Pipeline Pigging Services Market REPORT OVERVIEW
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The global pipeline pigging services market size was USD 8471.1 million in 2021 and market is projected to touch USD 12374.9 million by 2032, at a compound annual growth rate (CAGR) of 3.2% during the forecast period.
Cleaning, inspecting, and maintaining pipelines are done by using pigging services. To accomplish this, a device known as a "pig" is inserted into the pipeline from one end and moved forward or backward along its entire length. As it travels along the pipe, the pig gathers any deposits it comes across. It also records data from any tools that are connected to it, like a camera. The pig is then taken out of the pipeline and brought back to where it started so that geologists can examine it and interpret the data collected during testing. An oil and gas transportation pipeline's operational flow are typically not interrupted during pigging.
Because of this, pipeline operators favor using the pipeline pigging services for cleaning and other inspection tasks. A magnet is used in magnetic flux leakage (MFL) pigging, a type of pipeline inspection service, to find leaks and other pipeline flaws. In order to inspect the interior surface of pipelines, a technique known as ultrasonic test pigging uses ultrasonic waves. Utility pigging, also known as "pigging," is the process of clearing or cleaning a pipeline using a unique tool.
COVID-19 Impact: Financial Imbalance Causes Market Distortion
The COVID-19 outbreak caused problems for manufacturers of services materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for services. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall services industry. This has partially impacted the pipeline pigging services industry.
LATEST TRENDS
"Oil & Gas Sector to Boost the Market Growth"
Government mandates and regulations for safe and secure transportation of oil and gas are expected to increase, along with growing concerns about pipeline safety and energy infrastructure. Pipeline inspection and maintenance programmers are essential in the oil and gas sector because carelessness or failure can cause debris to build up and cause financial losses to the operator. Pipeline pigging services aid in maintaining the asset's integrity, and as a result, they are gaining popularity in the operation and maintenance system, which is the primary trend driving the market's overall revenues. Improvements in oil and gas maintenance services are anticipated as a result of developments in pigging technologies and a growing emphasis on R&D activities. To improve the market, for instance, intelligent pigging technology offers smart pigs to address crack and leakage detections, metal loss/corrosion detections, among other operations. Thus, a key trend that is opening up potential for the industry to grow is the oil & gas industry. These new developments are mostly to blame for the market's overall growth.
Pipeline Pigging Services Market SEGMENTATION
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- By Types
Based on type, the market is classified into Magnetic Flux Leakage (MFL) Pigging, Ultrasonic Test Pigging & Caliper Pigging.
- By Application
Based on the market is categorized into Crack & Leakage Detection, Geometry Measurement & Bend Detection, Metal Loss/Corrosion Detection & Others.
DRIVING FACTORS
"Advanced Inspection Technologies that Give the Market Extra Boost "
The services for pipeline pigging involve inserting a pig into a pipeline that contains a number of electrical devices and sensors. While inspecting the pipeline, these attached devices gather a variety of information, such as the presence and location of corrosion and other irregularities on the inner walls of the pipe. The market demand for smart inline inspection technologies, which is the primary factor propelling the market's growth, is also increasing the demand for intelligent pipeline pigging services. The technology is primarily used to inspect for metal loss, corrosion, cracks, weld anomalies, and other irregularities. Additionally, the pigging services industry will be boosted by the growing preference for intelligent pigging over other inline inspection methods as a result of ongoing technological advancements and smart technology implementation. As a result, the growth, and the inspection technologies will boost the market. It will contribute to the expansion of the services industry and it will improve the overall pipeline pigging services market growth.
"Geometry Measurement & Bend Detection to Encourage Market Expansion"
One of the factors driving up market revenue is the increasing use of pipeline pigging services for geometry measurement and bend detection. This is so that the product can be improved by detecting bends, dents, wrinkles, and other deformities in the pipeline through pigging. Additionally, pigging can aid in locating changes in pipe diameter that may result from corrosion or erosion. Operators can identify and fix geometry-related issues in pipelines before they result in more significant damage by using pigging services. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, the geometry measurement & bend detection will help the market to boost.
RESTRAINING FACTORS
"High Cost of Pigging Services to Impede Market Expansion"
Intelligent pigging technologies typically cost a lot of money and require large capital investments, which makes it difficult for developing economies to adopt them. Numerous pipeline operators choose cost-effective alternatives to smart or other pigging services due to the high cost of these services. The market for pigging services will experience slower growth as a result. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.
Pipeline Pigging Services Market REGIONAL INSIGHTS
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"North America Dominating the Market Across the Globe"
The market for pipeline pigging services in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the pipeline pigging services market share is the growing demand of product in crack & leakage detection, geometry measurement & bend detection and metal loss/corrosion detection industry is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.
KEY INDUSTRY PLAYERS
"Leading Manufacturers to Boost Product Demand"
Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.
List of Market Players Profiled
- T. D. Williamson (U.S.)
- Penspen (U.K.)
- Enduro Pipeline Services (U.S.)
- CIRCOR Energy (U.S.)
- Oil States Industries (U.K.)
REPORT COVERAGE
The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost pipeline pigging services indsutry share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 8471.1 Million in 2021 |
Market Size Value By |
US$ 12374.9 Million by 2032 |
Growth Rate |
CAGR of 3.2% from 2021 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the pipeline pigging services market expected to touch by 2032?
Based on our research, the pipeline pigging services market is projected to touch USD 12374.9 million by 2032.
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What CAGR is the pipeline pigging services market expected to exhibit by 2032?
The pipeline pigging services market is expected to exhibit a CAGR of 3.2% by 2032.
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Which are the driving factors of the pipeline pigging services market?
Advanced inspection technologies that gives the pipeline pigging services market extra boost & geometry measurement & bend detection to encourage market expansion.
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What is the restraining factor of the pipeline pigging services market?
High cost of pigging services to impede pipeline pigging services market expansion.