Burnaby, British Columbia, Canada, October 21, 2015 --(PR.com
)-- According to recently published TechSci Research report “Global Oil & Gas Pipeline Leak Detection Market Forecast & Opportunities, 2020,” global oil & gas pipeline leak detection market is projected to cross US$ 1.8 billion in 2020. Growth of oil & gas pipeline leak detection market is directly affected by the oil & gas pipeline network, and the market is expected to witness growth over the next five years on account of increasing investments in oil & gas pipeline infrastructure, especially in Africa and Europe. Apart from being deployed in new pipelines, leak detection systems are increasingly being used in ageing pipelines. Aging pipelines, being more prone to corrosion, possess greater risk of leakage, and thus demand use of better leak detection systems. On account of strict regulations and high compensations in case of hydrocarbon spills, aging pipelines are propelling demand for pipeline leak detection systems across the globe.
“Globally, the incidents of oil & gas pipeline leak shave witnessed a steady rise over the last decade. Oil & gas pipeline leaks adversely affect not only the environment, but also the finances of the companies, which are liable to pay hefty amounts for such incidents in the form of damages and compensation. In view of the after effects of oil & gas pipeline leakages, governments of various countries have formulated regulations and guidelines which have made deployment and maintenance of leak detection systems mandatory, thereby fueling growth in oil & gas pipeline leak detection market,” said Mr. Karan Chechi, Research Director of TechSci Research, a research based global management consulting firm.