Future Market Insights has released key insights on the global intelligent pigging services market in its latest report titled, “Intelligent Pigging Services Market: Global Industry Analysis and Opportunity Assessment 2015 – 2025.”
According to the report, the global intelligent pigging services market is expected to register a CAGR of 6.3% during the forecast period due to stringent government & industry regulations, increasing consumption of petroleum products and natural gas, expected economic revival, and technological advancements in pigging services. Increasing awareness among pipeline operators about the benefits of regular inspection and maintenance of pipelines is expected to also fuel market growth and prompt original equipment manufacturers (OEMs) and vendors of intelligent pigs to introduce innovation in inspection technologies such as magnetic flux leakage (MFL) and ultrasonic test (UT) to improve efficiency of services.
The report also forecasts the oil industry segment of the global intelligent pigging service market to increase at a CAGR of 6.7% through 2025, while the gas industry segment is forecast to increase at a CAGR of 6.2% through the same time frame, accounting for US $657 million. However, currently the gas pipeline network is larger than that of oil, and this trend is expected to continue during the forecast period as well.
Regionally, North America is expected to continue to dominate the global market over the forecast period. Despite being one of the smallest intelligent pigging services market, Latin America is expected to register the highest CAGR during the forecast period.
For more details and to read a copy of the full report, click here.