Leak Detection Equipment Market Size is anticipated to reach at a CAGR of 8.6% during the forecast period | Top Key Players - Honeywell International Inc, ABB, FLIR Systems, Inc., Siemens Energy, Schneider Electric, Atmos Internatonal, Xylem, Emerson Elec

According to a new report published by xResearch, titled, "Leak Detection Equipment Market 2023- Industry Insights, Trends, Opportunity & Forecast, 2021-2030," the leak detection equipment market size is anticipated to witness exponential growth during the forecast period i.e. 2022-2030.

The rapid urbanization, industrialization, increased demand from oil & gas industry, increasing government regulations, integration of various technologies and rising demand from developing economies are some of the factors driving the growth of leak detection equipment market during the forecast period.

According to the type, the midstream segment led the leak detection equipment market in 2021. The segment is projected to maintain its position further in the market during the forecast period of 2022-2030.

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According to the product type, the handheld gas detectors segment dominated the leak detection equipment market in 2021. The UAV-based detectors segment is projected to grow at a highest rate in terms of CAGR during the forecast period of 2022-2030.

According to the technology, the extended real-time transient model (E-RTTM) segment led the leak detection equipment market in 2021.

The segment is projected to maintain its position further in the market during the forecast period of 2022-2030.

According to the end-use industry, the oil & gas segment led the leak detection equipment market in 2021. The segment is projected to maintain its position further in the market during the forecast period of 2022-2030.

Geographically, the North America region dominated the leak detection equipment market in 2021, followed by Asia Pacific, Europe and Latin America.

Within the North America, United States and Canada are seen to hold a dominant portion of the Leak Detection Equipment market due to presence of key oil & gas companies and favorable government regulation in the region.

The Asia Pacific is expected to grow at the highest CAGR during the forecast period. China, Japan, India, and South Korea are the major economies in Asia Pacific, in which China is projected to account for major share in the leak detection equipment market.

Some of the major leak detection equipment companies profiled in the report include: Honeywell International Inc, ABB, FLIR Systems, Inc., Siemens Energy, Schneider Electric, Atmos Internatonal, Xylem, Emerson Electric Co., KROHNE Group, TTK, PSI Software AG, HIMA, AVEVA Group plc, Yokogawa Electric Corporation, and other players.

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The leak detection equipment market is segmented into type, product type, technology, end-use industry, and region.

Based on type, the market is segmented into upstream, midstream, and downstream. Based on product type, the market is segmented into handheld gas detectors, UAV-based detectors, manned aircraft detectors and vehicle-based detectors, and others.

Based on the technology, the market is segmented into acoustic/ultrasound, fiber optic, pressure-flow deviation methods, extended real-time transient model (E-RTTM), thermal imaging, mass/volume balance, vapor sensing, laser absorption and lidar, hydraulic leak detection, negative pressure valves, and others.

Based on end-use industry, the market is segmented into oil & gas, chemical plant, water treatment plants, thermal power plant, mining and slurry, and others.

The leak detection equipment market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of Leak Detection Equipment Market

• On the basis of type, the midstream segment led the leak detection equipment market in 2021. The segment is expected to continue with its dominance throughout the forecast period of 2022-2030.

• On the basis of product type, the handheld gas detectors segment led the leak detection equipment market in 2021. The UAV-based detectors segment is expected to grow at a highest rate in terms of CAGR during the forecast period of 2022-2030.

• On the basis of technology, the extended real-time transient model (E-RTTM) segment led the leak detection equipment market in 2021. The segment is expected to continue with its dominance throughout the forecast period of 2022-2030.

• On the basis of end-use industry, the oil & gas segment dominated the leak detection equipment market in 2021. The segment is expected to continue with its dominance throughout the forecast period of 2022-2030 because industrial manufacturing depends on hydraulics, tools are utilized for functions like cutting, processing, fabricating, and packaging.

• On the basis of region, the North America region commanded the leak detection equipment market in 2021, due to increasing exploration and drilling activities in the region. Asia Pacific is expected to grow at the highest rate in terms of CAGR during the forecast period due to urbanization, increased production of oil & gas in the region. Europe and Latin America is expected to have a substantial growth in the leak detection equipment market.

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

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