Monday, October 26, 2015

Oil and gas pipeline leak detection industry expected to grow

From:  PennEnergy



 

According to a study by TechSci Research, the global oil and gas pipeline leak detection industry is expected to surpass $1.8 billion in the next five years.

According to a study by TechSci Research, the global oil and gas pipeline leak detection industry is expected to surpass $1.8 billion in the next five years. This is in part due to the increase in oil and gas leaks over the past few years.

Houston Public Media reported that, in Texas alone, the frequency of leaks, fires and other hazardous events has more than doubled since 1995. Research shows that weather, age and corrosion are all common causes of leaks.

Old pipes
According to Business Wire, most pipelines across the globe are between 30 and 100 years old. With age comes greater chance of corrosion and leaks. These pipes are therefore propelling the need for increased leak detection across oil and gas companies worldwide.
In Texas, the rapid increase of leaks is likely due to aging pipelines, according to Houston Public Media. However, funding to study pipelines and incorporate leak detection technology has dropped over the past seven years. Over the past five years alone, only $1.3 million has gone toward research of this kind. This is compared to the $8 million granted to research between 2003 and 2008.  MORE