The Intelligent Pigging Market is estimated to be
valued at US$ 852.6 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.5%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Overview:
Intelligent pigging solutions involve using autonomous devices called smart
pigs for inspecting, monitoring, and surveying oil & gas pipelines. These
smart pigs use advanced technologies such as magnetic flux leakage, ultrasonic,
and caliper tools to detect corrosion, cracks, dents and other abnormalities in
pipelines to ensure safety during operations. They help companies prevent
leaks, spills, and other pipeline failures leading to significant operational
and environmental risks.
Market Dynamics:
The growth of the intelligent pigging market is driven by stringent government
regulations regarding pipeline inspection and monitoring along with aging oil
& gas pipeline infrastructure worldwide which needs frequent repair and
maintenance. Rising adoption of new pipeline projects coupled with
rehabilitation and expansion of existing pipelines to meet growing energy
demand has also accelerated deployment of intelligent pigs globally.
Furthermore, advantages such as high efficiency, fast and cost effective
inspection compared to traditional inspection methods are boosting market
growth. However, complex pipeline infrastructure layouts and lack of
standardized regulations in some countries continue to remain key challenges
for market expansion.
Segment
Analysis
The intelligent pigging market consists of several sub segments. Magnetic flux
leakage (MFL) technology is the dominating sub segment as it accounts for over
35% of the total market share. MFL tools are widely used for inspection of
transmission pipelines for detection of corrosion, metal loss and other
anomalies. It provides accurate measurement of pipe wall thickness and
integrity data.
PEST Analysis
Political: Stringent government regulations regarding pipeline safety and
expansion of pipeline network are driving the demand for intelligent pigging
inspections.
Economic: Growth in oil & gas industry and exploration of unconventional
reserves are positively impacting the market growth. However, volatile crude
oil prices pose challenges.
Social: Increasing public awareness about pipeline safety and environmental
damage caused due to ruptures is compelling pipeline operators to adopt
intelligent pigging services.
Technological: Advancements in MFL and ultrasonic technology are enabling high
resolution inspections and detection of minute defects. Development of hybrid
and magnetic resonance technology based smart pigs is further augmenting the
market.
Key Takeaways
Global
Intelligent Pigging Market Size is expected to witness high growth,
exhibiting CAGR of 6.5% over the
forecast period, due to increasing pipeline network and surging demand for
maintenance of aging infrastructure.
The North America region dominated the global market in 2023, accounting for
over 30% of the total share. Stringent safety regulations and presence of vast
pipeline network are driving the regional market. Asia Pacific is expected to
be the fastest growing market during the forecast period, owing to increasing
focus on development of pipeline infrastructure and exploration of shale
reserves in China and India.
Key players operating in the Intelligent Pigging Market are LIN SCAN, T.D.
Williamson, Inc., Baker Hughes Incorporated, GE Oil and Gas, NDT Global, Enduro
Pipeline Services, Inc., Petrobras, OMV Group, ConocoPhillips, and Royal Dutch
Shell PLC. Major players are focusing on development of advanced technologies
to gain higher market share.
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