New York, NY, March 29, 2017 --(PR.com
)-- According to a recently published TechSci Research report “Global Oil & Gas Pipeline Leak and Theft Detection Market, By Onshore Vs. Offshore, By Location of Application, By Source of Revenue, By Technology, By Method of Leak Detection, By Equipment/Device, Competition Forecast & Opportunities, 2012 – 2022,” the global market of oil & gas pipeline leak and theft detection is anticipated to cross $3.5 billion by 2022. Global oil production increased from 88.43 million barrels per day in 2014 to around 91.67 million barrels per day by 2015. Moreover, global oil consumption increased from 92.09 million barrels per day in 2014 to 95.01 million barrels per day in 2015. Production as well as consumption of oil across the world is expected to increase at a robust pace in the upcoming years as well, thereby positively influencing global oil & gas pipeline leak and theft detection market.
Browse 2 market data Tables and 122 Figures spread through 232 Pages and an in-depth TOC on "Global Oil & Gas Pipeline Leak and Theft Detection Market"
Across the globe, the average age of pipelines happens to be 30 years, while some pipelines are as old as 100 years. Aging pipelines possess greater risk of leakage, and are either highly corroded or despaired in some way or another. In 2014, more than 67% of pipelines across the globe were found to be more than 21 years old, while 18% were in the range of 11-20 years. Approximately 50% of offshore pipelines in the US are more than 40 years old. Similarly, in Africa, almost all the pipeline is aged between 30-60 years. Low toughness value and high exposure to moisture cause high corrosion in these pipelines, while low underwater visibility makes underwater leak detection difficult. On account of strict regulations and high compensations in case of hydrocarbon spills, aging pipelines are propelling the demand for leak and theft detection systems across the globe.
“One of the key reasons for the rise in demand for pipeline leak detection systems is increase in number of pipeline spills. According to the Pipeline and Hazardous Material Safety Administration, an average of USD662 million were spent on pipeline leakage incidents in the United States during 2010-2012. Over the last 20 years, pipeline leakages have caused around 250 spills per year in the US, with nearly USD7 billion worth of damages to property. This is expected to propel growth in global oil & gas pipeline leak and theft detection market, since companies are anticipated to invest more in pipeline leak detection to counter the losses incurred due to spills.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Oil & Gas Pipeline Leak and Theft Detection Market, By Onshore Vs. Offshore, By Location of Application, By Source of Revenue, By Technology, By Method of Leak Detection, By Equipment/Device, Competition Forecast & Opportunities, 2012 – 2022” has evaluated global oil & gas pipeline leak and theft detection market and provides statistics and information on market structure, industry behaviour and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges, and opportunities available in global oil & gas pipeline leak and theft detection market.
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