June 04, 2021
As cited by the research report titled ‘Global Leak Detection and Repair Market Size study, by Product (Handheld Gas Detectors, UAV-Based Detectors, Vehicle-based Detectors, Manned Aircraft Detectors), Technology (Volatile Organic Compounds (VOC) Analyzer, Optical Gas Imaging (OGI), Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, Audio-Visual-Olfactory Inspection) and Regional Forecasts 2020-2027’, available with Market Study Report, global leak detection and repair market was worth USD 17.55 billion in 2019 and is projected to grow with a CAGR of 4.6% over 2020-2027 to be appraised at USD 25.15 billion by the end of study duration.
Increasing investments in leakage detection technologies, improved government guidelines for controlling gas leakages, and strategic development between technological firms and the government are the factors primarily driving global leak detection and repair market expansion. Moreover, increasing incidences of gas leakages is bolstering the demand for the leak detection systems worldwide.
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For instance, in Vishakhapatnam, India, in May 2020, a gas leak incidence took place, wherein over 1000 people fell sick due to the exposure to gas. Likewise, as per the Environmental Protection Agency, USD 730000 can be saved each year with the help of gas leak detection systems.
For the record, leak detection and repair is a technology that is used to detect leakages in systems containing liquids and gases, and repair the faults in reservoirs or pipelines.
However, high costs for maintenance and lack of expertise are the major restraints for the global leak detection and repair market.
Based on product range, the industry is segmented into UAV-based detectors, handheld gas detectors, vehicle-based detectors, and manned aircraft detectors among others.
Speaking of technology, the marketplace is divided into volatile organic compounds (VOC) analyzer, acoustic leak detection, laser absorption spectroscopy, optical gas imaging (OGI), ambient/mobile leak monitoring and audio-visual-olfactory inspection including others.
Geographically, Asia Pacific, North America, Europe, and Latin America are major revenue generators for worldwide leak detection and repair market. Of these, Europe is projected to be a major growth hub for the market over 2020-2027, owing to increasing gas leak cases, affordability & rapidness of urgent care services, along with well-established infrastructure.
Whereas, Asia Pacific market is expected to grow lucratively over the forecast period due to increasing incidences of gas leaks, and advancing infrastructure for leak detection in the region.
Leading players in global leak detection and repair industry sphere include Physical Sciences Inc., Rebellion Photonics Inc., Maxion Technologies Inc., Palo Alto Research Center, Colorado State University, Duke University, LI-COR Biosciences, Bridger Photonics Inc., IBM Thomas J Watson Research Center, and Aeris Technologies LLC.