05 January 2022
Visiongain has published a new report entitled the Oil & Gas Pipeline Leak Detection Market Report 2022-2032: Forecasts by Method Type (Hardware-based, Software-based), by Pipeline Location (Onshore, Offshore, Subsea), by Technology (Light Detection and Ranging (LiDAR), Real Time Transient Model (RTTM), Extended Real Time Transient Model (ERTTM), Airborne Laser Methane Assessment (ALMA), Other), by Hardware-based Method (Acoustic Emission Method, Cable Sensor Method, Fiber Optic Method, Soil Monitoring Method, Ultasonic Flow Meters, Vapor-Monitoring System), by Software-based Method (Mass Balance Method, Real Time Transient Modelling, Pressure Point Analysis, Digital Signal Processing) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global oil & gas pipeline leak detection market was valued at US$xx million in 2021 and is projected to grow at a CAGR of xx% during the forecast period 2022-2032.
Increasing Investment In Oil & Gas Exploration In Developing Countries
Following the recent finding of numerous oil and gas reserves around the world, a slew of new oil and gas exploration projects have been started in order to meet the world's expanding need for oil and gas. As a result, the demand for leak detection systems has increased, as has the requirement for monitoring oil and gas facilities. Neptune Energy, for example, announced in November 2020 that the Adorf Carboniferous development in northwestern Germany would begin producing gas. The well reached an ultimate depth of 3,500 metres in February 2020. A modern natural gas treatment processing plant has been developed on the site. Such oil and gas exploration and production activities are projected to propel the growth of the oil and gas leak detection market in the coming years.
How has COVID-19 had a significant negative impact on the Oil & Gas Pipeline Leak Detection Market?
The combination of the Coronavirus (COVID-19) and the oil price shock is particularly damaging to oil-exporting developing countries at a time when the fossil fuel industry is experiencing structural collapse. Although some countries may be able to weather the current crisis thanks to sovereign wealth funds or relatively low levels of public debt, this will not be the case for the majority of fragile oil-exporting countries, many of which are resource dependent and were already dealing with high levels of debt and multifaceted economic and social fragility prior to the current crisis. As a result of the current turmoil, some countries may find themselves in a spiral of unsustainable borrowing, as oil-exporting developing countries have increased their reliance on short-term and expensive non-concessional private borrowing in recent years, a significant portion of which is backed by oil collateral. To create fiscal space in oil-exporting developing countries, reduce the risks of unsustainable debt, corruption, and illicit financial flows (IFFs), and catalyze a transition to a cleaner and more sustainable future, a timely and coherent response involving both concessional lenders and private financiers is required.
How this Report Will Benefit you?
Visiongain’s 570+ page report provides 425 tables and 413 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global oil & gas pipeline leak detection market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Oil & Gas Pipeline Leak Detection. Get the financial analysis of the overall market and different segments including method type, software method, hardware method, technology, pipeline location and capture higher market share. We believe that high opportunity remains in this fast-growing oil & gas pipeline leak detection market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Government Regulations To Implement Leak Detection System
Carbon capture and storage (CCS) has risen to prominence in recent years as a viable technology for decreasing CO2 emissions and meeting international climate targets. Off the continental shelf, geological formations could be used as storage locations. There are guidelines for selecting CO2 storage sites in order to reduce the risk of CO2 leakage. A number of government and industry-funded research projects have been motivated by the need for dependable and cost-effective leakage monitoring technologies for offshore CCS activities. ECO2 and QICS are two recent developments. The ECO2 project created a framework for the most environmentally sound CO2 injection and storage techniques. Through a large-scale experiment, the QICS controlled CO2 release experiment aimed to identify and document potential environmental repercussions in the event of CO2 leakage, as well as evaluate the detectability of such leaks.
Increasing Incidents Of Oil And Gas Leakages In Pipelines And Storage Tanks At Production Facilities
Upstream, middle, and downstream oil and gas leaks are the most common. As a result of rising global oil and gas consumption, oil and gas exploration and production operations have increased globally. Between January 2005 and June 2020, large pipeline leaks cost the United States $7.7 billion, according to the US Pipeline and Hazardous Materials Safety Administration (PHMSA). The industry compensated for about 83 percent of the losses, with the remaining 17 percent covered by the general public. Leaks result in the loss of 1.4 percent of natural gas generated, according to the Environmental Protection Agency (EPA). With the city gate price of gas at USD 3.80/mcf in 2019, the gas loss totaled around 471,000 mmcf, resulting in a loss of USD 1.8 billion. A little leak in an oil or gas pipeline can cause catastrophic damage or even death to those in close proximity. It could also cost the company in charge of the project money and harm its reputation. Leaks in oil and gas pipelines and storage tanks at manufacturing plants are becoming more widespread, necessitating the use of leak detection systems to avoid tragedies.
Where are the market opportunities?
New Technology Leading The Way For Pipeline Leak Detection
With more than 2.4 million miles of pipeline, the United States possesses the world's largest energy pipeline network. Pipelines transport and distribute fluids over vast distances, such as oil, natural gas, water, and petroleum-based goods. Pipelines are typically placed underground and are difficult to monitor and check. It is critical to keep pipelines in good working order and to detect any signs of leakage or other physical damage as soon as possible.
Shifting Public Opinion Towards Oil & Gas Infrastructures
Public opinion in the United States is also moving against the fossil fuel business. According to a Yale University and George Mason University study released in January 2019, 69 percent of Americans are "concerned" about climate change, with 29 percent "very concerned." Since the pollsters' previous survey in April 2018, the number of those who are "very concerned" has increased by 8%. Climate change is causing a shift in public opinion as more Americans are personally affected, from historically disastrous fires in California to catastrophic floods in places like Houston, Texas, and the Carolinas.
The major players operating in the oil & gas pipeline leak detection market are Broadcom Inc., Exterran Corporation, Halma Plc., Honeywell International, Kinder Morgan, Inc., NXP Semiconductors N.V, PSI Software AG, Saipem SpA, Samsung Electronics Co Ltd, Schneider Electric SE, Sharp Corporation, Siemens AG, Atmos International Inc, Perma-Pipe, Inc., Pentair PLC, Aegion Corporation, FLIR Systems, Inc., ClampOn AS, Geospatial Corporation, Bridger Photonics Inc., These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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