Artificial Intelligence
Intelligent Pigging Market Size Projected to Expand at a CAGR of 5.20% Between 2023 and 2030 – Report by Market Research Future (MRFR)
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New York, US, May 11, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Intelligent Pigging Market Information by Pipeline Type, Technology and Application, and Region – Forecast till 2030″, The market for intelligent pigging can expect to obtain a growth rate of 5.20% from 2022 to 2030.
Intelligent Pigging Market Overview
For the transportation of oil and petroleum gas, pipelines are regarded as the most significant and widely used method. This necessitates regular inspections of oil and gas pipelines in order to maintain high operational standards and to prevent leaks and environmental impact. Government authorities in a few countries have established regulations that call for regular pipeline inspections in order to keep the public safe from accidents, dangers, and groundwater contamination.
This increases the need for intelligent pigging because it investigates and collects data on the location of corrosion and anomalies inside oil and gas pipelines. A small quantity of metal erosion that later results in oil and gas spills is commonly overlooked during the examination of oil and gas pipelines using conventional clever pigging technologies.
Market Competitive Landscape:
The important companies active in the intelligent pigging market include
- Baker Hughes (US)
- Corrosion Control Engineering (Australia)
- Rouge Pipeline & Process Services (UAE)
- Penspen (UK)
- Halfwave AS (Norway)
- Romstar (Malaysia)
- Cokebusters (UK)
- Quest Integrity Group (US)
- A.Hak Industrial Services (Netherlands)
- SGS SA (Switzerland)
- T.D.Williamson (US)
- Rosen Group (Switzerland)
- NDT Global (UAE)
- Among others.
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For the consolidation of their industry position, major businesses are concentrating on adopting a variety of activities, including mergers, acquisitions, and partnership agreements. Increased investment in research efforts and the creation and introduction of new products to the market are a few of the other initiatives.
Intelligent Pigging Market COVID 19 Analysis
The oil and gas industry has been significantly impacted by the Covid-19 outbreak. The crisis disrupted the world’s financial and commodity markets, which led to a sharp decline in demand and impeded business activities and supply chains. Oil and gas businesses all over the world were forced to halt their exploration projects and services as nations prepared to go into lockdown to combat the epidemic. According to the International Energy Agency, the demand for oil is anticipated to fall by 23.1 million BPD in the second quarter and 29 million BPD by April 2020. Additional challenges included the Russian-Saudi oil price conflict brought on by COVID-19, which curtailed output and resulted in losses.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: Significant Value |
| CAGR during 2023-2032 | 5.20% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Pipeline Type, Technology and Application |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Drivers | Growing investments in pipeline projects especially in oil & gas sector Increasing government mandates and regulations for pipeline inspection |
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Intelligent Pigging Market USP Covered:
Market Drivers:
Government and industry regulations, as well as the rising consumption of natural gas and petroleum products, are projected to be the primary drivers of the intelligent pigging market. As pipeline operators learn more about the advantages of regular inspections and pipeline maintenance, it is anticipated that the intelligent pigging market will expand shortly. considerable pipeline damage incidents, which led to considerable product loss and accidents, have been reported in the oil and gas industry. For instance, a Texas gas explosion in June 2021 resulted in two fatalities and two injuries. As a result, pipeline infrastructure must be maintained in excellent operating order by oil and gas companies.
Concerns about pipeline safety are anticipated to fuel the intelligent pigging market. The expansion of the global network of pipelines for the transportation of oil and gas is another important factor that is anticipated to propel the growth of the intelligent pigging system market. The market for intelligent pigging systems is expected to expand as a result of the rising demand for inspection. Additionally, it is anticipated that the reliability and effectiveness of smart pigs to detect problems that could affect the operating efficiency of the pipeline will restrain the growth of the market for intelligent pigging systems.
The “HDS Pipeline Pig Management Application” (PMA) was created by Hifi Engineering Inc. in 2021. For the purpose of detecting pigs and following pipeline networks, this system makes use of cutting-edge machine learning and artificial intelligence. The effectiveness of intelligent pigging devices is increased by advancements in tracking technologies including geophones, very low frequency (FLF) transmitters, and above-ground markers (AGMs). These recent improvements have benefited the market’s expansion.
Market Restraints:
Since the average cost associated with intelligent pigging technologies such as MFL, EMAT, and UT during the given period demands considerable capital inputs, adoption is hampered, especially in developing economies like India and the ASEAN countries. Due to the high expense of these services, many pipeline operators choose more affordable alternatives instead of smart or clever pigging services. This will have an impact on the size of the market for intelligent pigging services.
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Intelligent Pigging Market Segmentation
By Pipeline Type
Liquid and gas are the key segments, depending on the pipeline type.
By Technology
The top three technologies examined in the report are calliper, ultrasonic, and magnetic flux leakage. Since it is mostly employed in both liquid and gas pipelines and doesn’t require any liquid coolant like ultrasonic pigging, the magnetic flux leakage sector is leading the market.
By Application
An application-based division of the global market includes metal loss/corrosion, crack & leak detection, and geometry measurement & bend detection. The global market’s metal loss/corrosion sector is anticipated to develop at the fastest rate over the conjectured period.
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Intelligent Pigging Market Regional Insights
To meet the rising demand for energy resources, North America is making significant investments in pipeline projects for oil and gas. In addition, the Middle East and Africa are among the main geographical areas for the market for intelligent pigging services due to the region’s large production and gas and crude oil exploration. Investments in pipeline projects are being made by nations including the UAE, Iraq, Israel, and Egypt, among others. For instance, a deal to invest $10 billion in a natural gas pipeline project was struck by Middle Eastern nations including Iraq, Iran, and Syria. The primary oil pipeline used by the Iraqi Kurds was taken over by Roftnet (Russia), which spent USD 3.5 billion to do so. The market’s growth would be accelerated by these investments.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
