Pune, India -- (SBWIRE) -- 12/15/2018 -- A leak is an opening for fluid so as to escape from a container or fluid-containing system, through which the contents of the container can flow away. Leaks are generally accidental and undesired. Growing concern for water conservation along with escalating demand for leak detection systems is propelling growth in the global market. The global leak detection market was valued at US$ 802.7 Million in 2017 and is expected to reach US$ 1273.7 Million by 2023.

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Top Key Players are:
Siemens AG, Honeywell International Inc., Baker Hughes, Inc., Krohne Group, Schneider Electric, Ziebel A.S., Future Fibre Technologies Ltd., Fotech Solutions Ltd., Omnisens S.A., Silixa Ltd. Schlumberger Limited, TGT and amongst others

By adopting a highly effective leak detection technique, which can monitor the leaks accurately, is one of the factor driving the growth of the market, where the risks of leakages can be controlled. Some of the potential benefits of leak detection techniques are: improved environmental quality and reduced risk of contamination, early detection of leaks, which in turn helps in reducing cost These are the few factors helping the leak detection market to fuel the growth in future.

The demand for cleaner emissions by government and environmental organizations has made the oil & gas companies to invest more in equipment's which are reliable yet costly. There are few challenges with the current leak detection technology, which hide the efforts of oil & gas companies that are trying to effectively mitigate leakage. The primary challenge with the current technology is that it should have the capacity to perform identification, quantification, localization and classification. However, this has led to low quality and demand of techniques, creating high competition in the global leak detection market.

The energy demand is on hike with social and economic development in the many countries globally. Oil and gas exploration and production are core activities of oil and gas industries. The purpose of exploration activity is to analyze commercially viable reserves of oil and gas. New technologies are providing diverse but uncertain opportunities for production activities in oil and gas in many parts of the world. Hence, the exploration and production activities are expected to increase and develop in the future, contributing to the growth in the leak detection market.

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The Fiber Optic Sensors is projected to be the Dominant Segment during the Forecast Period, 2018-2023
Fiber Optic Sensor is one of the leak detection type, which is used for monitoring the leakage of pipeline as well as detects through temperature. The monitoring of temperature profiles over long distance by means of optical fibers, which represents a highly efficient way to perform leakage detection along pipelines. Due to its major properties such as, extended range, long-term stability, transportable system as well as cost effective for large no. of measurement points, that helps to view and analyze all its data with one single interface, which in turn favours the market to hold substantial position worldwide.

Emerging pipeline projects in Middle-East and Africa is driving the Leak Detection Market Growth
Currently, the Middle East and Africa region constitutes the maximum market for oil and gas pipeline leak detection, owing to vast network of pipeline, which is extending even further, due to a large number of planned projects for pipeline construction. For instance, in East Africa, Ugandan section of the pipeline are planned to installed with 230km of 33kV power cables and 296km of fibre-optic cables in near future as well as many new projects are lined up for installation. As a result, this region is projected for the best growth rate during the forecast period 2018-2023.

For instance, the Baker Hughes, Inc. is engaged in a wide range of business activities including drilling, well intervention, shale oil processing in regions around the world. Owing to which, the company's research and development expenses was US$ 15,742 Mn in year 2016. Also, Omnisens Vice president Sales Baz Matvichuk, presented fibre optic based power cable and umbilical monitoring for the oil & gas industry covering various projects executed over the 17-year history of Omnisens. The benefits of real time monitoring discussed, and new innovations presented.

Leak Detection Market - By Technology
- Fiber Optic Leak Detection
- Distributed Temperature Sensing (DTS)
- Distributed Acoustic Sensing (DAS)
- Vapour Sensing Tubes
- Enhanced Real-Time Transient Model (E-RTTM)
- Acoustic Pressure Waves

Market by Product Type
- Flow Meters
- Fiber Optic Sensors
- Pressure Sensors

Market by Region

North America
- U.S.
- Rest of North America

Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe

Asia Pacific
- China
- Japan
- India
- Southeast Asia

Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa

Rest of Middle East and Africa
- Latin America
- Brazil

Rest of Latin America

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Table of Content:
Chapter 1 Leak Detection Overview
Chapter 2 Global Economic Impact on Leak Detection Market Industry
Chapter 3 Market Competition by Manufacturers
Chapter 4 Production, Revenue (Value) by Region
Chapter 5 Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Production, Revenue (Value), Price Trend by Type
Chapter 7 Market Analysis by Application
Chapter 8 Manufacturers Analysis
Chapter 9 Leak Detection Market Manufacturing Cost Analysis
Chapter 10 Market Forecast