Increased pipeline infrastructural investments coupled with high exploration and production activities in the oil and gas sector and high consumer demand for energy will propel growth in the European oil and gas pipeline leak detection market, according to a report issued by Research and Markets.
The leak detection system (LDS) market in the oil and gas industry has been growing at a high rate due to the shale revolution, despite steep declines in oil reserves and huge demand for imports, which in some countries has created an unstable environment for the oil field services and related industries.
Prospective acceleration in recoverable resources alongside increased exploration and production activities, mostly in the offshore regions, would diminish the effect of the steep decline in the oil reserves in established fields.
Between 2016 and 2021, the market is expected to grow at a compound annual growth rate (CAGR) of 0.99% by anticipating low crude oil prices leading to an accelerated demand for cost-effective well intervention methods. More pipelines with newly proposed plans of oil and gas transmission are also anticipated to boost the overall LDS market in coming years.