Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 18.97 Billion | USD 27.48 Billion | 4.77% | 2022 |
FrequentlyAsked Questions
Leak Detection and Repair (LDAR) is a kind of system that is utilized for repairing pumps, agitators, connectors, valves, and compressors. This, in turn, will help in the reduction of harmful air pollutants and volatile organic compounds emissions.
The global leak detection and repair (LDAR) market growth is owing to a large number of venture capital funding organizations allocating funds to companies whose key focus is to offer AI-driven LDAR solutions to their end-users.
According to a study, the global leak detection and repair (LDAR) industry size was $18.97 billion in 2022 and is projected to reach $27.48 billion by the end of 2030.
The global leak detection and repair (LDAR) market is anticipated to record a CAGR of nearly 4.77% from 2023 to 2030.
The Asia-Pacific leak detection and repair (LDAR) industry is set to register the highest CAGR over the forecasting timeline owing to the presence of key players in the region. Apart from this, rise in the natural gas production in India and China has contributed majorly to the regional market size. Furthermore, strict laws governing VoC emissions in the emerging economies of the region to reduce environmental degradation are projected to spearhead the expansion of the industry in the Asia-Pacific zone.
The global leak detection and repair (LDAR) market is led by players such as Palo Alto Research Center, Physical Sciences, Inc., Microdrones GmbH, Aeris Technologies, Inc., Maxion Technologies, Inc., AECOM, Avitas Systems, IBM Thomas J. Watson Research Center, LI-COR, Inc., Ball Aerospace & Technologies Corp., Rebellion Photonics, Gas Ops Leak Detectives, LLC (G.O.L.D. LLC), PrecisionHawk, Summit Inspections Services, Inc., Boreal Laser Inc., Chicago Bridge & Iron Company N.V., Kairos Aerospace, Picarro Inc., Guideware Systems, LLC, GHD, Inc., ENCOS, Inc., Bridger Photonics, Inc., ABB Ltd., VelocityEHS, ERM Group, Inc., and SeekOps, Inc.
The leak detection and repair (LDAR) market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.
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