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According to a new report Global Leak Detection and Repair (LDAR) Market, published by KBV research, 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 enforcement of strict government policies, together with raising awareness on the negative effects of greenhouse gas pollution, remains a key driver of market expansion. High precision, alongside low-cost operation, remains the main driver behind market inflation. However, the corona pandemic is estimated to be one of the declining factor for the market growth during following years.
Handheld gas detectors are projected to attain a dominant market share over the years to come. Handheld gas detectors are low cost and portable. It is used to detect gases such as methanol, ammonia, and carbon dioxide. The UAV-based detector is also expected to witness a rapid market growth during the forecast period. UAV-based detector helps operators to monitor laser sensor detection from an aerial point of view. Advancements in sensors and image processing would increase the market demand for UAV-based detectors.
The VOC analyzer is expected to dominate the growth of the industry in terms of technology. VOCs such as handheld gas detectors are commonly used for method 21 inspection. The VOC analyzer can detect various gases such as oxygen, fluorine, chlorine, bromine and nitrogen. Optical Gas Imaging can detect leakage from a distance and provides higher accuracy in addition to improved monitoring of gas leak.
North America, preceded by Europe, is expected to lead the market during the forecast period. Stringent government policies and regulations, along with the widespread acceptance of technologically innovative products by companies in these regions, have led to the development of the regional market. Furthermore, the Asia-Pacific region is expected to experience the highest growth rate over the forecast period. The emergence of leading companies, combined with the growing number of offshore oil and gas installations, is expected to increase the market penetration in the region.
Structural Insights: https://www.kbvresearch.com/leak-detection-and-repair-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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