N.V.
- Heath Consultants
- ENCOS, Inc.
- Team Inc.
- Picarro Inc.
- Microdrones GmbH
- Boreal Laser Inc.
- Kairos Aerospace
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