Intelligent Pigging Market Challenges, Competitive Landscape and Gross Margin Analysis till 2023
Intelligent Pigging Market – Overview
Pipeline inspection is an important aspect of the oil and gas sector, primarily due to the need to ensure lesser accident rates. Reports that investigate the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is anticipated to utilize a 4.89% CAGR in the upcoming forecast period.
The rise in governmental regulations is a key factor that is adding to the growth of the intelligent pigging market. Moreover, the increasing need to ensure risk mitigation and safety by assessing signs of metal loss is boosting the demand for the intelligent pigging market. Moreover, the heavy investments being made in energy infrastructure are expected to motivate the intelligent pigging market in the upcoming year.
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Segmental Analysis:
The segmentation of the global intelligent pigging market has been carried out on the basis of technology, pipeline type, application, and region.
On the basis of pipeline technology, the intelligent pigging market is segmented into caliper, magnetic flux leakage, and ultrasonic. The magnetic flux leakage segment is controlling the market as it is primarily used in both gas and liquid pipelines and does not need any liquid coolant like ultrasonic pigging.
Based on application, the intelligent pigging market is segmented into crack & leak detection, metal loss/corrosion, and geometry measurement & bend detection. The metal loss/corrosion segment in the intelligent pigging market is projected to record the maximum growth rate during the forecast period.
On the basis of pipeline type, the intelligent pigging market is segmented into liquid and gas.
On the basis of region, the intelligent pigging market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Detailed Regional Analysis:
The regional examination of the intelligent pigging market covers regions such as North America, Europe, Asia Pacific, and the rest of the world.
As per the analysis, the North American region is devoting finances extensively in the oil and gas pipeline projects to accomplish the rising demand for energy resources. Besides, the Middle East and African region is one of the significant regions of the intelligent pigging service market owing to the substantial production level and search for crude oil and gas sources from the region. Nations such as Iraq, UAE, Israel, and Egypt, among others, are financing projects for pipelines which would motivate the development of the intelligent pigging market. The investments in the market would increase the growth pace of the intelligent pigging market. Moreover, the intelligent pigging market is projected to observe significant growth through the forecast period due to increasing investments in pipeline projects, specifically in the oil & gas sector.
Competitive Analysis:
The instabilities in global currency are predicted to become stable and consequently place a beneficial impact on the market. The upturn of investment into physical capital is estimated to underpin the market’s growth in the forecast period. The market is being distinguished by the instrumental forces that are applying an imposing influence. The upgrades in the mining of natural resources are further supporting market expansion advancement. The improvement of substitute raw material resources is likely to further concentrate on the supply demands in the market. The progress in the efficacy of production facilities is buttressing the market’s growth pace in the coming years. Also, inventions in technology are anticipated to exercise a constructive inspiration on the enhancement of the market. The influence of governmental plans is stirring additional evolution of the market. The revivals carried out in the logistic chain are projected to produce favorable possibilities for progress in the coming period.
Top Manufacturers:
The significant contenders in the intelligent pigging market are Corrosion Control Engineering, (Australia), Baker Hughes (US), Rosen Group (Switzerland), Rouge Pipeline & Process Services (UAE), Penspen (UK), Quest Integrity Group (US), SGS SA (Switzerland), Halfwave AS (Norway), Romstar (Malaysia), Cokebusters (UK), A.Hak Industrial Services (Netherlands), T.D.Williamson (US), and NDT Global (UAE), among others.
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