A few large companies that dominate the global oil and gas pipeline leak detectionequipment market features a highly consolidatedvendor landscape, says Transparency Market Research (TMR) in a new report.Honeywell International Inc., Schneider Electric SE, and Siemens AG are thetorchbearers with these companies holding 35% of the market in 2015.
“Top players in the market are strategizing for acquisitions anddivestments for sustainable business growth,” says TMR’s lead analyst. SiemensAG, for example, acquired Rolls-Royce’s Energy compressor and aero-derivativesgas turbines business in 2014 to fill a technological gap in its own gasturbine portfolio.
Leveraging core strengths and focus on expansion of oil and gas sectoris another popular growth strategy adopted by companies in this market. Forinstance, Honeywell International recently bagged a contract for theTrans-Anatolian Gas Pipeline because of its expertise in integrated control andsafety systems.
TMR estimates the global oil and gas pipeline leak detection equipmentmarket to be worth US$3.65 bn by 2024 increasing from US$2.02 bn in 2015 at aCAGR of 6.8% between 2016 and 2024.
In terms of technology, mass-volume balance is the leading segment withthe segment anticipated to hold 37.4% of the market by the end of 2024.
North America is currently the leading regional market in the global oiland gas pipeline leak detection market. However, the Middle East and Africa isexpected to display a significant CAGR over the forecast period.
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Business Implications of Rising EnvironmentalConsiderations Fuel Growth
Environmental concerns and policies regarding pipeline leakages is theprime factor driving the global oil and gas pipeline leak detection equipmentmarket. This is because past incidents of pipeline leakage have beendetrimental to the extent that it has wiped off complete flora and fauna of theleak site. Obligations on part of pipeline operators after a leak has happenedis another important factor driving this market. Pipeline operators not onlysuffer business losses and but also need to pay high compensations to affectedbodies.
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Volatile Oil Prices Hinder Growth
Proving to be a hindrance to the growth of oil and gas leak detectionequipment market is volatile oil prices that hamper execution of new pipelineprojects. Generally, new pipeline projects are planned are put underconstruction if only oil prices are high enough for the project to beprofitable. However, unforeseen changes in oil prices such as the recent dropin oil prices in 2015, has proved to be detrimental with considerable cut shortin pipeline length for new as well as under-construction pipelines.
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Nevertheless, the global oil and gas pipeline leak detection equipmentmarket is expected to be benefitted from growth opportunities that are expectedto come to the fore. Pipeline projects planned in 2015 that would be morethan 100,000 miles of pipelines is expected to present new opportunities to theglobal oil and gas pipeline leak detection equipment market. Furthermore,technological advances in pipeline leak detection systems that is aimed toimprove the integrity of pipelines with fewer accidents and low downtime willbenefit the growth of this market.
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