Market study: Demand for oil pipeline leak detection systems in Europe expected to grow 0.99% annually until 2021
The market for leak detection systems in oil and gas pipelines in Europe is expected to grow at a CAGR of 0.99% through 2021, a new market study find.
According to Azoth Analytics, increasing pipeline infrastructural investments coupled with high exploration and production activities in oil and gas sector and high consumer demand for energy will propel growth in the European oil and gas pipeline leak detection market.
The leak detection systems market in oil and gas industry has been growing at a high rate on account of the shale revolution in Europe.
However, steep decline in the oil reserves and huge demand for imports by certain countries has created an unstable environment for the oil field services and related industries, but the fluctuation in the crude oil prices has also proved to be the major growth driver.
Prospective acceleration in recoverable resources alongside increased exploration and production activities majorly in the offshore regions would relatively deescalate the impact of the declining reserves in established fields.
The industry anticipates low crude oil prices to lead to an accelerated demand for cost-effective well intervention methods.
Moreover, increase in number of pipelines with newly proposed plans of oil and gas transmission is further anticipated to boost the overall leak detection system market in the coming years.
Western Europe has dominated the revenue contribution share in 2015 and the region is forecast to continue its domination through 2021 on account of high consumption rate from Germany.
Russian Federation with high exporting capacity for oil has caused the Eastern European market for leak detection systems to grow during 2016-2021.
Few of the leading companies operating in the European leak detection market include PSI AG, Honeywell International, Diakont Advanced Technologies, and Siemens Corp.
The full report, titled Europe Oil and Gas Pipeline Leak Detection System Market: Trends, Opportunities and Forecasts, is available here.