PUBLISHER: Acute Market Reports | PRODUCT CODE: 1299792
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1299792
Intelligent pigging services market is expected to grow at a CAGR of 5.5% by 2031. Intelligent pigging refers to the inspection of pipelines using digital technology to understand the condition of pipeline. A pig is the device that travels through pipeline to clean and inspect the pipeline. Globally, the pipeline network for oil & gas product is over 3 million Km long transporting oil & gas products worldwide. During oil & gas pipeline operations the most common problem are corrosion, sludge and wax deposition. To address such issues pipeline inspection and maintenance is done periodically to avoid any damage to pipeline.
Intelligent Pigging services market is projected to gain traction with increasing demand for oil & gas products. Oil & gas industry has witnessed major incidents of pipeline damage in the past resulted in major product loss and accidents. Therefore, keeping pipeline infrastructure healthy becomes necessity for the oil & gas companies. Moreover, regulatory policies across the globe regulating pipeline operations and oil spillage are also fueling the demand for intelligent pigging services. However, shrinking IT budget of the oil & gas companies due to slowdown in oil & gas industry is expected to restraint the growth of global intelligent pigging services market.
North America is expected to be the most dominant region in the global pigging service market over the forecast period. Increasing oil & gas production coupled with regulatory policies is anticipated to augment the growth of intelligent pigging services market in the region.
Intelligent pigging services market in Europe and MEA are projected to register significant growth by 2031 due to growing oil & gas pipeline network in the region. Apart from this, rising demand for oil & gas products is anticipated to fuel the growth of intelligent pigging services market in Asia Pacific region over the period.
The leading players identified across the value chain of intelligent pigging services market are focusing on research and development of innovative products to make the pigging operations more efficient.
Baker Hughes Incorporated, T.D. Williamson, Inc, NDT Global, Enduro Pipeline Services Inc, General Electric., LIN SCAN, GE Oil and Gas (PII Pipeline Solutions), Baker Hughes Incorporated, OMV Group, Petrobras, Royal Dutch Shell PLC, and ConocoPhillips, among others.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Intelligent Pigging Services market are as follows:
Micro and macro environment factors that are currently influencing the Intelligent Pigging Services market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.