According to 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 size was remunerated USD 17.55 billion in 2019 and is expected to multiply at a CAGR of 4.6% over 2021-2027, subsequently reaching USD 25.15 billion by the end of the forecast period.
 

Increasing investments in safety of residential and commercial buildings along with shifting preference towards natural gases for heating and energy purpose are the key factors fueling global leak detection and repair market growth.

 

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For the record, a gas leak was reported in May 2020, in Vishakhapatnam, India, which caused over 1000 people to fall sick, thus, boosting demand for gas leak detection. The Environmental Protection Agency cites that a gas leak detection system can also save up to USD 730000 per year.

 

For the unaware, leak detection and repair equipment can identify leaks in systems having gas and liquids. It is also utilized to fix leaks and faults in pipelines and reservoirs.

 

Speaking of restraints, lack of knowledge about these systems and high cost of maintenance are negatively impacting the industry remuneration.

 

Based on product landscape, worldwide leak detection and repair industry is split into manned aircraft detectors, vehicle-based detectors, UAV-based detectors, and handheld gas detectors. As per technology type, the industry segmentation comprises ambient/mobile leak monitoring, audio-visual-olfactory inspection, acoustic leak detection, laser absorption spectroscopy, optical gas imaging (OGI), and volatile organic compounds (VOC) analyzer.   

 

Coming to regional terrain, Europe presently holds considerable portion of global leak detection and repair market share, creditable to increasing gas leaks incidences, coupled with promptness & affordability of urgent care services, and presence of advanced technological infrastructure in the region.

 

Meanwhile, Asia Pacific industry is projected to record a considerable growth over 2020-2027, owing to numerous gas leak incidents, and enhancing leakage detection infrastructure.

 

Major contenders in global leak detection and repair market are Physical Sciences Inc., Rebellion Photonics, Maxion Technologies Inc., Palo Alto Research Center (PARC), Colorado State University, Duke University, Li-Cor Inc., Bridger Photonics Inc., IBM Thomas J. Watson Research Center, and Aeris Technologies Inc.