Pipeline Pigging Equipment Market Size

Pipeline Pigging Equipment Market Analysis

The global pipeline pigging equipment market is expected to register a CAGR of more than 5.5% over the period of 2020-2025. 

• Factors, such as meeting the expected oil demand in the future for which opportunities lie in offshore deep-sea beds, where oil and gas operators continue to discover new reserves. are driving the market. Moreover, the production from unconventional reserves is witnessing widespread growth which presents massive opportunities for pipeline pigging equipment business. The oil and gas extraction from offshore unconventional reserves leads to the production of a high concentration of impurities, such as bitumen, water, and carbon dioxide, which pose a threat to the integrity of the pipeline system in place. Thus, leading to the increased requirement of pipeline pigging services. The challenge, however, is lower crude oil prices which made the offshore exploration a costly proposition, which, in turn, is expected to restrain the pipeline pigging equipment market during the forecast period.
• The increase in demand for cleaner energy has led to more focus on augmentation of natural gas production. The shale gas production, especially in the North American region, is anticipated to promulgate the demand for pipeline network, which, in turn, is expected to promulgate the demand for pipeline pigging equipment.
• The gas pipeline pigging system market is likely to grow at a robust pace in coming years, owing to surge in production of natural gas across the world. The global market has evolved over the last decade, driven by the growth in the global LNG usage, energy demand, and its ability to reduce the carbon footprint.
• Asia-Pacific is expected to be the fastest growing region, owing to the increase in the pipeline network majorly in China and India.