Global Intelligent Pigging Market is estimated to be valued at US$ 852.6 Billion in 2022, according to the Global Intelligent Pigging Market Report, by Technology (Magnetic Flux Leakage, Ultrasonic Test), by End-use Industry (Oil, Gas), by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global intelligent pigging market was valued at US$ 852.6 Billion in 2022. Intelligent pigging market is expected to register a CAGR of 5.7 % over the forecast period (2023–2030), to reach US$ 1,408.3 billion by 2030. Intelligent pigging is also referred to as a smart pig that is used to perform inspection techniques while gathering important information such as the existence of any corrosion and damage on the inner walls of the pipe. This system can detect even detect minor deformities in the pipe by using use non-destructive examination techniques. Moreover, it is also used to evaluate other data such as the diameter of the pipeline, curvature, temperature, and bends. Smart pigging also provides various advantages over traditional techniques used to inspect the inner walls of the pipe. Moreover, it effectively cleans and inspects even long pipes without interrupting the flow of the product.
The Intelligent Pigging market has witnessed a negative impact in recent months owing to the lockdowns imposed globally to curb the spread of COVID-19. Manufacturing plants were also shut down on government orders for a brief period, which has hampered the product demand of smart pigging devices since December 2019. However, the negative impact occurred owing to the non-availability of the workforce and is anticipated to dissipate in the coming months, while the product demand is anticipated to grow in the long term.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/intelligent-pigging-market-3878
Key Trends and Analysis of the Global Intelligent Pigging Market:
- Various pipeline operators are entering into long-term agreements with intelligent pigging service vendors/OEMs in order to reduce the additional cost of evaluation and data analysis. According to the Coherent Market Insights analysis of 2022, intelligent pigging service costs are expected to increase over the next ten years. Thus, to save additional cost various pipeline operators entering into a partnership with intelligent pigging service vendors/OEMs, which is expected to accelerate the market growth. Increasing cases of industrial disasters due to huge failures and environmental factors are expected to augment the demand for the inspection system. Moreover, the rising risk of corrosion and metal loss has further accelerated the demand for advanced inspecting systems across oil & gas industries. All these factors are projected to fuel the market growth of intelligent pigging over the forecast period.
Key Takeaways of the Global Intelligent pigging Market:
- On the basis of end-use industry, gas dominated the global intelligent pigging market in 2022 with around 80% of market share in terms of revenue, followed by oil, respectively.
- The advances in pipeline inspection technologies are one of the key intelligent pigging market trends that are contributing to market growth. In the pipeline industry, pipeline safety has been a critical aspect for the past few decades. Despite inspections being done on most of the pipelines, a few of them are piggable. Inspections often fail to detect small amounts of metal loss, corrosion, or minute cracks, which later lead to oil/gas spills.
- New product launches, mergers & acquisitions, strategic partnership expansion, and research & development activities for intelligent pigging are key strategies adopted by players in the global intelligent pigging market. For instance, in June 2023, Enduro piplines services announced the newest addition to the full line of tracking equipment, the RX-102 Tracking Receiver. This receiver is a complete 22 Hz and Acoustic (Geophone) tracking solution with a built-in geophone amplifier.
