According to a new market report published by Credence Research Global Pipeline Leak Detection System Market for Oil & Gas Industry - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 - 2023, the Global Pipeline Leak Detection System Market for Oil & Gas Industry has been estimated to be valued at US$ 2.1 Bn by the end of 2016, and is expected to reach US$ 3.2 Bn by 2023, expanding at a CAGR of 6.4% from 2016 to 2023.

Browse the full Global Pipeline Leak Detection System Market for Oil & Gas Industry by Product Type, By Technology and Geography - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 2023 report at http://www.credenceresearch.com/report/pipeline-leak-detection-system-market-for-oil-and-gas-industry

Market Insights:

Global leak detection system market is expected to gain momentum with growing pipeline network and increasing demand for fossil fuels. Advancement in technology has facilitated the pipeline operators to remote monitoring of pipeline operations. Global pipeline network is about 3.5 million kilometers which is responsible for movement of oil & gas products across the globe. Pipelines are considered to be the safest and the most efficient mode of transportation of hydrocarbons as they are hazardous in nature and any spillage or leakage can results in huge loss to the product owner as well as to the environment. Leakage is considered as the most common problem in pipeline operations which not only results in product loss but also can results accidents with huge potential to damage nearby environment. Recent accident happened in recent past such as explosion in gas pipeline in Minnesota, U.S., and eruption of natural gas pipeline in Nebraska in 2014 has bought in legislation for the pipeline carrying hazardous products to mandatory have leak detection system. Thus, global leak detection system market for oil & gas industry is anticipated to driven by factors such as increasing natural gas production, increasing trade of oil & gas products coupled with growing pipeline infrastructure and associated regulatory policies. However, volatile oil prices restricting cash flow of the oil producers which is likely have a negative impact on upcoming pipeline project which in turn is expected to restrain the demand for pipeline leak detection system in oil & gas industry.

Competitive Insights:

Global leak detection system market for oil & gas industry is segmented on the basis of technology, product type and geography. By technology, negative pressure wave segment is projected to be the most dominant segment due to easy installation along with low installation cost. Considering segment product type, the natural gas segment to be the largest segment over the forecast period (2016-2023) owing to increasing production of shale gas coupled with growing increasing number of gas based economies. The key players in the market are focusing on research & development of new technologies to enhance accuracy of their products.

Overall, global pipeline leak detection system market is projected to register significant growth over the forecast period (2016-2023).

Key Trends:

• Merger & Acquisition
• Development of new technologies

Browse the full Global Pipeline Leak Detection System Market for Oil & Gas Industry by Product Type, By Technology and Geography - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 2023 report at http://www.credenceresearch.com/report/pipeline-leak-detection-system-market-for-oil-and-gas-industry

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Pipeline leak detection is used to determine if and in some cases where a leak has occurred in systems which contain liquids and gases. Methods of detection include hydrostatic testing, infrared, and laser technology after pipeline erection and leak detection during service.

Pipeline networks are the most economic and safest mode of transportation for oil, gases and other fluid products. As a means of long-distance transport, pipelines have to fulfill high demands of safety, reliability and efficiency. If properly maintained, pipelines can last indefinitely without leaks. Most significant leaks that do occur are caused by damage from nearby excavation. If a pipeline is not properly maintained, it can corrode, particularly at construction joints, low points where moisture collects, or locations with imperfections in the pipe. However, these defects can be identified by inspection tools and corrected before they progress to a leak. Other reasons for leaks include accidents, earth movement, or sabotage.The primary purpose of leak detection systems (LDS) is to help pipeline controllers to detect and localize leaks. LDS provide alarms and display other related data to the pipeline controllers to assist decision-making. Pipeline leak detection systems can also enhance productivity and system reliability thanks to reduced downtime and inspection time.

According to the API document "RP 1130", LDS are divided into internally based LDS and externally based LDS. Internally based systems use field instrumentation (for example flow, pressure or fluid temperature sensors) to monitor internal pipeline parameters. Externally based systems use a different set of field instrumentation (for example infrared radiometers or thermal cameras, vapor sensors, acoustic microphones or fiber-optic cables) to monitor external pipeline parameters. Source: Wikipedia

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