Intelligent pigging, also known as inline inspection, is an inspection technique used to assess the condition of pipelines used to transport oil, gas and other fluids without disrupting the flow. Intelligent pigs employ ultrasonic inspection tools, geometry pigs and magnetometer tools to detect corrosion, cracks and dents in the pipelines. With increasing aging pipeline infrastructure, there is a growing need for condition monitoring systems to ensure pipeline integrity and prevent leakages and ruptures.
The global Intelligent Pigging Market is estimated to be valued at US$ 1,408.3 Bn 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 Opportunity:
The growing need for pipeline monitoring systems to assess integrity and prevent failures is expected to drive the growth of the intelligent pigging market. According to industry estimates, over 25% of the world’s oil and gas pipelines will reach the end of their design life by 2035. Aging pipelines require regular inspection and maintenance to detect damage early on. Intelligent pigs equipped with high-resolution inspection tools allow pipeline operators to continuously monitor pipelines remotely and take preventive action. This reduces downtime and helps optimize maintenance costs in the long run. With pipeline networks expanding globally to meet rising energy demand, the market opportunity for condition monitoring systems is expected to increase significantly over the coming years.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants is moderate as the intelligent pigging market requires significant capital investment and intellectual property which creates high entry barriers.
- Bargaining power of buyers: Buyers have moderate bargaining power since intelligent pigging offers specialized services and product differentiation limits buyer options.
- Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated offerings and their ability to influence prices.
- Threat of new substitutes: The threat of substitutes is low as intelligent pigging provides unique benefits over traditional pipeline inspection methods.
- Competitive rivalry: The competitive rivalry is high among existing players to gain market share and achieve economies of scale.
SWOT Analysis
- Strength: Intelligent pigging reduces costs over the long run, improves safety and eliminates the need for pipeline shutdowns. It allows real-time diagnostics for corrosion mapping.
- Weakness: High upfront capital costs and operational challenges for complex pipeline networks. Inaccuracies possible in data interpretation.
- Opportunity: Growth in oil & gas pipeline network expansion and the need for condition-based maintenance provides opportunities. Regulations requiring regular inspections also support growth.
- Threats: Alternative inspection technologies and economic slowdowns can negatively impact market revenue. Cyber threats to networked pigs pose security challenges.
Key Takeaways
The global intelligent pigging market is expected to witness high growth over the forecast period due to the extensive pipeline network expansion worldwide. The market size for 2023 is estimated at US$ 1,408.3 Bn.
Regional analysis indicates North America will continue to dominate the global market owing to large pipeline systems and regulations. The Asia Pacific region is anticipated to see the fastest growth during the forecast period led by China, India and other developing countries massively investing in oil & gas infrastructure.
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. These players are investing in product innovations and partnerships to gain a competitive advantage in the industry.
Research Nester released a report titled “Intelligent Pigging Market Outlook: Industry Insights & Opportunity Assessment 2019–2027” which includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.Intelligent pigs are sophisticated devices that are capable of performing advanced inspection activities and are widely adopted on account of their reliability and effectiveness to help detect flaws that could affect the operational efficiency of the pipelines.
The intelligent pigging system market is anticipated to witness significant opportunities and is estimated to grow at a CAGR of around 5% over the forecast period i.e.
This can be attributed to increase in adoption of intelligent pigging systems owing to their ability to support the businesses for honing their operational efficiency.
The global intelligent pigging market is segmented by technology, application, pipeline type and regions.The Final Report will cover the impact analysis of COVID-19 on this industry@ https://www.researchnester.com/sample-request-1868Geographically, the global intelligent pigging market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, the market in North America is expected to grow at an incremental rate during the forecast period on the back of rising investments in energy infrastructure and oil exploration activities in the region.
The market in Europe is anticipated to witness moderate growth owing to increasing adoption of smart pipeline inspection gauges in various applications.
Additionally, growing global ties for transfer of oil and gas resources are estimated to propel the growth of the market in Asia Pacific region.Expansion of pipeline network for transportation of oil and gas combined with rise in investment for exploration activities has paved way for increased inspection of pipelines, thereby furthering the demand for intelligent pigging systems around the globe.
