Research Nester released a report titled “Intelligent Pigging System Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers the detailed overview of the intelligent pigging market in terms of market segmentation by technology, application, pipeline type, and region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The intelligent pigging system market is anticipated to expand at a CAGR of around 5% over the forecast period i.e. 2019-2027. The growth of the market is driven by increase in global network for transportation of oil and gas through pipelines. These pipelines require continuous inspection in order to ensure effective functions and operations, thereby driving the demand for smart pigs. The smart pigs perform advanced inspection activities and are efficient to suggest the presence and location of corrosion, metal loss and more. Additionally, rise in investment for exploration activities and construction of fuel stations around the world are the major reasons behind the growing adoption of intelligent pigging systems in various industries, which is further expected to contribute to significant growth of the market in upcoming years.
The market is segmented by technology into magnetic flux leakage, ultrasonic and caliper. On the basis of application, the market is segmented into metal loss/ corrosion detection, geometry measurement & bend detection and crack & leak detection; by pipeline type into gas and liquid. Adoption of intelligent pigging systems is estimated to increase over the forecast period on account of various benefits provided by pigging solutions. The advantages include increase in efficiency leading to growing product yield, minimal water usage and waste.
By region, the global intelligent pigging market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, North America holds the largest market share owing to presence of major key players and longest network of pipelines. The market in North America is expected to grow at an incremental rate during the forecast period on account of increasing energy infrastructure and growing oil exploration activities in the region. The market in Europe is further expected to grow moderately which can be attributed to increase in adoption of smart pipeline inspection gauges in various applications. Furthermore, the market in Asia Pacific is anticipated to grow at highest growth rate on account of increasing government regulations and urbanization in the region. These factors, along with, growing global ties for transfer of oil and gas resources are anticipated to fuel the growth rate of Asia Pacific market.
Growing Network of Pipeline to Boost Adoption of Intelligent Pigging Solutions
The increase in the network of pipeline for oil and gas transportation around the globe raises high demand for increased inspection; scheduling of regular maintenance timelines, while ensuring effective continuity of the operations. The smart pigs help detect flaws and provide numerous applications and economic benefits to various organizations. Increasing government regulations in order to inspect and maintain safety in energy infrastructure, is anticipated to considerably support the growth of the market over the forecast period.
However, lack of technical know-how pertaining to installation of smart pigs in long pipe runs along with significant risks relating to contamination and safety are some of the factors that might hinder the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the intelligent pigging market which includes company profiling of key companies such as Applus+ (BME: APPS), Aubin Group, Baker Hughes, a GE company LLC (NYSE: BHGE), Dacon Inspection Technologies, Enduro Pipeline Services, Inc., NDT global, Quest Integrity Group, LLC, Lin scan, ROSEN Group and T.D. Williamson, Inc. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the intelligent pigging market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.