Leak Detection And Repair Market Growth & Trends
The global leak detection and repair market size is expected to reach USD 27.89 billion by 2030, growing at a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for oil and oil products across Asia Pacific, North America, Europe, and MEA regions. According to IEA, oil demand in the Asia Pacific is expected to reach 9 million barrels per day by 2040. Various government bodies are encouraging the use of advanced leak detection and repair (LDAR) systems, which is creating new opportunities for market growth. For instance, in December 2020, the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act was signed into law in the U.S. This act directs gas pipeline operators to use enhanced leak detection technologies to ensure the safety of pipelines and the environment.
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Growing government efforts to reduce methane emissions worldwide are anticipated to accentuate market growth. For instance, the Global Methane Pledge was announced on November 2021 at COP26 in Glasgow to commit to a joint goal of lowering global methane emissions by at least 30% by 2030 as compared to the 2020 levels. This initiative emphasizes reducing methane emissions by tackling methane leaking from oil and gas pipelines, wells, and other fossil fuel infrastructure. The COVID-19 pandemic is anticipated to impact the market growth favorably in the near future. The pandemic forced oil and gas companies to adopt enhanced leak detection solutions to overcome the challenges caused by employee shortage. The demand for UAV-based detectors increased among oil and gas companies amid the pandemic.
Leak Detection And Repair Market Report Highlights
· In terms of components, the services segment dominated the market in 2021. The segment growth can be attributed to the rise in demand for LDAR services among the oil and gas companies to identify, track, and repair leak components
· In terms of product, the handheld gas detectors segment dominated the LDAR market in 2021. The segment growth can be attributed to the rise in demand for portable gas detection systems in areas, such as oil production, sewage treatment, and tunnel construction
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· In terms of technology, the Volatile Organic Compounds (VOCs) analyzers segment dominated the market in 2021 due to the extensive use of VOC analyzers for detecting various gases, such as propane, methane, and carbon dioxide
· North America dominated the market in 2021 owing to stringent regulations, such as Leak Detection Regulations, in the U.S. as well as the high adoption of advanced technologies by companies in the region
Leak Detection And Repair Market Segmentation
Grand View Research has segmented the global leak detection and repair market on the basis of component, product, technology, and region:
Leak Detection And Repair Component Outlook (Revenue, USD Million, 2017 - 2030)
· Equipment
· Services
Leak Detection And Repair Product Outlook (Revenue, USD Million, 2017 - 2030)
· Handheld Gas Detectors
· UAV-based Detectors
· Vehicle-based Detectors
· Manned Aircraft Detectors
Leak Detection And Repair Technology Outlook (Revenue, USD Million, 2017 - 2030)
· Volatile Organic Compounds (VOC) Analyzer
· Optical Gas Imaging (OGI)
· Laser Absorption Spectroscopy
· Ambient/Mobile Leak Monitoring
· Acoustic Leak Detection
· Audio-Visual-Olfactory Inspection
Leak Detection And Repair Regional Outlook (Revenue, USD Million, 2017 - 2030)
· North America
o U.S.
o Canada
· Europe
o Germany
o U.K.
o Russia
· Asia Pacific
o China
o India
o Japan
· Latin America
o Brazil
o Mexico
o Venezuela
· Middle East & Africa
List of Key Players of Leak Detection And Repair Market
· Aeris Technologies, Inc.
· IBM Thomas J. Watson Research Center
· Bridger Photonics, Inc.
· LI-COR, Inc.
· Duke University
· Colorado State University
· Palo Alto Research Center
· Maxion Technologies Inc.
· Rebellion Photonics
· Physical Sciences Inc.
· Avitas Systems
· PrecisionHawk
· SeekOps, Inc.
· Advisian
· Ball Aerospace & Technologies Corp.
· Gas Ops Leak Detectives, LLC (G.O.L.D. LLC).
· Guideware Systems, LLC.
· Summit Inspections Services, Inc.
· GHD, Inc.
· ERM Group, Inc.
· AECOM
· Guardian Compliance
· ABB Ltd.
· Chicago Bridge & Iron Company N.V.
· Heath Consultants
· ENCOS, Inc.
· Team Inc.
· VelocityEHS
· Picarro Inc.
· Microdrones GmbH
· Boreal Laser Inc.
· Kairos Aerospace
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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Leak detection is process which is specially designed to check whether there is some leakage in the pipe which consists of gases and liquids.
Environmental Protection Agency has created many LDAR regulations so that they can prevent the leakage of dangerous gases and liquid from different industries.
LDAR program is there whose main function is to repair these leakages from pumps, connector, valves, pipes and others.
Some of the common products of the LDAR are vehicle based detector, manned aircraft detector, handheld gas detectors and UAV based detector.
There main function is to protect the environment from these hazardous gases and liquids.Global leak detection and repair market is set to witness a substantial CAGR of 5.65% in the forecast period of 2019-2026.
The report contains data of the base year 2018 and historic year 2017.
COVID-19 Detection Test Kits and Consumables Global Market Report 2021 by The Business Research Company is the most comprehensive report available on the market, being wide-ranging both in terms of chronology and geography.
It covers the historic period – 2015-2020, and the forecast period – 2021-2025, with additional forecasts for 2025-2030.
The report helps gain a truly global perspective as it covers 60 geographies, focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.TBRC’s market report includes a chapter on the COVID-19 impact on the COVID-19 detection test kits and consumables industry, which gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market and how companies can strategize to bounce back from it.
With updated market numbers according to the effects of the coronavirus, the report provides the most accurate expected COVID-19 detection test kits and consumables market growth numbers from 2021-2030.Request a Sample of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=3255=smp The global COVID-19 detection test kits and consumables market is expected to grow from $5.2 billion in 2020 to $6.1 billion in 2021 at a compound annual growth rate (CAGR) of 17.3%.
The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020.
The COVID-19 detection test kits & consumables market is expected to reach $8.02 billion in 2025 at a CAGR of 7%.
Market HighlightsCovid-19 Impact on Fraud Detection and Prevention Market can be segmented on the basis of region these include North America, Europe, Asia-Pacific and Rest of the World.
Fraud rate in terms of revenue has decreased but the whole fraud incidents have increased considerably in recent years.
The enormous increase in the volume of data handled by enterprises has led to the adoption of fraud detection and prevention solutions to protect critical data from attacks.The Covid-19 Impact on Fraud Detection and Prevention Market is growing rapidly over 15% of CAGR and is expected to reach at USD 34 billion by the end of forecast period.Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report.
Electronic payment fraud is becoming increasingly sophisticated, with increasing number of cybercrimes, cybercriminals are frequently using multiple channels and payment methods to attack customer’s accounts.
Data analytics effectively incorporate a range of transaction, institutional and customer-level data to understand each customer’s normal payment behaviors.
This includes the frequency, velocity and size of the payments that are made, and through which channels, such as online or mobile, the users typically initiate electronic payments.Key Players:The prominent players in the Fraud Detection and Prevention Industry are – IBM Corporation (U.S.),Oracle Corporation (U.S.), Fico (Brazil), SAS Institute Inc. (U.S.), SAP SE (Germany), Computer Sciences Corporation (U.S.), BAE Systems (U.K.), ACI Worldwide (U.S.), Fiserv Inc. (U.S.), Threatmetrix (U.S.) among others.Regional Analysis:By region, the global fraud detection and prevention market is segmented into Asia Pacific, North America, Europe and Rest of the World.
