Leak Detection Market For Oil And Gas Industry to grow by $ 817.56mn|Key Drivers and Trends|Technavio
The leak detection market for oil and gas industry size is expected to grow by $ 817.56 mn during 2020-2024, progressing at a CAGR of almost 6%. The report provides thorouh insights on the COVID-19 impact on the market and new business opportunities, if any, during the pandemic period. According to Technavio research experts, we expect the impact to be significant during the first quarter, which should gradually alleviate in subsequent quarters – with a limited impact on the full-year economic growth.
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Leak Detection Market for Oil and Gas Industry Trends & Drivers
The leak detection market for oil and gas industry research report has a detailed analysis on the key drivers, trends, and challenges, which will help vendors in making important business decisions and modifications to cater to the changing consumer demand. While it is essential to capitalize on key drivers such as growing upstream investment, it is also crucial to understand the challenges that will impede sales during the forecast period. Identifying and addressing market growth challenges will create additional opportunities for the existing and new market players.
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The leak detection market for oil and gas industry has also explored key trends such as increase in number of industry safety performance standards, which will have a significant positive impact on the market growth over the forecast period. A thorough study of the market trends will enable vendors to understand demographics effectively, which can be used to further product and service innovation.
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Leak Detection Market For Oil And Gas Industry: Segmentation Analysis
This market research report segments the leak detection market for oil and gas industry by Product (Fixed leak detectors and Portable leak detectors), Geography (North America, Europe, APAC, MEA, and South America), and End-user (Downstream, Upstream, and Midstream).
The North America region led the leak detection market for oil and gas industry in 2020, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as .
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A few of the key topics covered in the report include:
Market positioning of vendors