Baku, Azerbaijan, June 6
By Elena Kosolapova – Trend:
Western Europe will be the largest importer of oil and gas in Europe within the next five years, Irish research company, Research and Markets, said in its latest report called “Europe Oil & Gas Pipeline Leak and Theft Detection Market, Competition Forecast & Opportunities, 2012-2022”.
“Western Europe is expected to garner the highest demand for energy in the region,” the report said.
Research and Markets expects that pipeline infrastructure will develop rapidly in the region, owing to recently commissioned oil and gas pipeline projects, thereby, driving growth in Europe oil and gas pipeline leak and theft detection market during the forecast period.
The trend comprises of higher growth (in terms of pipeline length) in transmission lines between Europe and other nations and over 75 percent of this growth is contributed by onshore market.
“Europe oil and gas pipeline leak and theft detection market is projected to reach $0.43 billion by 2022,” the company said.
According to the report, high damage caused to the environment in the event of leaks and spills, and renewed focus on such incidents is making leak and theft detection a compulsion for pipeline operators, thus adding to the Europe oil and gas pipeline leak and theft detection market.