Gas sector was the dominant segment with a largest market share in the global Magnetic Flux Leakage Pigs market in 2023.
According to TechSci Research
report, “Global Magnetic
Flux Leakage Pigs Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2019-2029, The Global Magnetic Flux Leakage Pigs Market
stood at USD 464.08 Million in 2023 and is expected to register a CAGR of 5.03%
during the forecast period. The global demand for energy continues to rise,
driven by population growth, urbanization, and industrialization. As a result,
there is an increased need for reliable and efficient transportation of oil,
natural gas, and other energy resources. Pipeline pigs play a crucial role in
maintaining the integrity and functionality of the extensive pipeline networks
that facilitate this energy transportation. The global push for sustainable
energy solutions has led to the integration of renewable energy sources into
the energy mix. The development of renewable energy projects often involves the
construction of new pipelines for the transportation of energy resources.
Pipeline pigs are essential for the maintenance and integrity of these
pipelines, supporting the growth of the global market. Countries worldwide are
investing in the development and expansion of critical infrastructure,
including pipelines, to meet their energy needs. Infrastructure development
projects contribute to the growth of pipeline networks, creating a sustained
demand for pipeline pigging services globally.
Browse over 162 market data
Figures spread through 238 Pages and an in-depth TOC on the "Global MagneticFlux Leakage Pigs Market.”
The North America Magnetic
Flux Leakage Pigs Market stood at USD 3,816.54 million in 2023 and is expected
to register a CAGR of 4.54% during the forecast period.
North America, particularly
the United States, has undergone a shale revolution, leading to a significant
increase in oil and gas production. The exploration and extraction of resources
from shale formations contribute to the expansion of pipeline networks. The
growth in production activities drives the demand for pipeline pigs for
inspection, cleaning, and maintenance purposes. The development of natural gas
resources, including those from shale formations, has led to the construction
of natural gas pipelines. As North America transitions to cleaner energy
sources, the demand for natural gas infrastructure grows, boosting the need for
pipeline pigging services. The region actively engages in cross-border energy
trade with Canada and Mexico. Maintaining and inspecting pipelines that connect
to neighboring countries contribute to the demand for pipeline pigging services,
ensuring the reliability of cross-border energy transportation. The
North America Magnetic Flux Leakage Pigs Market stood at USD 3,816.54 million
in 2023 and is expected to register a CAGR of 4.54% during the forecast period.
North America, particularly
the United States, has undergone a shale revolution, leading to a significant
increase in oil and gas production. The exploration and extraction of resources
from shale formations contribute to the expansion of pipeline networks. The
growth in production activities drives the demand for pipeline pigs for
inspection, cleaning, and maintenance purposes. The development of natural gas
resources, including those from shale formations, has led to the construction
of natural gas pipelines. As North America transitions to cleaner energy
sources, the demand for natural gas infrastructure grows, boosting the need for
pipeline pigging services.
The region actively engages
in cross-border energy trade with Canada and Mexico. Maintaining and inspecting
pipelines that connect to neighboring countries contribute to the demand for
pipeline pigging services, ensuring the reliability of cross-border energy
transportation.
The Europe & CIS Magnetic
Flux Leakage Pigs Market stood at USD 3,369.53 million in 2023 and is expected
to register a CAGR of 5.69% during the forecast period. Europe has been at the
forefront of the global transition towards renewable energy sources. The
development of renewable energy projects, such as wind and solar farms, often
involves the construction of new pipelines for energy transportation. Pipeline
pigs play a crucial role in maintaining the integrity and efficiency of these
pipelines, supporting the growth of the Magnetic Flux Leakage Pigs Market. Some
CIS countries, such as Russia, are major players in the global oil and gas
industry. Ongoing exploration and production activities contribute to the
growth of pipeline networks. The transportation of oil and gas resources
requires regular maintenance, inspection, and cleaning, driving the demand for
pipeline pigging services. Governments in the region are implementing
initiatives to enhance energy security, promote sustainability, and comply with
environmental regulations. These initiatives drive investments in critical
infrastructure, including pipelines, and contribute to the growth of the Magnetic
Flux Leakage Pigs Market by ensuring regular maintenance and inspection
activities.
Key market players in the global Magnetic
Flux Leakage Pigs market are: -
- ROSEN Group
- T.D. Williamson, Inc.
- NDT Global Services Ltd
- Dexon Technology PLC
- Enduro Pipeline Services, Inc.
- Baker Hughes Company
- Penspen Limited
- Romstar Sdn. Bhd.
- Diamond Edge Services
- International Pipeline Products Limited
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“The Metal Loss/Corrosion Detection
segment accounted for the largest share of 49.48% in the Global Magnetic Flux
Leakage Pigs market in 2023. This segment is expected to maintain its market
dominance over the next five years. The substantial growth of the metal
loss/corrosion detection segment can be attributed to the increasing awareness
of the risks associated with metal loss and corrosion, coupled with the
availability of new pigging technologies that can accurately detect and measure
these issues. Corrosion is one of the major issues affecting the operability of
oil and gas pipeline systems. As a result, the majority of vendors use pigging
as a preliminary step for pipeline inspection. To carry out the inspection,
vendors utilize various technologies such as Magnetic Flux Leakage (MFL) and
Ultrasonic Testing (UT), with the help of devices like intelligent pigs, which
aid in corrosion detection for oil and gas pipelines. These multi-channel
tools, equipped with transducers, allow for internal pipe wall scanning and
ensure efficient data collection. Top
of Form
.Top of Form
” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Magnetic Flux Leakage Pigs Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By
Pipeline Type (Liquid, Gas), By
Technology (Magnetic Flux Leakage, Ultrasonic, Caliper), By Application (Metal
Loss/Corrosion Detection, Geometry Measurement & Bend Detection, Crack
& Leak Detection), By Region, and By Competition 2019-2029,”
has evaluated the future growth potential of Global Magnetic Flux Leakage Pigs Market
and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Magnetic Flux
Leakage Pigs Market.
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