Leak Detection And Repair Market Estimated At USD 27.89 Billion By 2030

 San Francisco, 7 Aug 2024: The Report Leak Detection And Repair Market Size, Share & Trends Analysis Report By Component (Services, Equipment), By Product (Handheld Gas Detectors, UAV-Based Detectors), By Technology, By Region, And Segment Forecasts, 2024 - 2030

The global Leak Detection And Repair market size is anticipated to reach USD 27.89 billion by 2030 and is projected to grow at a CAGR of 4.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for oil and oil products across Asia Pacific, North America, Europe, and the MEA region. According to IEA, oil demand in Southeast Asia is expected to reach 9 million barrels per day by 2040.

Various government bodies are encouraging the use of advanced LDAR systems, which is creating new opportunities for market growth. For instance, in May 2023, the Pipeline and Hazardous Materials Safety Administration unveiled a pre-publication version of a Notice of Proposed Rulemaking that would improve the federal regulations regarding pipeline safety to require that operators of gas pipeline facilities implement several measures to minimize emissions of methane and other corrosive, toxic, or flammable gas from existing and new pipelines.

Growing government efforts to reduce methane emissions worldwide are anticipated to accentuate market growth. For instance, the Global Methane Pledge was announced in November 2021 at COP26 in Glasgow to commit to a joint goal of lowering global methane emissions by at least 30% by 2030 as compared to the 2020 levels. This initiative emphasizes reducing methane emissions by tackling methane leaking from oil and gas pipelines, wells, and other fossil fuel infrastructure.

Furthermore, rapid innovation in theLeak Detection And Repair (LDAR) systems by various companies is further attributed to the market’s growth. The introduction of cutting-edge technologies such as drones, optical gas imaging (OGI) cameras, and data analytics tools has transformed Leak Detection And Repair systems and services. These advancements reduce downtime, improve accuracy, and drive demand for LDAR systems and services in the global market.

Access Research Report of Leak Detection And Repair Market @ https://www.grandviewresearch.com/industry-analysis/leak-detection-repair-ldar-market

Leak Detection And Repair Market Report Highlights

• In terms of component, the services segment dominated the market in 2023. The segment growth can be attributed to the rise in demand for LDAR services among the oil and gas companies to identify, track, and repair leak components.
• In terms of product, the handheld gas detectors segment dominated the market in 2023. The segment growth can be attributed to the rise in demand for portable gas detection systems in areas such as oil production, sewage treatment, and tunnel construction.
• In terms of technology, the Volatile Organic Compounds (VOC) analyzers segment dominated the market in 2023. The segment growth can be attributed to the rising use of VOC analyzers as they detect various gases such as propane, methane, and carbon dioxide.
• North America dominated the market in 2023 owing to stringent regulations such as Leak Detection Regulations in the U.S. as well as the high adoption of advanced technologies by companies in the region.
• In June 2023, ION Science announced the launch of a Panther gas leak detector with improved features and sensitivity compared to the GasCheck G, its predecessor. The Panther PRO includes a highly sensitive thermal conductivity sensor to quickly detect various gases such as hydrogen, helium, ammonia, and refrigerant gases.

Leak Detection And Repair Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 21.31 billion
Revenue forecast in 2030	USD 27.89 billion
Growth rate	CAGR of 4.6% from 2024 to 2030
Actual Data	2017 - 2023
Forecast period	2024 - 2030

List of Key Players in the Leak Detection And Repair Market

• 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
• Physical Sciences Inc.
• Avitas Systems
• PrecisionHawk
• SeekOps, Inc.
• Advisian
• Ball Aerospace & Technologies Corp.
• Gas Ops Leak Detectives, LLC (G.O.L.D. LLC).
• Guideware Systems, LLC.
• Summit Inspections Services, Inc.
• GHD, Inc.
• ERM Group, Inc.
• AECOM
• Guardian Compliance
• ABB Ltd.
• Chicago Bridge & Iron Company N.V.
• Heath Consultants Incorporated
• ENCOS, Inc.
• Team Inc.
• VelocityEHS
• Picarro Inc.
• Microdrones GmbH
• Boreal Laser Inc.
• Kairos Aerospace

Access Press Release of Leak Detection And Repair Market @ https://www.grandviewresearch.com/press-release/global-leak-detection-repair-ldar-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon