INTELLIGENT PIGGING MARKET ANALYSIS

Market Challenges And Opportunities

Drivers

Development in global economy is augmenting growth of the segment

Development in the global economy is a major factor fueling the market growth of intelligent pigging. In the recent few years, the global economy has significantly improved and is expected to grow further in the near future due to developing monetary conditions. Rapid urbanization and industrialization around the globe coupled with favorable government policies are also expected to augment the market growth of intelligent pigging.

Advancement in technology by major players in this sector

Advancement in inspection technologies by major players is expected to favor the market growth of intelligent pigging. For instance, in September 2019, Indian Oil launched a new artificial intelligence-powered intelligent pigging analysis software. The new intelligent pigging analysis software is based on Alethe Consulting’s MASS platform, a data platform. Thus, the advent of advanced inspection technologies is expected to propel the market growth.

Market Restraints

Presence of cost-sensitive market and high cost of manufacturing

Intense competition in the market due to the presence of a large number of players has led to price wars, in turn, reducing the profit market of the manufacturer is expected to hinder the market growth of intelligent pigging. Cost-sensitive market such as India is expected to lead the  pricing  among providers. The high cost of implementation of an in-line pigging system based on MFL (Magnetic Flux Leakage), UT (Ultrasonic Testing), and EMAT (Electro-Magnetic Acoustic Transducer) technologies is expected to restrict the market growth of intelligent pigging. According to Coherent Market Insights analysis, the average pricing of intelligent pigging technologies such as MFL and UT is expected to increase by approximately 5-7% globally on year on year basis over the next few years.