DUBLIN, Feb. 27, 2023 /PRNewswire/ — The “Leak Detection And Repair Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
The global leak detection and repair market reached a value of nearly $16,737.5 million in 2021, having increased at a compound annual growth rate (CAGR) of 2.3% since 2016. The market is expected to grow from $16,737.5 million in 2021 to $21,457.5 million in 2026 at a rate of 5.1 %. The market is then expected to grow at a CAGR of 4.2% from 2026 and reach $26,384.9 million in 2031.
Growth in the historic period resulted from increased leak detection and repair (IDAR) systems usage, increasing investment in oil and gas exploration in developing countries and economic growth. Factors that negatively affected growth in the historic period were retrofitting complications, consumer reluctance and high cost and maintenance of gas sensors.
Going forward, increasing oil and gas pipeline infrastructure, regulatory support, increasing incidents of oil and gas leakages in pipelines and storage tanks and product launches and innovations will drive market growth. Factors that could hinder the growth of the leak detection and repair market in the future include growing demand for renewable energy and the COVID-19 pandemic.
The leak detection and repair market is segmented by component into equipment and services. The services market was the largest segment of the leak detection and repair market by type, accounting for $11,054.4 million or 2.4 % of the total market in 2021. The equipment market is expected to be the fastest-growing segment going forward at a CAGR of 5.3%.
The leak detection and repair market is segmented by technology into volatile organic compounds (VOC) analyzer, optical gas imaging (OGI), laser absorption spectroscopy, ambient/mobile leak monitoring, acoustic leak detection and audio-visual-olfactory inspection. The volatile organic compounds (VOC) market was the largest segment of the leak detection and repair market by application, accounting for $1,674.7 million or 2.4 % of the total market in 2021. The optical gas imaging market is expected to be the fastest-growing segment going forward at a CAGR of 5.6%.
The leak detection and repair market is segmented by product into handheld gas detectors, UAV-based detectors, vehicle-based detectors, manned aircraft detectors. The handheld gas detectors market was the largest segment of the leak detection and repair market by end user, accounting for $2,110.7 million or 2.4% of the total market in 2021. The UAV-based detectors market is expected to be the fastest-growing segment going forward at a CAGR of 5.6%.
North America was the largest region in the leak detection and repair market, accounting for 2.5 % of the global market in 2021. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the leak detection and repair market will be Asia Pacific and the North America, where growth will be at CAGRs of 5.7% and 5.3% respectively from 2021-2026.
The leak detection and repair market is consolidated, with a large number of players. The top ten competitors in the market made up to 6.31% of the total market in 2021. This is mainly due to the high growth potential of the market that is attracting the new players. Honeywell was the largest competitor with 3.27% share of the market, followed by AECOM with 1.99%, Ball Corporation with 0.62%, Advisian with 0.20%, LI-COR, Inc. with 0.08%, Physical Sciences, Inc. with 0.07%, ABB Ltd with 0.03%, Bridger Photonics, Inc. with 0.02%, Boreal Laser Inc. with 0.02%, and Picarro Inc. with 0.02%.
The top opportunities in the leak detection and repair market by component will arise in the services market, which will gain $3,035.1 million of global annual sales by 2026. The top opportunities in the leak detection and repair market by technology will arise in the volatile organic compounds (VOC) analyzer market, which will gain $488.8 million of global annual sales by 2026.
The top opportunities in the leak detection and repair market by product will arise in Handheld gas detectors market, which will gain $608.4 million of global annual sales by 2026. The leak detection and repair market size will gain the most in the USA at $1,782.8 million.
Market-trend-based strategies for the leak detection and repair market include product innovation, introduction of artificial intelligence in leak detection and repair, rising collaborations and partnerships, integration of leak detectors in home automation systems and usage of wireless technology.
Player-adopted strategies in the leak detection and repair market include focus on protecting worksites and workers through the launch of new gas detectors, focus on enhancing business operations through strategic collaborations and partnerships and focus on strengthening business operations through the launch of new products.
To take advantage of the opportunities, the publisher recommends the leak detection and repair companies to focus on artificial intelligence in leak detection and repair, focus on new product launches, focus on integration of leak detectors in home automation systems, focus on wireless technology, focus on collaborations and partnerships, expand in emerging markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on end-users.
A selection of companies mentioned in this report includes
- Honeywell
- AECOM
- Ball Corporation
- Advisian
- LI-COR, Inc.
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Leak Detection And Repair Market Definition and Segmentations
6.4. Market Segmentation By Component
6.4.1. Equipment
6.4.2. Services
6.5. Market Segmentation (Equipment) By Technology
6.5.1. Volatile Organic Compounds (VOC) Analyzer
6.5.2. Optical Gas Imaging (OGI)
6.5.3. Laser Absorption Spectroscopy
6.5.4. Ambient/Mobile Leak Monitoring
6.5.5. Acoustic Leak Detection
6.5.6. Audio-Visual-Olfactory Inspection
6.6. Market Segmentation (Equipment) By Product
6.6.1. Handheld Gas Detectors
6.6.2. UAV-Based Detectors
6.6.3. Vehicle-Based Detectors
6.6.4. Manned Aircraft Detectors
7. Major Market Trends
7.1. Product Innovation
7.2. Artificial Intelligence In Leak Detection And Repair
7.3. Rising Collaborations And Partnerships
7.4. Integration Of Leak Detectors In Home Automation Systems
7.5. Wireless Technology
8. Global Market Size And Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 – 2021, Value ($ Million)
8.2.1. Market Drivers 2016 – 2021
8.2.2. Market Restraints 2016 – 2021
8.3. Forecast Market Growth, 2021 – 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 – 2026
8.3.2. Market Restraints 2021 – 2026
9. Global Market Segmentation
9.1. Global Leak Detection And Repair Market, Segmentation By Component, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Equipment Market, Segmentation By Technology, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Equipment Market, Segmentation By Product, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
10. Global Market, Regional And Country Analysis
10.1. Global Leak Detection And Repair Market, By Region, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
10.2. Global Leak Detection And Repair Market, By Country, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/pd4bhp-detection?w=5
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