Dakota Access Pipeline to Get Final Approval From the Government

The development of energy pipeline would surge the oil & gas pipeline leak detection market

USA: The stocks of Energy Transfer Partners surged around 0.8 percent for approval of its controversial Dakota pipeline. On completion, the pipeline will be used to transfer about half a million barrels of crude oil per day from shale fields situated at North Dakota to the Gulf Coast and across the Midwest region. The decision is in line with President Trump’s promise to support new infrastructure and favor Oil and Natural Gas developments. The project which was scheduled to be operational by 2016 is now expected to start from June,2017.

TechSci Research depicts that the favorable conditions assured by Trump administration for Oil and Natural Gas developments will lead to a better market scenario for Oil and Gas pipeline industry in the country. Despite strict regulations governing pipeline leak detection systems, globally, the incidents of oil & gas pipeline leaks have witnessed a steady rise. Leakage in pipelines can occur due to various reasons such as natural damage, aging, weather conditions, corrosion, tampering, etc. Oil & gas pipeline leakage incidents prove to be extremely adverse not only for the environment, but also for operating companies which are liable to pay hefty amounts in the form of damages and compensation in case of any accidents.

According to released report of TechSci Research, “Global Oil & Gas Pipeline Leak Detection Market Forecast & Opportunities, 2020”, global oil & gas pipeline leak detection market is projected to cross US$ 1.8 billion in 2020. Growth in the market can be attributed to the expanding oil and gas pipeline network across the globe on account of investments in pipeline infrastructure, especially in Europe and Africa. In addition to deployment in new pipelines, leak detection systems are rapidly being used in aging pipelines. Across the globe, the average age of pipelines is 30 years, while some pipelines are as old as 100 years. Aging pipelines, being more prone to corrosion, possess greater risk of leakage, and thus demand use of better leak detection systems.