Analysts from the technology research and advisory company, Technavio forecast the global pipeline pigging systems market to grow at a compound annual growth rate of almost 4% in 2017 - 2021, according to a new report.
The company’s research study covers the current scenario and growth prospects of the global pipeline pigging systems market for 2017 - 2021. Analysts have presented various facets of the market, with a focus on identifying the industry’s key influencers.
The demand for pipeline pigging systems is expected to increase during the forecast period, owing to a rising demand for oil and gas pipeline projects, particularly gas and offshore pipelines. This is widely due to the shift of oil and gas operations in more high pressure and deep water zones and the shift of world energy demand toward gas-based resources. The gradual depletion of land fossil fuel resources has encouraged exploration and production activities in harsher and deep water zones.
Technavio’s energy analysts have highlighted the following three factors that are contributing to the growth of the global pipeline pigging systems market:
Increasing corrosion in oil and gas pipelines
With ongoing research into corrosion and technological progress in corrosion inspection and monitoring tools, there seems to be no progress in the reduction of corrosion issues over the years. The oil and gas industry is operating a large global pipeline network, in which corrosion poses a significant problem.
Thanikachalam Chandrasekaran, energy storage research analyst at Technavio, stated: “Proper implementation of corrosion management strategy is of prime essence for monitoring, inspection, and mitigation of corrosion. The focus must be on practical management and resource identification to implement effective corrosion management.”
Economic advantages of pipeline transportation
The overall economic benefits of any form of transportation cannot be generically established as they heavily depend on the project contours. However, resent research has deduced and established some significant advantages of pipeline transportation in many of the concerned parameters.
“The transport of crude oil, natural gas and condensate is more economical through long inter-country and cross country pipelines as compared to rail, road, or sea transportation. Thus, the transportation of crude oil, natural gas, and condensates will grow through pipeline mode, which should boost the global pipeline pigging systems market,” adds Thanikachalam.
Stringent government regulations
Pigging systems are used for conveying combustible or non-combustible materials and gases through the system using pressure in the propellant in compliance with the regulations. There are many laws, guidelines and regulations to design, install and operate a pigging system.
In India, through a notification dated 2012, the Petroleum and Natural Gas Regulatory Board stated that internal inspection tools with the capability of corrosion detection and anomalies from gouges, grooves and dents should be detected by instrumented pigging or intelligent pigging.
Read the article online at: https://www.worldpipelines.com/business-news/17032017/technavio-releases-pipeline-pigging-system-market-forecast/