VALLEY COTTAGE, N.Y.--(BUSINESS WIRE)--The global intelligent pigging services market is set to expand at a CAGR of 6.3% during the period 2015-2025, reaching US$ 826.5 Mn by 2025, according to a research report by Future Market Insights (FMI). The report titled, “Intelligent Pigging Services Market: Global Industry Analysis and Opportunity Assessment 2015-2025”, offers market forecast and key trends in the intelligent pigging services market.
The key factors fuelling the intelligent pigging services market include growth of the global oil and gas industry, stringent government regulations, and advancement in pipeline inspection technology.
The key factors that can restrain the growth of the intelligent pigging services market during the forecast period include shrinking profit margins owing to fierce competition and high cost of intelligent pigging.
FMI has also analysed the key trends in the intelligent pigging services market in its research report. Two key trends in the market include growing demand for small pigs and long-term contracts with OEMs/vendors.
On the basis of technology, FMI has segmented the intelligent pigging services market into MFL and UT. MFL is widely used in intelligent pigging, accounting for a share of over 60% in 2015. FMI forecasts MFL to remain the dominant technology during the forecast period.
UT cannot be used for inspecting natural gas pipelines, and owing to this limitation, this technology segment is expected to witness moderate growth during the forecast period.
FMI has segmented the intelligent pigging services market on the basis of end-use industry into oil and gas. Demand for intelligent pigging is robust in the gas sector; FMI projects this segment to hold a share of 79.5% in 2025. The oil end-user segment is anticipated to expand at 6.2% CAGR during the forecast period.
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On the basis of key regions, FMI has segmented the intelligent pigging services market into North America, Eastern Europe, Middle East and Africa, Western Europe, Asia Pacific Excluding Japan (APEJ), Latin America, and Japan.
Future Market Insights is a leading market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS.