Market Size of Pipeline Pigging Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pipeline Pigging Services Market Analysis
The market for pipeline pigging services is expected to register a CAGR of 5.7% during the forecast period of 2020-2025. The global demand for oil is expected to witness an annual growth rate of 1.2 million barrels per day (mbd) until 2023. Similarly, the global demand for natural gas is expected to increase by 1.6% a year for the period of 2018-2023, with consumption reaching almost 4,000 billion cubic meter (bcm) by 2022. Despite significant advancements in the entire oil and gas industry, aging pipeline systems remain a major cause of concern and require continuous maintenance activities to ensure pipeline efficiency, which in turn, is likely to drive the market. Also, a growing pipeline network is expected to drive the market as pipelines are an integral part of oil and gas infrastructure and require a high level of maintenance and conditioning to ensure proper on-site operations. On the other hand, ambiguity caused during data interpretation of the pipeline inspection process and, in some cases, the extra cost associated with the operation of the second pig is expected to act as a restraint for the pipeline pigging services market.
- Intelligent pigging is expected to dominate the market as intelligent pigging is a smart solution getting used by the oil and gas industry as part of its pipeline inspection and maintenance program.
- The upcoming pipeline projects which were under construction globally are expected to create tremendous market opportunities in years to come.
- North America is expected to dominate the market with the majority of the demand coming from countries, such as the United States and Canada.
