Although renewable resources of energy have gained substantial popularity in the recent past, there is no foreseeable limitation to the escalating demand for oil and gas, with the growing population and rapid urbanization. Consequently, the demand in the global market for oil and gas pipeline leak detection equipment is projected for a robust CAGR of 6.8% during the forecast period of 2016 to 2024, according to a recent report by Transparency Market Research (TMR). As per the estimations of the TMR report, the global oil and gas pipeline leak detection equipment market will be worth US$3.65 bn by the end of 2024, significantly up from its evaluated valuation of US$2.02 bn in 2015.
Some of the key factors augmenting the demand in the oil and gas pipeline leak detection equipment market are: development and expansion of existing pipelines and construction of new pipelines, increasing incidents of oil and gas leakages in pipeline and storage tanks at production facilities, and stringent government regulations in a number of countries pertaining to the implementation of efficient leak detection systems.
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On the other hand, retrofitting of some leak detection systems is somewhat hindering the proper prosperity of this market. Nevertheless, the companies operating in the global oil and gas pipeline leak detection equipment market will gain new opportunities in the near future because of rising oil and gas exploration and production and increasing oil and natural gas consumption as well as environmental concerns.
Which segments are most profitable?
Technology-wise, the TMR report segments the global oil and gas pipeline leak detection equipment market into acoustic or ultrasonic, mass-volume balance, vapor sensing, and fiber optics. Among these, mass-volume balance is currently most profitable, having served 39.3% of the demand in 2015, and is expected to remain so, accounting for about 37.4% of the demand by the end of 2024. However, the acoustic or ultrasonic oil and gas pipeline leak detection equipment will gain momentum at most prominent rate during the forecast period, due to economic reliability of the technology. Location-wise, the market has been categorized into onshore and offshore, out of which onshore segment is expected to hold its high profitability, despite the increasing number of offshore oil and gas explorations.
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Geographically, the country of the U.S., which has extensive networks of pipeline, makes North America the most lucrative region, accounting for 40% of the demand for the equipment in 2015. Europe and the Middle East and Africa regions too are highly profitable.
How stiff is the competition in the global oil and gas pipeline leak detection equipment market?
The market is moderately consolidated, as per the findings of the TMR report, with top three companies accounting for more than a third of the global demand. These three are: Honeywell International Inc., Siemens AG, and Schneider Electric SE. All these players strategically acquire to maintain their stronghold.
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