According to the new research report published by MarketsandMarkets – Intelligent Pigging Market - Global Forecast to 2023 – the market is estimated to grow from US$570.8 million in 2018 to USD$717.9 million by 2023, at a CAGR of 4.69% between 2018 and 2023.
The key factors driving the growth of the intelligent pigging market is government mandates and regulations for pipeline inspections, benefits of intelligent pigging solutions, and concern over the safety of pipelines and energy infrastructure.
Magnetic flux leakage (MFL) technology is expected to hold largest market size during 2018-2023:
Intelligent pigging based on smart MFL technology is more preferred as it can be used in both liquid and gas pipelines and does not require any liquid couplant, like ultrasonic pigging. MFL pigs can detect and measure metal loss or corrosion and cracks and weld defects even in thin-walled pipelines, while ultrasonic pigs fail to identify and measure thin-walled pipelines accurately.
Market for metal loss/corrosion detection application is expected to grow at highest CAGR between 2018 and 2023:
Pipe corrosion can damage the quality of the substance that is carried, and it can result in stained fixtures and potential odors; hence, intelligent pigging will be in demand for the detection of pipeline corrosion. Thus, with more risks associated with corrosion of metals, its detection application is expected to grow during the forecast period.
North America is expected to hold largest market size, in terms of value, owing to huge pipeline infrastructure:
North America has some major players from the oil and gas industry and prominent users of inline inspection services for intelligent pigging. Natural gas and petroleum are the 2 biggest sources of energy in the US. North America is investing significantly in oil and gas pipeline projects to fulfill the growing demand for oil and gas.
Baker Hughes (US), ROSEN Group (Germany), T.D. Williamson (US), Onstream Pipeline Inspection (Canada), NDT Global (Ireland), Enduro Pipeline Services (US), Intertek Group (UK), Dacon Inspection Services (Thailand), LIN SCAN (UAE), and Applus (Spain) are some major companies in this market.
The full report – Intelligent Pigging Market by Technology (Magnetic Flux Leakage, Ultrasonic, Caliper), Application (Metal Loss/Corrosion Detection, Geometry Measurement & Bend Detection, Crack & Leak Detection), Pipeline Type (Gas, Liquid) - Global Forecast to 2023 – can be accessed on MarketsandMarkets.
Read the article online at: https://www.worldpipelines.com/business-news/29032018/intelligent-pigging-market-worth-us7179-million-by-2023/