LONDON--(BUSINESS WIRE)--The global intelligent pigging market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
Pipelines are the most widely used medium for the transportation of oil and natural gas and are highly essential to maintain high operational standards. Thus, many regulations, guidelines, and laws have been introduced that mandates the regular inspection of pipelines to prevent accidents, hazards, and groundwater contamination. In the US, the Federal government is primarily responsible for issuing, developing, and enforcing pipeline safety regulations. Pipeline safety laws provide states with intrastate inspection, regulatory, and enforcement responsibilities under an annual certification. Such regulations for frequent inspections of oil and gas pipelines will propel the demand for intelligent pigging during the forecast period.
As per Technavio, the increasing innovations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global intelligent pigging market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global intelligent pigging market: Advances in pipeline inspection technologies
Since the past few decades, pipeline safety has been a critical aspect of the pipeline industry. Although inspections are being done on most of the pipelines, some of them are unpiggable and inspections often fail to detect small amounts of metal loss, corrosion or minute cracks. As a result, researchers have been conducting R&D activities, which has resulted in the emergence of many innovations to eliminate this issue. Supervisory control and data acquisition (SCADA) systems are one of those innovations that allow operators to detect problems and act before the occurrence of a significant fault event. Some of the operators are also adopting cloud technology that reduces the vast amounts of data generated through intelligent pigs into graphs, diagrams, and charts. This allows pipeline operators to run pipeline inspections smoothly and effectively. Such technological advancements will propel the growth of the intelligent pigging market during the forecast period.
“Apart from the advances in pipeline inspection technologies, factors such as the increasing cross-border pipelines, growing demand for oil and natural gas, and the additional applications of intelligent pigging over traditional pigging will drive the growth of the intelligent pigging market during the forecast period,” says a senior research analyst at Technavio.
Global intelligent pigging market: Segmentation analysis
This market research report segments the global intelligent pigging market by application (oil, and gas) and geographic regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018, followed by EMEA, and the Americas respectively. The market growth in APAC can be attributed to the presence of regulations mandating periodic pipeline inspections and numerous oil and gas pipelines present in the US and Canada, that require intelligent pigging for inspection.
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Market Landscape
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Market Sizing
- Market definition
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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- Market positioning of vendors
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