Executive Summary The global market for oil and gas pipeline leak detection systems was valued at USD 1,585.27 million in the year 2021, with the Americas region dominating the regional market share.
New York, September 6, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Oil and Gas Pipeline Leak Detection System (LDS) Market (2022 Edition): Analysis by Team, Application, By Region, By Country: Market Outlook and Forecast with Impact of COVID-19 (2023-2028)” – https://www.reportlinker.com/p06318361/?utm_source=GNW
The global market is driven by factors such as increased natural gas production, increased trade in oil and gas products, along with growing pipeline infrastructure and associated regulatory policies. Furthermore, the increasing spending by pipeline companies on maintaining aging pipelines in the countries and the increasing role of the government in empowering the use of leak detection measures to prevent disastrous leaks is driving the growth of the market.
The growing oil and gas market, especially gas production in countries like the United States, China, and India, and rising energy consumption across the globe are expected to drive the LDS market during the forecast period. In addition, the oil and gas pipeline leak detection market is anticipated to see significant growth because the incidence of leaks negatively affects the environment as well as the finances of the companies responsible for paying large amounts in the form of compensation or damages. Therefore, raising awareness to prevent such leaks fuels demand and it is also critical that companies install efficient detection methods.
However, the global oil and gas pipeline sector has faced several difficulties due to the demand destruction induced by the Covid-19 pandemic and the weak global economic outlook. Consequently, delaying financial investment decisions (FIDs), cutting capital expenditures and halting avoidable projects has become the norm for various pipeline operators to sustain and overcome the current crisis. One of the main measures most pipeline operators have taken to contain losses is to delay FIDs (final investment decisions) for upcoming projects. Initially scheduled for 2020, Driftwood Pipeline’s FID is due in 2021 as its developer, Tellurian Investments Inc., has been struggling to secure financial partners for its entire project. Similarly, Phillips 66 Partners, one of the joint developers of the Ace pipeline, has postponed the FID on this project, which will likely delay the start of the project by a couple of years from the initially planned 2020.
Scope of the Report
• The report presents the Oil and Gas Pipeline Leak Detection System market analysis for the historical period 2018-2021, estimated value to 2022, and forecast period 2023-2028.
• The report analyzes the Oil and Gas Pipeline Leak Detection System market by equipment (Thermal Imaging, Flow Meters, Pressure Sensors, Fiber Optic, Acoustic Sensors, Software Sensors)
• The report analyzes the Oil and Gas Pipeline Leak Detection System market by application (offshore and onshore)
• The Global Oil and Gas Pipeline Leak Detection System Market has been analyzed by region (Americas, Europe, Asia Pacific, and MEA).
• The global Oil and Gas Pipeline Leak Detection System market has been analyzed by country (United States, Canada, Mexico, Russia, United Kingdom, Germany, China, India, Indonesia, and Australia).
• The key ideas of the report have been presented through the main actions of the company. In addition, the attractiveness of the market by region, by Equipment and by Application has been presented.
• In addition, the main opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
• The report tracks competitive developments, strategies, and major teams and developments and mergers and acquisitions. Companies analyzed in the report include Siemens AG, Honeywell International Inc., Xylem Inc., PSI AG, Perma-Pipe, Schneider Electric, Teledyne FLIR, Emerson, Schlumberger and SENSIT Technologies.
Key target audience
• Oil and Gas Companies
• Oil and gas leak detection technology companies
• Research and Development Organizations (R&D)
• Government agencies and regulatory authorities
• Investment Banks and Corporations
Read the full report: https://www.reportlinker.com/p06318361/?utm_source=GNW
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