The Leak Detection and Repair (LDAR) Market is valued at USD 18.5 billion in 2021 and is expected to reach a value of USD 27.4 billion by 2028, growing at a CAGR of 5.8% during the forecast period from 2022 to 2028. The global market provides a detailed overview of the Leak Detection and Repair (LDAR) market, which can be segmented by component, product, and technology. By component, the Leak Detection and Repair (LDAR) market has been segmented into Equipment and Services. The Services segment is likely to be the largest and fastest-growing in terms of component type. By Product, the Leak Detection and Repair (LDAR) market has been segmented into Handheld Gas Detectors, UAV-Based Detectors, Vehicle-based Detectors, and Manned Aircraft Detectors. The Handheld Gas Detectors accounted for a high market share in 2022. Based on Technology, the Leak Detection and Repair (LDAR) is segmented into Volatile Organic Compounds (VOC) analyzers, Optical Gas Imaging (OGI), Laser Absorption Spectroscopy, Ambient/Mobile Leak Monitoring, Acoustic Leak Detection, Audio-Visual-Olfactory Inspection. According to precision business insights, the Optical Gas Imaging (OGI) segment is predicted to register the fastest growth rate during the forecast period.
In November 2021, SCF Ventures, a venture capital firm focused on providing capital to companies operating in the energy services sector, invested in Qube Technologies, a continuous emission monitoring technology provider.