Leak Detection and Repair Industry Overview
The global leak detection and repair market size was valued at USD 19.01 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030. The market growth can be attributed to the increasing demand for leak detection and repair (LDAR) systems among utility companies worldwide due to their benefits, such as safety improvement, cost-saving, and environmental protection. LDAR systems also help oil and gas and petroleum companies make workplaces healthier by decreasing the risk of accidents caused due to explosions and fire outbreaks. Increasing developments in natural gas and petroleum infrastructure worldwide are also expected to drive market growth.
Many gas emission monitoring companies use machine learning and Artificial Intelligence(AI) to detect leaks in their infrastructure more efficiently. A machine learning algorithm identifies leaks and emission risks on the ground using satellite imagery. The data obtained from machine learning allows operators to identify trends and patterns over time, thereby helping them make data-driven decisions. As a result, various oil & gas companies are trying to replace their traditional LDAR systems with technologically enhanced LDAR systems. Various venture capital funding companies are investing in companies focused on providing AI-based LDAR solutions, creating new opportunities for market growth.
Gather more insights about the market drivers, restraints, and growth of the Global Leak Detection And Repair Market
For instance, in November 2021, SCF Ventures, a venture capital firm focused on providing capital to companies operating in the energy services sector, announced its investment in Qube Technologies, a continuous emission monitoring technology provider. Qube Technologies’ continuous emission monitoring technology enables oil and gas operators to better detect, reduce, and measure methane emissions. The investment would help Qube Technologies accelerate its deployment of continuous monitoring systems and further enable industries to reduce emissions. However, the increasing focus of governments on the development of renewable energy generation projects is expected to hinder market growth over the forecast period.
For instance, in March 2021, the U.K. government announced that it was investing about USD 105.7 million in next-generation green technologies. This funding is part of the government’s USD 1.17 billion Net Zero Innovation Portfolio. In addition, the government also launched three new innovative challenges across areas of the green energy sector, such as floating offshore wind energy, biomass production, and energy storage technology.
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Leak Detection And Repair Market Segmentation
Grand View Research has segmented the global leak detection and repair market on the basis of component, product, technology, and region:
Leak Detection And Repair Component Outlook (Revenue, USD Million, 2017 - 2030)
- Equipment
- Services
Leak Detection And Repair Product Outlook (Revenue, USD Million, 2017 - 2030)
- Handheld Gas Detectors
- UAV-based Detectors
- Vehicle-based Detectors
- Manned Aircraft Detectors
Leak Detection And Repair Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Volatile Organic Compounds (VOC) Analyzer
- Optical Gas Imaging (OGI)
- Laser Absorption Spectroscopy
- Ambient/Mobile Leak Monitoring
- Acoustic Leak Detection
- Audio-Visual-Olfactory Inspection
Leak Detection And Repair Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights:
December 2020: Senet, a cloud-based services software platform provider, announced its partnership with CNIguard, a technology company, and Semtech, a semiconductor provider. Through this partnership, the companies delivered LoRaWAN natural gas leak detection solutions to utilities across the U.S.
Key Companies profiled:
Some prominent players in the global Leak Detection And Repair market include
- Aeris Technologies, Inc.
- IBM Thomas J. Watson Research Center
- Bridger Photonics, Inc.
- LI-COR, Inc.
- Duke University
- Colorado State University
- Palo Alto Research Center
- Maxion Technologies Inc.
- Rebellion Photonics
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