A new leak detection system could prevent more than $3 billion in damages, according to an analysis by a research firm.
The leak detection method could help reduce the cost of repairing water damage caused by improper cleaning of water tanks, said Michael Wintner, the CEO of the company, Advanced Vent Systems.
The company developed a leak detection solution that uses ultrasonic and electromagnetic sensors to detect the presence of water in a tank.
The system uses a “frozen water” sensor that detects water flowing through a tank’s pipes and collects data about the amount of water being moved around the tank, said Wintnner.
If the system detects water leaking into the tank during cleaning, the system automatically shut off the water flow and stops the leak.
Water leakage would also stop when the system was shut off.
Wintntner said the system is a cost-effective way to address leaks.
The device can be installed in a small tank and the water level would automatically reset if the tank is replaced, he said.
If water leaks into a tank while the system runs, it would automatically shut the tank off, Wintners told CNBC.
The technology would save the company money and is an option for many businesses, he added.
Water tank damage could be costly and time-consuming to repair, but it could also prevent millions of dollars of damage.
The U.S. government estimates that about 20 million Americans are at risk of losing money if water leaks in their homes due to improper water treatment, according the U.N. Food and Agriculture Organization.
According to the U and A.V.N., about 1.5 million Americans have been injured due to water leaks and the U to the American Water Works Association, which is part of the National Water Works Council.
The water works council said in a statement that it was working with the National Institute of Standards and Technology on a water leak detector.
The problem is water leaks are a growing issue for both companies and industries.
A recent report from the Federal Reserve Bank of New York found that water leaks cost the U of A. more than a billion dollars annually and have cost the company more than 3,500 jobs.
WINTNERS ISSUES: How to prevent a leak from affecting your home.
What happens if you find water in your tank?