Global Natural Gas Leakage Detection Systems Market is segmented By Application (Storage centers, Transport systems), By Technology (Flow monitoring, Vapor sensing, Ultrasonic sensors, Infrared imaging detectors, Laser Sensor, Others), By Product Type (Portable, Fixed), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Global "Natural Gas Leakage Detection Systems Market" Expected to Reach at a high CAGR during the forecasting period of (2022-2029).
- The global natural gas leak detection systems market is gaining momentum with a growing pipeline network and increasing demand for gas reserves.
- Advancement in technology has facilitated the natural gas pipeline operators and transportation companies to monitor remotely of pipeline operations. The global natural gas pipeline network is about 3.5 million kilometers which are responsible for the movement of natural gas across the globe.
- Pipelines are considered to be the safest and the most efficient mode of transportation of natural gas, as it is highly unsafe with any spillage or leakage that can result in a massive loss to the environment and the person handling the product. Leakage is considered as the most common problem in gas pipeline operations and storage tanks.
- Global natural gas leakage detection system market is anticipated to be driven by factors such as increasing natural gas production, trade of natural gas with its growing demand coupled with the expansion of pipeline infrastructure and storage systems.
- Pipeline operators realize the importance of using leak detection systems for preventing mass-scale accidents and substantial monetary damages.
- Moreover, growing environmental concerns and increasing oil & gas exploration activities have peaked the demand for gas leak detection systems in the global market.
- Factors such as the growing concern for occupational safety and health and safety regulations will also fuel the global gas leak detection equipment market in the foreseeable future.
- However, volatile natural gas prices will likely to hamper future investments in gas extraction, storage, and transportation activities, which will negatively impact the natural gas leaking detection system market in the coming years.
Market Segmentation Analysis
- Global natural gas leakage detection systems market is segmented by product, technology, and application.
- By application, it is segmented into transport systems and storage centers/ terminals.
- Amongst both of the application types, the transport systems segment dominates the use of natural gas leakage detection systems compared to storage terminals as it is economical and feasible to transport natural gas from one place to another through pipelines instead of transporting through storage tanks that require huge cost and operating maintenance involved in it.
- Based on product type, the global gas leak detection equipment market is divided into portable gas detection system and fixed gas leakage detection system.
- The fixed gas leakage detection system segment is a dominant sector in the global gas leakage detection system market in 2018 and held a market revenue share of xx%.
- The portable gas leakage detection system sector is driven by the rising preference for compact, flexible equipment for gas leak detection, particularly in remote areas.
- By geography, the global gas leakage detection system market is segmented into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa (MEA).
- North America and Europe were the two most significant contributors to the global gas leakage detection system market in 2018. On the other hand, regions such as the Middle East, Asia Pacific, and Latin America are projected to witness robust growth in the coming few years due to rapid industrialization and surging energy demand.
- North America is the largest market region and had accounted for the highest market revenue share in 2018. The key factor driving the growth of the natural gas leak detection systems market in North America is the increasing natural gas production in the United States and Canada which has led to the increment in the number of pipeline projects infrastructure in North America.
- Further strict government regulation in the United States for the implementation of leak detection systems in the natural gas pipelines and storage terminals is boosting the market growth in North America.
- The Middle East and Africa regions are expected to emerge as the fastest-growing market during the forecast period 2019-2026.
- The key factor driving the market growth is due in no small number of companies and lucrative natural gas market and a vast network of natural gas pipeline network and storage terminals.
- The global natural gas leak detection systems market is highly competitive and fragmented. Some of the key companies operating in the global natural gas leak detection systems are AmeriSpec, Honeywell International Inc, Psi Ag, Synodon Inc, Sensit Technologies, Clampon Inc, Atmos International, FLIR Systems, Grainger, and Anacon.
- Players in the global natural gas leakage detection systems market will benefit from the rising demand for the city gas distribution and increasing use of natural gas in the power generation and transportation sector.
- Most of the pipeline companies are increasingly focusing on complying with global safety guidelines and government regulations to sustain the hazardous nature of crude oil and natural gas and improve operational safety.
- One of the prominent players, Honeywell International, is enhancing the market by undergoing new ventures and collaboration.
- For Instance, In January 2019, Honeywell International signed an MOU with the Amity University for the transfer of technology of “Low Powered mobile LPG sensor with alarm alert system “developed by Amity University Scientists.
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