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Dublin, Feb. 09, 2022 (GLOBE NEWSWIRE) — The “Global Oil & Gas Pipeline Leak Detection Market, By Type (Upstream, Midstream and Downstream), By Internal v/s External, By Internal Leak Detection Method, By External Leak Detection Method, By Application, By End Use, By Region, Competition , Opportunity and Forecast, 2016-2026” report has been added to ResearchAndMarkets.com’s offering.
The Global Oil & Gas Pipeline Leak Detection Market was valued at USD2401.32 million in 2020 and is anticipated to grow with a CAGR of 10.21% to reach the value of USD4390.43 million by 2026. Growing energy requirements, rising offshore & onshore exploration activities in the oil & gas industry, and increasing investments by oil & gas market players to prevent gas leakage are the primary factors driving the growth of the Global Oil & Gas Pipeline Leak Detection Market in the forecast period.
Rising incidences of leakages in pipelines can lead to huge loss of lives and monetary losses, making the market players adopt safety measures during oil & gas exploration activities. The imposition of new guidelines by the Pipeline & Hazardous Materials Safety Administration (PHMSA) for the market players and system operators to maintain the pipeline structure to lower the risk of leakage is expected to fuel the adoption of leak detection systems all over the globe. Ongoing construction of new pipelines and up-gradation of existing systems is accelerating the adoption of new technologies and equipment to lower the risk while oil & gas exploration activities. Leak detection systems are being actively installed in aging pipeline structures as they exhibit higher chances of leakage, corrosion and therefore need continuous monitoring. However, fluctuations in crude oil prices and difficulty obtaining permission to set up new pipeline projects may hinder the growth of the Global Oil & Gas Pipeline Leak Detection Market in the forecast period.
Full story available on Benzinga.com
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