The global leak testing market was valued at US$ 7.8 Billion in 2021. Sales are estimated the to grow at a CAGR of 4.8%, reaching a valuation of US$ 13.0 Billion by 2032. Detectors by hardware type segment are expected to account for more than 30.3% of the total leak testing market by the end of the forecast period.
Growing demand for oil and gas is a key factor anticipated to boost the growth in the leak testing market. As industries such as oil and gas, water treatment, power plant, etc are evolving, many upcoming projects require advanced leak testing to reduce risk by maintaining operational integrity. This helps to reduce the frequency of accidents and other abnormal events and help mitigate their negative impact on safety, environment, and profitability of the pipeline.
The Europe market is expected to dominate the global leak testing market in terms of revenue in 2022 and the trend is anticipated to continue over the assessment period. Germany is projected to hold a 21.4% share of the Europe market.
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Increasing demand for clean water for municipal and industrial purposes, stringent regulations associated with the wastewater discharge, and rapid growth and investment in the industrial sector are key factors expected to propel the growth in the leak testing market. Also, the substantial growth in the usage of water in industrial sectors such as oil & gas, pharmaceuticals, and chemicals is estimated to drive sales.
The leak testing market represents 43.6% of the global non-destructive testing market.
2017-2021 Leak Testing Market Historic Outlook Vs 2022-2032 Forecast
Demand in the global leak testing market totaled US$ 7.8 Bn in 2021. As per FMI analysis, sales in the leak testing market are anticipated to grow at a4.3% CAGR by volume between 2022 and 2032.
Leak detection for oil & gas continues to evolve, with an increasing number of organizations perceiving leak testing systems as a positive investment in safety. Many countries have also developed regulatory requirements for leak detection, marking it vital.
An increasing number of pipeline operating companies and related stakeholders are beginning to realize that investments in leak testing and detection solutions not only will mitigate risk by helping in preventing catastrophic leaks and the associated financial and operational implications, but also will help reduce fines, regulatory oversight, and damage to a company’s reputation.
What is Driving the U.S. Leak Testing Market?
“Manufacturers in the U.S. are Preferring Gas Leak Testers”
The U.S. accounted for around 77.3% of the North America leak testing market in 2021. The market is estimated to create an absolute dollar opportunity worth US$ 642.9 Mn by the end of the forecast period.
Increasing consumption of oil & gas necessitates the expansion of the energy infrastructure and a re-evaluation of the U.S. in the global energy market. Significant disposable income and increasing awareness regarding leak testing, particularly in the oil and gas, power plant, and chemical sectors, among engineers will boost sales of leak testing equipment and services in the country.
What is the China Leak Testing Market Outlook?
“Increasing Adoption of Coolant Leak Testers in China Will Augment Growth”
Sales in China are expected to grow at a CAGR of 5.5% and are forecast to account for more than 40.5% of the East Aisa leak testing market in 2022.
The China energy market is dominated by state-owned oil and gas companies. China is the world’s second-largest consumer of oil and gas, but only the sixth largest producer of the same. As a big oil consumer, China’s oil consumption is increasing year by year with fluctuating growth rates.
With the rapid growth of China’s oil and natural gas consumption, oil and gas companies will need to boost their output to meet energy needs and reduce the reliance on oil imports. Faced with declining domestic oil reserves, the need to improve efficiency and productivity is gaining traction. This is expected to fuel sales of leak testing equipment and services in China.
The global leak testing market is gaining momentum with the presence of several large, medium, and small-scale system developers, manufacturers, and service providers. Prominent leak testing manufacturers are collaborating and partnering with other service providers to expand their regional presence.
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Key Segments Covered in Leak Testing Industry Analysis
By Hardware Type:
- Air Pressure
- Gas Based
- Oil & Gas refineries
- HVAC/ Refrigeration
- Water Treatment
- Power plants
- Chemical plants
- Thermal plants
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East & Africa
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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