Gas sector was the dominant segment with a market share of 73.45% in the global Pipeline Pig market in 2023.
Gas sector was the dominant
segment with a market share of 73.45% in the global Pipeline Pig market in 2023.
One of the primary drivers fueling the growth of
the global pipeline pig market is the substantial increase in investments in
oil and gas infrastructure.
According to TechSci Research
report, “Global Pipeline Pig
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast
2019-2029, The Global Pipeline Pig Market stood at USD 10,227.25 million in
2023 and is expected to register a CAGR of 5.51% 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 PipelinePig Market.”
The North America Pipeline
Pig 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 Pipeline Pig 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 Pipeline
Pig 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 Pipeline Pig 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 Pipeline Pig Market by
ensuring regular maintenance and inspection activities.
Key market players in the global Pipeline
Pig market are: -
- Microsoft Corporation
- International
Business Machine Corporation
- Alphabet
Inc.
- Open Text
Corporation
- Box Inc.
- Kyocera
Corporation
- Hyland
Software, Inc.
- Adobe
Inc.
- Oracle
Corporation
- Paper
Alternative Solutions Inc.
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“The Metal Loss/Corrosion Detection segment
accounted for the largest share of 49.48% in the Global Pipeline Pig 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. ” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Pipeline Pig Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented By Application (Crack & Leakage Detection, Metal
Loss/Corrosion Detection, Geometry Measurement & Bend Detection, Others), By
Pipeline Fluid Type (Oil, Gas), By Pigging Type (Magnetic Flux Leakage Pigging,
Ultrasonic Test Pigging, Caliper Pigging Others) By Region, and By Competition,
2019-2029 ,” has evaluated the future
growth potential of Global Pipeline Pig 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 Pipeline Pig Market.
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