Drivers

Rising consumption of petroleum products across the various end-user industry is expected to accelerate the market growth of intelligent pigging. Increasing per capita income of the population is driving demand for petroleum products across consumers. Moreover, growing investment by the government to increase the production of petroleum products is also anticipated to accelerate the market growth of the intelligent pigging over the forecast period.

Market Opportunities

Increasing investment in piggable pipeline construction is expected to provide immense growth opportunities to the market of intelligent pigging. According to the Coherent Market Insights analysis, around 33% of the total oil & gas pipeline network across the globe is unpiggable. So for pipeline inspection and maintenance, the various manufacturer is investing heavily in installing intelligent pigging. This is expected to augment the market growth.

Market Restraints

Intelligent pigging consumes more time in data analysis for gathering the data which is expected to restrict the adoption of intelligent pigging. This, in turn, hindering market growth over the forecast period. Moreover, strict regulatory policies regarding the intelligent pigging system are also expected to restrict market growth.

Key Takeaways

On the basis of application, gas dominated the global intelligent pigging market in 2019 with around 80% of market share in terms of revenue, followed by oil, respectively,

Market Trends

Various pipeline operators are entering into long-term agreements with intelligent pigging service vendors/OEMs in order to reduce the additional cost of evaluation and data analysis. According to the Coherent Market Insights analysis, intelligent pigging service costs are expected to increase over the next ten years. Thus, to save additional cost various pipeline operators entering into a partnership with intelligent pigging service vendors/OEMs, this is expected to accelerate the market growth.

Increasing cases of industrial disaster due to huge failures and environmental factors are expected to augment the demand for the inspection system. Also, the rising risk of corrosion and metal loss has further accelerated the demand for advanced inspecting systems across oil & gas industries. All these factors are projected to fuel the market growth of intelligent pigging over the forecast period.

Global Intelligent Pigging Market - Impact of Coronavirus (Covid-19) Pandemic

Major players functioning in the market are adopting new strategies in order to mitigate the impact of the Covid-19 pandemic. Increasing lockdowns across various countries has led to reduce the growth of oil & gas industry. This has reduced the demand for piping inspection technology is expected to hamper the growth of intelligent piping

Competitive Section

Key players are operating in the global intelligent pigging market are LIN SCAN, T.D. Williamson, Inc., Baker Hughes Incorporated, GE Oil and Gas, NDT Global, Enduro Pipeline Services, Inc., Oil & Gas Explorers and Producers, Petrobras, OMV Group, ConocoPhillips, and Royal Dutch Shell PLC

Few Recent Developments

Baker Hughes Incorporated

In July 2018 Enbridge Inc. and Baker Hughes, a GE company have launched testing of new, next-generation ultrasonic phased array pipeline inspection tool sensors designed to enhance accuracy and identification of crack features and to deliver greater detail on the condition of a pipeline.

READ MORE @https://www.coherentmarketinsights.com/press-release/intelligent-pigging-market-3146