Global intelligent pigging industry worth US$589.1 million in 2020

The 146 page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short term phased recovery by key geography is also addressed.

Amid the COVID-19 crisis, the global market for intelligent pigging estimated at US$589.1 million in the year 2020, is projected to reach a revised size of US$797.8 million by 2027, growing at a CAGR of 4.4% over the analysis period 2020 - 2027.

Magnetic flux leakage, one of the segments analysed in the report, is projected to record a 4.2% CAGR and reach US$476.5 million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the ultrasonic segment is readjusted to a revised 4.9% CAGR for the next seven year period.

The intelligent pigging market in the US is estimated at US$173.5 million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$141.9 million by the year 2027 trailing a CAGR of 4.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 3.7% respectively over the 2020 - 2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

In the global caliper segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$63.2 million in the year 2020 will reach a projected size of US$87.5 million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$89.3 million by the year 2027.

Read the article online at: https://www.worldpipelines.com/business-news/01092020/global-intelligent-pigging-industry-worth-us5891-million-in-2020/