Search

Leak Detection Market for Oil and Gas Industry | North America to Offer Huge Growth Opportunities Through 2024 | Technavio - The Baytown Sun

ajangtayu.blogspot.com

LONDON--(BUSINESS WIRE)--Oct 28, 2020--

Scope of the report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005690/en/

Technavio has announced its latest market research report titled Global Leak Detection Market for Oil and Gas Industry 2020-2024 (Graphic: Business Wire)

This report provides a detailed analysis of the leak detection market by product (fixed leak detectors and portable leak detectors), end-user (downstream, upstream, and midstream), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Emerson Electric Co., FLIR Systems Inc., Honeywell International Inc., nVent Electric Plc, Pentair Plc, Perma-Pipe International Holdings Inc., Schneider Electric SE, Siemens AG, SONOTEC GmbH, and Xylem Inc. Rise in emphasis on ensuring the safety of workers across end-user industries is a key trend in the global leak detection market which will lead to significant market growth. Prolonged exposure to various gases can be fatal and lead to serious health issues such as cancer. This is compelling end-users in the oil and gas industry to adopt several protective systems such as fire and gas detection equipment to ensure the safety of workers. All these factors are leading to a positive outlook for the leak detection market.

To learn more about the global trends impacting the future of market research, download a free sample now

Leak Detection Market for Oil and Gas Industry: Segmentation by Geography

The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. North America was the largest market for leak detection in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 41% of the market’s growth will originate from North America during the forecast period. Over the years, there has been a significant rise in oil and gas E&P activities in countries such as the US and Canada. In addition, governments in North America are undertaking various initiatives to increase oil and gas production for ensuring energy security. These factors are fueling the growth of the leak detection market in North America. The US is a key market for leak detection for the oil and gas industry in North America.

Leak Detection Market for Oil and Gas Industry: Segmentation by Product

The leak detection market is segmented into two segments based on solutions comprising of fixed leak detectors and portable leak detectors. The market witnessed an increased demand for fixed leak detectors in 2019. Fixed leak detectors are installed in areas that are known for potential risks such as chemical storage rooms, confined spaces, and areas that have proximity to flammable and toxic gases. They are also effective in operations that have underground applications. These factors are creating significant growth potential in the segment.

Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

Leak Detection Market for Oil and Gas Industry: Growth Drivers

Growing upstream investments will drive market growth. The growth in the global population and industrial development has increased the demand for energy. Besides, there is a decline in the production of oil and gas in several conventional oilfields. To meet the growing energy demand and maximize production from conventional oilfields, oil and gas companies are making significant investments in upstream activities. For instance, in August 2019, the Oil and Natural Gas Corp. announced a multi-billion investment plan to increase oil and gas output from its domestic and overseas fields by 100%. The company is also planning to double its refining capacity and diversify into renewables to obtain a four-fold higher net profit by 2040. Such investments in upstream activities will propel the growth of the global leak detection market.

Leak Detection Market for Oil and Gas Industry: Market overview

The leak detection market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Emerson Electric Co., FLIR Systems Inc., and Honeywell International Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the complexity of leak detection in harsh working conditions will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Leak Detection Market for Oil and Gas Industry: Parent Market Overview

Technavio categorizes the global leak detection market for oil and gas industry as a part of the global oilfield equipment and services market within the global oil and gas market. The global oilfield equipment and services market covers products and companies engaged in upstream exploration and production (E&P) operations, production of equipment or service contracts, and is an important manufacturing sector that caters to the needs of the oil and gas upstream sector.

Growth in the oilfield equipment and services market will be driven by the increase in global energy demand and robust growth in the power industry.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Technavio Best Practices

Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Our focus is on emerging markets and technologies, providing insights not available anywhere else. We report on the latest innovations and trends in all the industries we cover. We also create value for our clients by offering a blend of off-the-shelf research reports and customized research, allowing you to get the information you need when you need it.

Who should purchase this report?

Our research and analysis focus on emerging market trends to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Our research reports are designed to provide actionable insights so that you can make quick, effective, and sound decisions.

Are you looking for data that are tailored specifically for your company? You can rely on Technavio Custom Research Solutions which provide research and insights developed to your exact specifications. We provide flexible engagement models such as on-demand research, a dedicated analyst, an annual research framework, an unlimited program, and more.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20201028005690/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:media@technavio.com

Website:https://www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: OIL/GAS ENERGY

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 10/28/2020 11:45 AM/DISC: 10/28/2020 11:45 AM

http://www.businesswire.com/news/home/20201028005690/en

Let's block ads! (Why?)



"industry" - Google News
October 28, 2020 at 10:45PM
https://ift.tt/2HykPCF

Leak Detection Market for Oil and Gas Industry | North America to Offer Huge Growth Opportunities Through 2024 | Technavio - The Baytown Sun
"industry" - Google News
https://ift.tt/2RrQtUH
https://ift.tt/2zJ3SAW

Bagikan Berita Ini

0 Response to "Leak Detection Market for Oil and Gas Industry | North America to Offer Huge Growth Opportunities Through 2024 | Technavio - The Baytown Sun"

Post a Comment

Powered by Blogger.