New York, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The global pipeline pigging services market size is slated to expand at ~6% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 12 billion by the end of 2036, up from a revenue of ~USD 9 billion in the year 2023.The growing oil and gas exploration worldwide is estimated to drive the market growth. The oil and gas exploration and production industry contributes approximately 4% of the global economy as of 2023 reports[MK1] .
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Additionally, the market's growth is attributed to the rising investment in infrastructure of energy. The growing energy requirements across the world are expected to proliferate the market size in the coming years. Escalating water treatment plants and service providers are propelling the market trends. Nearly 3 trillion was invested in energy in 2023 out of which 2 trillion was spent[MK2] on clean energy and end-use renewables and electrification.
Growing Concern of People on Decreasing Fossil Fuels is Driving the Growth of the Pipeline Pigging Services Market
The reduction in fossil fuel resources worldwide is anticipated to hike the market growth during the forecast period. The market growth is credited to the increased oil prices during the pandemic. The mounting number of novel pipeline projects under construction worldwide is predicted to boost the market size. It was estimated that the[MK3] cost of crude oil prices worldwide has risen by USD 8 or 11% since 2024.
Pipeline Pigging Services Market: Regional Overview
High Demand for Energy Requirement is Proliferating Market Growth in the Asia Pacific Region
The pipeline pigging services market of the Asia Pacific region is anticipated to garner a 45% market share in the coming years. The market growth is credited to the enhancing utilization of energy. The presence of the largest crude oil and natural gas producers in the region is reckoned to expand the market growth. The demand for energy in Southeast Asia increased by 3% year over year in the last two decades which[MK4] was estimated to continue for the next decade until 2030 as per the outlook of 2022.
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Rising Use of Pipelines in various sectors is Fueling the Market Expansion in the North America Region
The North American region market of pipeline pigging services is outlined to register a market share of 33% in the coming years on account of the multiplying number of new extraction techniques that led to oil and gas industry production. The advancement in the extraction methods and construction of new oil and gas plants protruded to hike the sales and need for pipelines. As of 2021, fracking is the new technique developed from horizontal drilling and hydraulic fracturing methods which account for 15% of the oil generation and some amount of natural gas production in the U.S. as per the U.S. Energy Information[MK5] Agency.
Pipeline Pigging Services, Segmentation by Pigging Type
- Intelligent Pigging
- Utility Pigging
The pipeline pigging services market from the intelligent pigging segment is envisaged to register a market share of 58% during the forecast period. The market segment growth is attributed to the escalating rules by governments across the world. Enhancing usage in various sectors as a part of the inspection and maintenance program to detect the presence and location of corrosion or damage in the pipes. The south-north gas pipeline network of Iran’s national gas[MK6] transmission was sabotaged in two regions in 2024 affecting the villages near the damaged pipelines with gas outages. The ability to identify the defects in the inner walls of the pipelines is increasing the growth of the market during the forecast era.
Pipeline Pigging Services, Segmentation by End-User
- Oil & Gas
- Chemicals
- Construction
The oil & gas segment in pipeline pigging services is evaluated to secure an 81% market share in the coming years owing to the growing consumption of pipelines in the oil and gas sector. The market segment size is credited to the rising distribution of crude oil from one reserve to another or from the source to the plant. The length of the crude oil pipeline network in the United States was more than 56,000 miles and the gas pipeline length was nearly 207,000 miles as per the data of 2021[MK7] .
A few of the well-known industry leaders in the pipeline pigging services market that are profiled by Research Nester are Baker Hughes Co., Dacon Inspection Technologies Co.Ltd., Diamond Edge Services, Eddyfi NDT Inc., Enduro Pipeline Services Inc., ERGIL, GeoCorr LLC, IKM Instrutek AS, International Pipeline Products Ltd. Italmatch Chemicals Spa, and others.
Recent Development in the Market
- Baker Hughes Co. revealed that it received a letter of award from ADNOC Gas, to provide two electric liquefication systems (e-LNG) for the Ruwais LNG project in the United Arab Emirates. The award was booked in the fourth quarter of 2023 and declared at the ADIPEC, the world's largest energy industry event. The production capacity of the rains is estimated to be around 9.6 million tons per year.
- Baker Hughes Co. an energy technology organization, publicized a memorandum of understanding (MoU) with the airport management and operations organization Avports. The MoU was to design, use, and function onsite microgrid solutions for the airport sector. Also, the alignment focuses on emission limitations, zero-emission buildings, horizontal airport infrastructure, aircraft, and vehicle systems.
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