North American O&G leak detection system market to pick up in 2017, reach $1.58bn by 2022

The North American oil and gas leak detection system (LDS) market is projected to reach $1.58 billion (€1.43bn) by 2022.

The growing pipeline infrastructure to deliver energy to domestic and international markets has spurred the market for oil and gas pipeline LDS, a new report by 6W Research says.

The market for LDS in North America is promising and offering huge opportunities as a large number of pipeline projects has been recently awarded and several are being prepared.

The US is the major revenue contributor in the North American region, where the compensated mass balance LDS accounted for major revenue share in the overall market in 2015.

The compensated mass balance LDS is expected to maintain its dominance throughout the forecast period.

Amongst all the applications, the onshore pipeline segment captured key share in the overall market due to the existence of large pipeline networks on land.

The North American leak detection industry witnessed slow growth as a result of low oil prices, particularly in Canadian market.

However, from 2017 onwards, the market is likely to recover and is expected to record growth driven on account of tightening regulations.