Leak Test Equipment Market by Type (Portable, Fixed), Component (Hardware, services, Software), Industry Vertical, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2031
USA, Dec. 05, 2022 (GLOBE NEWSWIRE) — As per the report published by JCMR, The global Leak Test Equipment market is expected to grow from USD 523.7 million in 2021 to USD 1,000.7 million by 2027, at a CAGR of 7.1% during the forecast period 2022-2031.
The leak testing equipment are used to detect the leakage from any manufacturing plant. Leak testing equipment help to verify the leakage level; the integrity of the product, and also improves the safety in handling. There has been a developing interest for alerting systems that have energized the development of this equipment which prevents unnecessary leakage of liquids, gases, and vacuum from overflowing to ensure all operations are performed in a proper way.
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Leaks are never good, and when an airplane is traveling at 40,000 feet, they are significantly worse. It is necessary to test for tightness both during assembly and maintenance applications for fuel systems, engines, landing gear, ventilation systems, and other aerospace components that depend on various tanks, pumps, actuators, lines, and fittings. Numerous sorts of gas and liquid leaks can occur in fighters, jetliners, crop-dusters, helicopters, satellites, rockets, and other flying objects. Therefore, in addition to safety certificates like UL 913, aerospace manufacturers demand highly stringent quality certifications with leak testing tools, such as ISO 9001 and AS9100. Numerous businesses must adhere to strict regulations like MIL-STD-750.
Since oil and gas pipeline networks are the safest and most economical form of transportation, several nations are focusing their construction efforts on them. Oil and gas may be efficiently and safely delivered through urban areas with the use of pipelines. There are several proposed cross-country oil and gas pipelines to help move hydrocarbons more quickly. It is projected that they will propel the market for leak test equipment forward.
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The market for leak test equipment continues to expand as a result of rising demand from emerging economies, an increase in the number of small and medium-sized businesses, increasing demand for HVAC/R systems, and strengthening the IT sector in nations like China and India. Other reasons supporting the growth of the leak test equipment market include increasing industrialization, booming manufacturing activities, and the regulations set forth by the regulatory authorities.
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The North America region is expected to account for the largest market share in terms of revenue during the forecast period. This is thanks to increasing development of infrastructural growth in that region. In 2017, the US government provided a tax incentive for installing sprinklers. The Asia-Pacific region stands as a promising market for Leak Test Equipment and is expected to grow at the highest CAGR during the forecast period. Some of the key factors that are primarily driving growth in the APAC region are high governmental regulations regarding fire safety norms, rapid urbanization & construction activities, technological & economic growth etc. The markets in Japan, China, and South Korea are proliferating, commanding significant shares in the regional market.
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Key players in the global Leak Test Equipment market are
- ATEQ Corp
- Marposs S.p.A.
- Raxis LLC, Inficon
- LACO Technologies
- Pfeiffer Vacuum GmbH
- CETA TESTSYSTEME Gmbh
- COSMO Instruments Co.
- InterTech Development Company
- Uson, L.P.
- TASI Group
- Kane International Limited
- Rothenberger Werkzeuge GmbH
- Shenzhen Hai Ruisi Automotation Technology Co., Ltd
- Other key players
By Industry Vertical
- Oil & Gas Refineries
- Aerospace & Automotive
- HVAC/ Refrigeration
- Water Treatment Plants
- Power Plants & Thermal Plants
- Chemical Plants
- Other Industry Verticals
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