Leak Detection And Repair Market Production, Share, Demand, Applications and Opportunities by 2030
Leak Detection And Repair Industry Overview The global leak detection and repair market size is expected to reach USD 27.89 billion by 2030, growing at a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for oil and oil products across Asia Pacific, North America, Europe, and MEA regions. According to IEA, oil demand in the Asia Pacific is expected to reach 9 million barrels per day by 2040. Various government bodies are encouraging the use of advanced leak detection and repair (LDAR) systems, which is creating new opportunities for market growth. For instance, in December 2020, the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act was signed into law in the U.S. This act directs gas pipeline operators to use enhanced leak detection technologies to ensure the safety of pipelines and the environment. Leak Detection And Repair Market Segmentation Gr...