The company has reported that it expects the South American oil and gas pipeline leak and theft detection market to reach US$0.09 billion by 2022.
Over the last 3 years, oil consumption in South America declined gradually. However, the scenario is expected to change with the stabilising of crude oil prices. Hence, companies are now investing in exploring oil and gas reserves. South America is expected to witness highest growth in terms of offshore pipeline over the next five years.
