Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Pigging is an advanced technique in which devices called pigs are attached to the pipelines in order to perform inspection and cleansing activities. Intelligent pigging is an inspection device used to gather important data such as to identify the presence of corrosion or other deformities on the inner walls of the pipe. The intelligent pigging system is advanced devices that are capable of doing the advance inspection and also cleanse it effectively. Intelligent pigging uses advanced examination techniques to inspect the long pipe such as ultrasonic testing and magnetic flux leakage testing for detecting erosion, metal loss, pitting, etc.
The global intelligent pigging market is projected to surpass US$ 900 million by the end of 2027, in terms of revenue, growing at CAGR of 6.4% during the forecast period (2020 to 2027).
Development in the global economy is a major factor fueling the market growth of intelligent pigging. In the recent few years, the global economy has significantly improved and is expected to grow further in the near future due to developing monetary conditions. Rapid urbanization and industrialization around the globe coupled with favorable government policies are also expected to augment the market growth of intelligent pigging.
Advancement in the inspection technologies by major players is expected to favor the market growth of the intelligent pigging. For instance, in September 2019, Indian Oil launched a new artificial intelligence-powered intelligent pigging analysis software. The new intelligent pigging analysis software is based on Alethe Consulting’s MASS platform. Thus, the advent of advanced inspection technologies is expected to propel the market growth.
Regionally, North America dominated the global intelligent pigging market in 2019, reporting 48% market share in terms of revenue, followed by Europe and Asia-Pacific, respectively.
Figure 1. Global Intelligent Pigging Market, Revenue Share (%), By Region, 2019
Intense competition in the market due to the presence of a large number of players has led to price wars, in turn, reducing profit market of the manufacturer is expected to hinder the market growth of intelligent pigging. Cost-sensitive market such as India is expected to leads to price among providers.
The high cost of implementation of an in-line pigging system based on MFL, UT, and EMAT technologies is expected to restrict the market growth of intelligent pigging. According to Coherent Market Insights analysis, the average pricing of intelligent pigging technologies such as MFL and UT is expected to increase by approximately 5-7% on year on year basis over the next few years.
Rising demand for small-diameter intelligent pigging system is expected to provide potential growth opportunities to the market of the intelligent pigging. The growing use of combined technologies such as magnetic flux leakage and ultrasonic technology for the oil &gas industry due to its robustness and flexibilities is further anticipated to propel the market growth of the intelligent pigging over the forecast period.
Increasing focus of manufacturer on regular inspection and maintenance of pipeline is raising demand for advanced inspection such as multi-data set (MDS) for locating dents and deformation (DEF) for detecting dents. Moreover, increasingly strict regulations regarding the inspection technique across the various industry for safety purpose is also expected to augment the market growth of the intelligent pigging over the forecast period.
Figure 2. Global Intelligent Pigging Market – Opportunity Analysis
Increasing shale gas and offshore deep-water exploration activities are expected to stimulate the market growth of intelligent pigging over the forecast period. Growth in the oil &gas industry due to technological advancement and expanding network of pipelines to distribute petroleum products is further anticipated to foster the market growth of the intelligent pigging over the forecast timeframe.
The rising trend of integrating a GPS system on intelligent pigging for efficient diagnosis of the defects in the pipe is expected to foster the market growth of the intelligent pigging. The new generation pigs comprise GPS capability that allows easy detection of precise and small defects in the inner wall of the pipeline. Moreover, GPS pigs are also available in a variety of sizes. The growing adoption of such advanced technologies is expected to propel the market growth.
Figure 3. Global Intelligent Pigging Market, Revenue Share (%), By Technology, In 2019
On the basis of technology, magnetic flux leakage dominated the global intelligent pigging market in 2019 with around 67% of market share in terms of revenue, followed by ultrasonic test, respectively.
Key players are operating in the global intelligent pigging market are LIN SCAN, T.D. Williamson, Inc., Baker Hughes Incorporated, GE Oil and Gas, NDT Global, Enduro Pipeline Services, Inc., Oil & Gas Explorers and Producers, Petrobras, OMV Group, ConocoPhillips, and Royal Dutch Shell PLC
Few Recent Developments
- In April 2019, LIN SCAN successfully completed the cleaning and inspection of three strategic crude oil loading lines in the UAE that had been deemed unpiggable. LIN SCAN carried out the geometric and metal loss inspection survey using its high-resolution magnetic flux leakage tool and submitted digital intelligent inspection reports for the integrity assessment of these lines.