Leak detection market to hit CAGR 6.9% by 2021, according to new report
A new report claims that the universal leak detection market is set to achieve a compound annual growth rate (CAGR) of 6.9% by 2021.
Published by Absolute Reports, the new study, titled 'Leak Detection Industry Report', addresses the present scenario and the growth prospects of the leak detection market for 2016-2021. It was carried out using a combination of primary and secondary information including input from key players in the leak detection industry.
The report states that the leak detection market is set to reach USD $3.38 billion (EUR 3.31 billion) by 2021. Key causes of this growth are increased oil and gas consumption in APAC (Asia-Pacific countries), and growing oil and gas pipeline construction in developing countries such as India and China.
A number of Leak Detection Market Drivers are identified by the report. These include increased incidences of oil and gas leaks in pipelines and storage facilities, the development of existing pipelines and creation of new ones, and increasingly stringent government regulations relating to the implementation of leak detection systems.
Restraints and challenges for the leak detection market are also identified, such as the retrofitting of some leak detection systems and the lack of technological advances in offshore leak detection systems.
The 180 page report also includes a number of market segmentations, based on both region and technology.