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Leak Detection Market Trends

  • Report ID: GMI7101
  • Published Date: Oct 2023
  • Report Format: PDF

Leak Detection Market Trends

IoT technology and smart sensors have revolutionized the leak detection industry. These sensors, which are frequently installed in vital infrastructures, such as pipelines & industrial equipment, enable real-time data collection and processing. They are capable of detecting minor irregularities and transmitting data to the central monitoring systems. This trend improves leak detection speed & accuracy, decreases false alarms, and enables predictive maintenance. IoT-based leak detection systems are cost-effective and proactive in preventing costly leaks, making them a critical component in a variety of industries, ranging from oil & gas to water utilities.
 

Owing to the environmental and financial hazards connected with leaks and accidents, the oil & gas industry is increasingly focused on pipeline integrity. As a result, major investments in improved leak-detecting technologies have been made. Pipeline operators are incorporating a variety of sensing technologies, such as acoustic, thermal, and pressure sensors, to detect leaks. Furthermore, they are putting in place extensive integrity management processes that include frequent inspections, monitoring, and maintenance. The goal is to prevent leaks and provide safe & reliable transport, highlighting the industry's commitment to safety and environmental care.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

Market size for leak detection was more than USD 4 billion in 2022 and is set to expand at over 5% CAGR from 2023 to 2032 owing to the increasing availability of IoT-driven leak detection systems to offer cost-effective, scalable, and automated solutions.

UAV-based leak detection market is projected to witness over 6% CAGR from 2023-2032 owing to their remarkable efficiency and speed in detecting leaks in critical infrastructure, such as pipelines or oil & gas facilities.

Asia Pacific held more than 25% revenue share of the leak detection industry in 2022 and is anticipated to witness robust growth through 2032 attributed to the growing industrialization and urbanization.

Some of the major companies operating in the leak detection industry are ABB Ltd., Emerson Electric Co., Honeywell International Inc., Krohne Messtechnik GmbH, Schneider Electric SE, Siemens Energy Global GmbH & Co. KG, and Yokogawa Electric Corporation.

Leak Detection Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 290
  • Countries covered: 21
  • Pages: 220
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