The global Leak Detector Market was worth
USD 1.98 billion in 2014 and is expected to reach approximately USD
1.98 billion by 2023, while registering itself at a compound
annual growth rate (CAGR) of -0.85% during the forecast period. Leak
detector is an electronic device that is used to detect and identify the
leakage of oil and gas. These devices are used in homes, commercial complexes,
and factories, as security frameworks to detect the leakage and reveal the
alarming circumstance to end-users in like manner keeping in mind the end goal
to avert any unsafe condition. These indicators sense the gas or oil spilled
and produces a signal to make legitimate move. Presently, in enterprises, leak
detectors are fitted with a sound caution to clear the zone if there should be
an occurrence of poisonous gas or oil leakage.
Global Leak Detector Market: Drivers and Restraints
The leak detector market is driven by the expansion in investment in off-shore resources of energy and rising demand to execute appropriate leak detection among industries to maintain a strategic distance from potential accidents and disaster and quick development of oil and gas industry. Additionally, the demand for suitable leak detection systems to stay away from potential accidents and disaster is expanding, which additionally bolsters the market development. However, retrofitting of some leak detection systems blocks the market development. In addition, increased interest in offshore energy options and stringent government safety control are foreseen to give new opportunities to the market.
The leak detector market is driven by the expansion in investment in off-shore resources of energy and rising demand to execute appropriate leak detection among industries to maintain a strategic distance from potential accidents and disaster and quick development of oil and gas industry. Additionally, the demand for suitable leak detection systems to stay away from potential accidents and disaster is expanding, which additionally bolsters the market development. However, retrofitting of some leak detection systems blocks the market development. In addition, increased interest in offshore energy options and stringent government safety control are foreseen to give new opportunities to the market.
Global Leak Detector Market: Regional Outlook and Trend
Analysis
In 2016 North America represented the biggest share of the global leak detection market for oil and gas. The increasing oil and gas production in Canada and United States is fuelling the amount of pipeline infrastructure projects in North America, thereby boosting the development of the leak detection market for oil and gas in this region. Also, strict government regulations in the United States to adopt leak detection systems in oil and gas pipelines are the boosting market development in North America.
In 2016 North America represented the biggest share of the global leak detection market for oil and gas. The increasing oil and gas production in Canada and United States is fuelling the amount of pipeline infrastructure projects in North America, thereby boosting the development of the leak detection market for oil and gas in this region. Also, strict government regulations in the United States to adopt leak detection systems in oil and gas pipelines are the boosting market development in North America.
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