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A few large companies that dominate the global oil and gas pipeline leak detection equipment market features a highly consolidated vendor landscape, Report says, citing Transparency Market Research (TMR).

Honeywell International Inc., Schneider Electric SE, and Siemens AG are the torchbearers, with these companies holding 35% of the market in 2015.

"Top players in the market are strategizing for acquisitions and divestments for sustainable business growth," says TMR's lead analyst. Siemens AG, for example, acquired Rolls-Royce's Energy compressor and aero-derivatives gas turbines business in 2014 to fill a technological gap in its gas turbine portfolio.

Leveraging core strengths and focusing on expanding the oil and gas sector is another popular growth strategy adopted by companies in this market. For instance, Honeywell International recently bagged a contract for the Trans-Anatolian Gas Pipeline because of its expertise in integrated control and safety systems.

TMR estimates the global oil and gas pipeline leak detection equipment market to be worth US$3.65 bn by 2024, increasing from US$2.02 bn in 2015 at a CAGR of 6.8% between 2016 and 2024.

In terms of technology, mass-volume balance is the leading segment, with the segment anticipated to hold 37.4% of the market by the end of 2024.

North America is currently the leading regional market in the global oil and gas pipeline leak detection market. However, the Middle East and Africa are expected to display a significant CAGR over the forecast period.

Environmental concerns and policies regarding pipeline leakages is the prime factor driving the global oil and gas pipeline leak detection equipment market. Past incidents of pipeline leakage have been detrimental to the extent that it has wiped off the complete flora and fauna of the leak site. Obligations on the part of pipeline operators after a leak has happened, another critical factor driving this market. Pipeline operators not only suffer business losses and but also need to pay high compensations to affected bodies.