An area expected to see a lot of growth in the oil industry in the coming years is oil and gas pipeline leak detection. That’s the finding of a new report by Research and Markets. According to the report, the market will be worth $ 2.7 billion over the next five years.
Many oil and gas pipelines running across North America are old. As a result material failure and corrosion have turned out to be major causes of leakage. This can cause both financial losses and goodwill or reputation.
An increase in oil and gas exploration as well as increasing environmental concerns, mean the demand for leak detection systems is expected to surge.