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Leak Detection Market to Reach $3.38 Billion by 2022

MarketsandMarkets, February 8, 2017

According to the report "Leak Detection Market for Oil & Gas by Technology (Acoustic, E-RTTM, Cable Based, Mass/Volume Balance, Laser Absorption and LIDAR, Vapor Sensing, Thermal Imaging), and Region - Global Forecast to 2022," recently released by MarketsandMarkets, the leak detection market for Oil & Gas is expected to reach USD $3.38 billion by 2022. The leak detection market for oil and gas was valued at USD 2.10 Billion in 2015 and is expected to grow at a CAGR of 6.9% between 2016 and 2022. Major contributing factors to the growth include the increasing incidents of leakages in oil and gas pipelines and storage tanks at production facilities, development and expansion of existing pipelines and construction of new pipelines, and stringent government regulations pertaining to the implementation of leak detection systems. This report provides a detailed analysis of the leak detection market for oil and gas based on technology for oil and condensate, technology for natural gas, and geography. 

 

Click here to read the full article from MarketsandMarkets.


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