Leak Detection And Repair Market Size, Share, Growth Analysis, By Component(Services, Equipment), By Technology(VOC Analyzer, OGI), By Product(Handheld Gas Detectors, UAV-Based Detectors), By Region - Industry Forecast 2024-2031

Leak Detection And Repair Market size was valued at USD 18.86 billion in 2019 and is poised to grow from USD 19.71 billion in 2023 to USD 29.29 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

The United States Environmental Protection Agency (USEPA) implemented Leak Detection and Repair (LDAR) regulations to reduce uncontrolled emissions from regulated in order to safeguard public health and the environment from dangerous pollutants discharged by businesses and mobile sources. A facility uses a leak detection and repair programme to find and fix leaky parts, such as valves, pumps, connectors, compressors, and agitators, in order to reduce the emission of fugitive volatile organic compounds (VOCs) and hazardous air pollutants (HAPs).

Because of their advantages, such as increased safety, financial savings, and environmental preservation, leak detection and repair (LDAR) systems are becoming more and more popular among utility companies worldwide. By lowering the danger of accidents brought on by explosions and fire outbreaks, LDAR systems also assist oil, gas, and petroleum industries in creating healthier workplaces. Global infrastructure improvements for natural gas and petroleum are also anticipated to fuel industry expansion.

Gas leak detection systems will be incorporated by oil and gas corporations as part of their digital transformation efforts. The technique has uses in the upstream, midstream, and downstream sectors of the oil and gas industry. The adoption of LDAR systems is anticipated to be significant for offshore oil and gas installations due to the high-risk activities involved in their line of work.

US Leak Detection And Repair Market is poised to grow at a sustainable CAGR for the next forecast year.