- Asia-Pacific to have the largest market share
- Oil industry looses $30 billion in methane gas leaks annually
- Companies developing new leak detectors
By 2022, the leak-detection market for oil and gas will be valued at $3.38 billion, according to MarketsandMarkets. In 2015, it was valued at $2.1 billion, representing a compound annual growth rate (CAGR) of 6.9%.
The market’s growth is attributed to the increase incidents of oil and gas pipelines and storage- tank leaks, the development of new pipelines and the expansion of existing pipelines, and the implementation of stringent government regulations pertaining to leak-detection systems.
The market forecasted to grow at a highest rate between 2016 and 2022 is Asia-Pacific. Growth is fueled by the increase in oil and gas consumption in the region as well as an increase in oil and gas pipeline construction. This is especially true in developing nations such as India.
China is expected to lead the market. The growth of oil an gas production in the nation has increased the demand for leak-detection equipment.
New Methane Detectors
Sponsored by the Environmental Defense Fund (EDF), the Methane Detectors Challenge project seeks to stop needless methane leakage that not only costs the industry billions, but contributes to climate change.
An estimated $2 billion in methane is lost annually in the U.S., according to the EDF. Globally, that figure is approximately $30 billion.
A third of gas and oil companies report on methane leaks, according to a EDF review, but none have established targets for the reduction of leaks. The Methane Detectors Challenge encourages companies to implement solutions to the problem.
Most leak-detection systems cost one cent per 1,000 cubic feet of gas produced.
Two methane producers have taken steps to install detectors. Pacific Gas & Electric installed a tunable laser diode monitoring system at a gas-storage facility in California. The system will recapture methane.
In the U.S., 9.8 million metric tones of methane are wasted annually, Pacific Gas & Electric says.
Statoil has installed a solar-powered, laser-based system, which is in the testing stage. The system detects methane released into the air.
A partnership between the National Institute of Standards and Technology, Scientific Aviation, the University of California Davis, and the University of Colorado Boulder also is taking part in the challenge.
The group is developing a detector system based on lasers. Leaks can be detected from up to a mile away. Aircraft also can be used to detect leaks.
- Between 2016 and 2022, the market for the E-RTTM technology is forecasted to grow at a high rate. E-RTTM technology provides data on the location of a pipeline leak.
- E-RTTM technology has the ability to detect small leaks, identify the size of the leak and detect its characteristics such as flow, pressure, and temperature. The technology detects leaks quickly.
- Acoustic/ultrasonic technology is cost-effective, making demand high. This technology is used widely in single-phase and multi-phase flow pipelines.