Intelligent pigging, also known as in-line inspection (ILI), involves using sophisticated tools known as smart pigs or inline inspection tools to inspect and monitor the integrity of oil and gas pipelines without disrupting the flow inside. Intelligent pigs help in detecting corrosion, cracks, deformations, or other imperfections in the pipeline surface and provide precise location of any issues, thereby minimizing economic losses and environmental risks associated with pipeline failures. The global oil pipeline network is vast and extensive, and operating these pipelines safely over many years require continuous monitoring of pipeline conditions. Intelligent pigs help pipeline operators ensure pipeline safety and integrity in a cost effective manner without interrupting product flow.
The global Intelligent Pigging Market is estimated to be valued at US$ 1,408.3 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the intelligent pigging market is the increasing adoption of advanced inspection technologies. Vendors are focusing on developing more sophisticated and advanced pigging tools integrated with new technologies like magnetic flux leakage, ultrasonic testing, geometry tools, and caliper pigs to detect a variety of pipeline anomalies and defects. For instance, companies are offering intelligent pigs equipped with phased array ultrasonic technology for high-resolution imaging of pipelines. Similarly, vendors have started offering intelligent pigs enabled with laser technologies for conducting detailed external and internal inspection of pipelines. Such advanced inspection capabilities of intelligent pigs help operators take more informed decisions for pipeline integrity management and carrying out necessary repairs or replacements in a timely manner. This rising integration of cutting-edge technologies with intelligent pigs is expected to significantly support the growth of the market during the forecast period.
- Threat of new entrants: Low economies of scale and large amount of capital required for R&D act as a barrier for new entrants.
- Bargaining power of buyers: Large oil and gas companies have strong bargaining power due to their size and ability to invest in new technologies.
- Bargaining power of suppliers: Suppliers of pipeline monitoring systems have moderate bargaining power due to differentiation of technologies and limited number of large suppliers.
- Threat of new substitutes: No close substitutes exist for intelligent pigging technology due to regulatory requirements for pipeline inspection and benefits in ensuring pipeline integrity.
- Competitive rivalry: Intense competition exists among key players to gain larger market share through innovations and providing comprehensive solutions.
The global Intelligent Pigging Market is expected to witness high growth. The market size is projected to reach US$ 1,408.3 Bn by 2024, growing at a CAGR of 6.5% during the forecast period.
North America currently dominates the market owing to large pipeline network and stringent safety regulations. Factors such as supportive regulatory policies and increasing shale gas production will further propel the regional market.
Key players operating in the Intelligent Pigging Market are LIN SCAN, T.D. Williamson, Inc., Baker Hughes Incorporated, GE Oil and Gas, NDT Global, Enduro Pipeline Services, Inc., Petrobras, OMV Group, ConocoPhillips, and Royal Dutch Shell PLC. LIN SCAN holds a significant share in the market due to its diverse product portfolio and global sales network. Baker Hughes focuses on providing integrated solutions for pipeline monitoring and inspection.