April 14, 2024

Intelligent Pigging Market Poised to Witness High Growth Due to Increasing Need for Pipeline Inspection

The intelligent pigging market is used for inspecting, monitoring, and maintaining the integrity of oil and gas pipelines. Intelligent pigs are devices inserted internally into the pipelines that use sensors and detectors to detect and measure corrosion, cracks, dents, wrinkles, or other defects in oil and gas pipelines.

The intelligent pigging market is estimated to be valued at US$ 1,408.3 billion in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.

Intelligent pigging is cost-effective, ensures safety, prevents environmental hazards, and gives accurate inspection results. It helps detect leaks, corrosion issues, cracks, and other defects internally without stopping the flow of hydrocarbons and therefore reduces shut downs. This increases the operational efficiency and safety of oil and gas pipelines.

Key Takeaways

Key players: LIN SCAN, T.D. Williamson, Inc., Baker Hughes Incorporated, GE Oil and Gas, NDT Global, Enduro Pipeline Services, Inc., Petrobras, OMV Group, ConocoPhillips, and Royal Dutch Shell PLC are leading players in the intelligent pigging market providing different types of intelligent pigs and solutions for pipeline inspection.

Key opportunities: Increasing investments in new pipeline projects, rise in offshore and unconventional oil and gas production, regulations for pipeline inspection, and mergers and acquisitions between key market players are expected to present lucrative opportunities for the growth of the intelligent pigging market during the forecast period.

Global expansion: Major players are expanding globally by increasing footprint across Asia Pacific, Middle East, and Africa. For instance, LIN SCAN opened new regional offices in Australia, Middle East and South East Asia expanding its geographical presence and customer support.

Market drivers

The major driver for the intelligent pigging market is the increasing need for pipeline inspection to ensure safety and prevent accidents. Pipeline inspection using intelligent pigs has become mandatory under various regulations globally to detect anomalies and prevent corrosion failures or ruptures. This ensures safety and prevents environmental hazards. Other drivers include advantages over conventional inspection methods, cost-effectiveness, and operational benefits like reducing shutdowns.

PEST Analysis

  • Political: Governments across various countries are focusing on pipeline inspection and monitoring in order to ensure pipeline integrity, safety and reduce environmental impact. Some countries have implemented regulations mandating regular pipeline inspection.
  • Economic: Growth in pipeline network and increasing crude oil and gas trade between countries is positively impacting spending on pipeline inspection. Cost of production shutdowns and environmental damages in case of pipeline ruptures is also driving use of intelligent pigs for ensuring uninterrupted flow and reducing liabilities.
  • Social: Concerns around safety and environment have increased focus on implementing new technologies for condition monitoring of pipelines transporting crude and refined petroleum products over long distances. Intelligent pigs help address issues of third party damages and leaks.
  • Technological: Advanced technologies like magnetic flux leakage, ultrasonic testing and geometry tools deployed through intelligent pigs help detect minute defects inside pipelines. Data collected is further analyzed using artificial intelligence and cloud computing. Combination pig trains with multiple tools ensure comprehensive inspection.

In terms of value, the North American market accounts for the largest share currently owing to extensive pipeline network and mandatory regulations. However, the rapidly expanding pipeline infrastructure and increasing complexity of Asian and Middle Eastern oil & gas fields is expected to drive higher spending and fastest growth of the intelligent pigging market in the Asia Pacific region over the forecast period.

Europe has a considerable pipeline network used for transporting natural gas from Russia to other countries. However, aging infrastructure and environmental emphasis is driving intelligization of pipelines across different parts of Europe. The region has witnessed notable intelligent pigging projects involving pipeline replacement or installation of additional tools in existing pipelines in recent years. This is likely to make Europe another high value regional market.