Companies In The Leak Detection And Repair Market Are Using ML And AI Technologies To Detect Leaks Effectively
The Business Research Company's leak detection and repair market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Aug. 31, 2022 /PRNewswire/ -- Machine learning and Artificial Intelligence (AI) are widely used by gas emission monitoring firms to find leaks more effectively in their infrastructure. Using satellite data, a machine learning algorithm locates leaks and emission concerns on the ground. Operators can make data-driven decisions by using the data generated by machine learning to spot trends and patterns over time. Numerous venture capital financing firms are making investments in businesses that offer LDAR solutions powered by AI, opening up new potential. For instance, in January 2019, BP, the UK-based oil and gas company, invested $5 million in start-up Belmont Technology to develop a cloud-based geoscience platform. This platform enables the interpretation of holistic information, producing valuable analysis such as the identification of disaster hotspots based on the information that is currently known and anticipated, which can be used to develop targeted strategies for addressing potential pipeline leaks and defects.
The global leak detection and repair market size is expected to grow from $14.63 billion in 2021 to $15.52 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The leak detection and repair market share is expected to grow to $20.5 billion in 2026 at a CAGR of 7.2%.
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A Rise In Oil And Gas Leakages Is A Major Driver For The Market's Growth
An increase in the number of incidents of oil and gas leaks in pipelines and storage tanks at manufacturing facilities are among the key factors driving leak detection and repair market growth. Leakages of oil and gas typically happen at the upstream, midstream, and downstream stages. Due to the increase in global oil and gas consumption, there has been an increase in oil and gas exploration and production operations. According to the Environmental Protection Agency (EPA), 1.4% of natural gas supplied is lost due to leaks in the USA.
Honeywell International Inc. Held The Largest Share In The Market
Honeywell International Inc. was the largest competitor in the leak detection and repair market in 2021, with a 3.27% share of the market. Honeywell's growth strategy focuses on protecting worksites and workers through the launch of new gas detectors. For instance, in October 2021, Honeywell launched the Searchline Excel Plus and Searchline Excel Edge, the next generation of open-path gas detectors, which can monitor dangerous gases even in snow, rain, fog, and other inclement weather. These new gas detectors with Bluetooth connectivity use high-powered infrared and advanced optics technology, through which the devices stay online in poor weather conditions.
The Market Is Constrained By Rising Demand For Renewable Energy
As per the leak detection and repair market forecast, growing demand for renewable energy will hinder the growth of the market in the forecast period. Global energy consumption is vast, and most of the renewable energy comes from natural sources. As a result, investments in renewable energy are rising globally to reduce carbon emissions with more affordable technologies and economies of scale, which is pulling down the demand for oil and gas, and hence impacting the market for leak detection and repair systems.
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