Intelligent Pigging Services Market to Grow at a CAGR of 6.3% by 2025

Global Intelligent Pigging Services Market Overview

Global intelligent pigging services market is projected to account for US$ 826.5 Million by 2025 at an estimated CAGR of 6.3% during the forecast period. Globally, the estimated oil & gas pipeline network is approximately 3.5 million km long. Pipeline operators are responsible for maintaining smooth functioning of the pipelines. The most important aspect for pipeline operators is maintaining pipeline integrity. Oil & gas pipelines are subject to many problems such as corrosion and wax deposition, which can result in mishaps and directly affect functioning of the pipeline. A pig (pipeline inspection gauge) is a device that can travel through pipelines for inspection and maintenance purposes. Pigs can be used to inspect and clean the pipeline. In-line pigs are used for analysing pipeline condition and provide accurate information about the same. As pipelines transport valuable fluids, overall infrastructure of the pipeline is expensive and needs regular maintenance in order to ensure smooth functioning and longevity. Pipeline operators are investing in pigging technology to aid efficient maintenance of the pipeline infrastructure. Intelligent or smart pigs use electronic chips to record data about condition of the pipeline which is used to analyse and resolve the problem in the pipeline.

Technology Overview

On the basis of technology, the market is segmented into magnetic flux leakage (MFL) and ultrasonic test (UT). The MFL technology segment contributed around 66.6% share of market revenue in 2014. MFL technology segment is identified the fastest growing segment during the forecast period, expanding at a CAGR of 6.5%. The UT technology segment is expected to register a CAGR of 6.1% over the forecast period.

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Regional Overview

North America is estimated to dominate the market and account for around 48.5% share of the global market, followed by Eastern Europe and Middle East & Africa by the end of 2015. The North America intelligent pigging services market is estimated to be valued at US$ 216.7 Million by the end of 2015, which is projected to account for US$ 401.2 Million by 2025. Eastern Europe and Middle East & Africa are estimated to be the other major contributors to the global market the end of 2015; contribution from these regions is estimated to account for 19.4% and 8.8% shares respectively. Though, Latin America accounted for miniscule share in the global market, it is expected to register a CAGR of 8.6% during the forecast period.

Drivers 

Increasing consumption of petroleum products and natural gas is expected to fuel demand for intelligent pigging services market globally. In addition, economic revival in regions such as Eastern Europe, Western Europe & North America and economic growth in regions such as APEJ and Latin America is expected to propel growth of the global intelligent pigging services market over the forecast period.  As demand for innovative inspection technologies is growing across the globe, OEMs/vendors are investing in R&D activities to innovate inspection technologies to further enhance efficiency of pig. This is expected to further fuel growth of the global intelligent pigging services market over the forecast period.

Trends

Various OEMs offer comparatively smaller intelligent pigs as compared to conventionally used pigs equipped with sophisticated and small size electronic systems. Due to invention of small intelligent pigs, inspection and maintenance of small-diameter pipelines is possible. Pipeline inspection includes other costs such as travel, evaluation and data analysis costs apart from standard inspection costs. According to our primary respondents, intelligent pigging service costs are expected to increase over the next 10 years. To avoid increased maintenance costs, pipeline operators are entering into long-term contracts with intelligent pigging service vendors/OEMs.

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Competition Landscape

Key players across the supply chain in the global intelligent pigging services market include OEMs/vendor of intelligent pigging services and oil & gas explorers and producers. The OEMs/vendors that we have analysed in the report are LIN SCAN, T.D. Williamson, Inc., Baker Hughes Incorporated, GE Oil and Gas (PII Pipeline Solutions), NDT Global and Enduro Pipeline Services Inc. The oil & gas explorers and producers that analysed in this report are Petrobras, OMV Group, ConocoPhillips and Royal Dutch Shell Plc.

In future, OEMs/vendors should continue investing in the North America and Eastern Europe market exploring untapped avenues. At the same time, APEJ and Latin America are expected to generate significant demand for intelligent pigging services. OEMs/vendors should focus on improving combinational technologies, as combinational inspection technologies are superior to individual technologies that are currently available.

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