The Global Leak Detection and Repair (LDAR) Market size is expected to reach $26.5 billion by 2025, rising at a market growth of 6.6% CAGR during the forecast period. The Environmental Protection Agency (EPA) has implemented LDAR regulations to minimize the emission of volatile organic compounds (VOCs) and volatile hazardous air pollutants (VHAPs) from leaking equipment like pumps, valves, and connectors in industries such as petroleum refining and chemical manufacturing. Stringent regulations and policies as well as the growing awareness of the adverse effects of greenhouse gas emissions on the atmosphere are expected to be main drivers of market growth. In addition, advances in robotics, unmanned aerial vehicles and industrial automation are expected to drive market growth.
Global Leak Detection and Repair (LDAR) Market Size
Oil and gas companies are planning to incorporate gas leak detection systems as part of their digital transformation strategies. The technology finds applications in the industrial domains of oil and gas, namely upstream, midstream and downstream. Due to the high-risk activities involved in their field of work, offshore oil and gas installations are expected to see a major adoption of LDAR systems. The expansion of the oil and gas pipeline network, especially in North America, Europe and APAC, is set to work for the benefit of the industry.
Several governments are collaborating with private firms, academic institutions and universities to build highly sensitive low-cost gas leak detection, monitoring, and measurement solutions. The U.S. government has made major investments in research and development of design, development and testing systems under the Advanced Research Projects Agency (ARPA-E) Methane Observation Networks with Innovative Reduction Technology (MONITOR) program. The need for safety and efficiency is anticipated to encourage businesses to implement technologies for the detection of gas leaks.
Leak Detection and Repair (LDAR) Market Share
With the sudden break of Covid-19 in late months of year 2019, the markets worldwide are unfortunately experiencing its grip. The suppliers and consumers of the products & Services are affected in a big way across the sectors resulting in declining revenues in last quarters of year 2019.
Based on Product, the market is segmented into Handheld Gas Detectors, Vehicle-Based Detectors, UAV Based Detectors and Manned Aircraft Detectors. Based on Technology, the market is segmented into VOC Analyzer, Optical Gas Imaging, Acoustic Leak Detector, Ambient/Mobile Leak Monitoring, Laser Absorption Spectroscopy and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
Free Valuable Insights: Global Leak Detection and Repair (LDAR) Market to reach a market size of $26.5 billion by 2025
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation (IBM Thomas J. Watson Research Center), Baker Huges Company (Avitas Systems), WorleyParsons Limited (Advisian), Ball Corporation (Ball Aerospace & Technologies Corporation), Team, Inc., Aeris Environmental Ltd. (Aeris Technologies, Inc.), ABB Group, Kairos Aerospace, Inc., Picarro, Inc., and ENCOS, Inc.
Market Segmentation:
By Product
By Technology
By Geography
Companies Profiled
According to a new report published by KBV Research, The leak detection and repair market is projected to reach USD 26.5 billion by 2025.
The major factors that are anticipated to drive the leak detection and repair industry include Increasing oil and gas pipeline infrastructure and Advantages of leak detection systems.
Some of the key industry players are IBM Corporation (IBM Thomas J. Watson Research Center), Baker Huges Company (Avitas Systems), WorleyParsons Limited (Advisian), Ball Corporation (Ball Aerospace & Technologies Corporation), Team, Inc., Aeris Environmental Ltd. (Aeris Technologies, Inc.), ABB Group, Kairos Aerospace, Inc., Picarro, Inc., and ENCOS, Inc.
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