The changing dynamics Leak Detection Market
The changing dynamics Leak Detection Market with covid-19
impact assessment
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.
Market Insights
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.
Segment Analysis
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.