Leak Detection market for oil & gas is projected to witness an impressive CAGR of 7.2% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Leak Detection Market
Leak Detection market for oil & gas is projected to witness an impressive CAGR of 7.2% during the forecast period. The key demand generators of the market are increasing incidents of leakages in the oil and gas pipelines, stringent regulations regarding implementation of leak detection systems, and organic growth of the oil & gas industry over the next five years.
North America is estimated to be the largest market, fueled by the USA. The dominance of the region is attributed to the presence of a large number of shale gas facilities in the region especially in the USA. The USA is among the largest oil & gas producer in the world. Asia-Pacific is projected to witness the highest growth in the market over the next five years, propelled by rapid growth in oil & gas production capacity and refineries across the region.
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Report Scope & Market Segmentation
Leak Detection Market Share: By Technology Type
Based on the technology type, the market is segmented as Acoustic/Ultrasonic, Extended Real-Time Transient Model Fiber Optic, Mass/Volume Balance, Vapor Sensing Tubes, and Others. Acoustic/Ultrasonic is expected to remain the dominant technology in the market till 2026, owing to its wider usage in the single-phase and multi-phase flow pipelines as it offers various benefits over other technologies such reliable, quicker, easy to comprehend, and minimal calibration requirement.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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