According to Technavio’s latest report titled ‘Global Pipeline Pigging Systems Market 2017-2021,’ pipeline pigging systems are expected to increase worldwide at a CAGR of almost 4% within the next five years.
In the report, the company’s energy analysts highlight three factors that are contributing to the growth of the global pipeline pigging systems market:
Increasing corrosion in oil and gas pipelines
With ongoing research into corrosion and technological progress in corrosion inspection and monitoring tools, there seems to be no progress in reduction of corrosion issues over the years. The oil and gas industry is operating a large global pipeline network in which corrosion poses a major problem.
“Proper implementation of corrosion management strategy is of prime essence for monitoring, inspection, and mitigation of corrosion,” Thanikachalam Chandrasekaran, a lead energy storage research analyst at Technavio, said. “The focus must be on practical management and resource identification to implement effective corrosion management.”
Economic advantages of pipeline transportation
The overall economic benefits of any form of transportation cannot be generically established, and these heavily depend on the project contours. However, studies over the past half century of studies have deduced and established the significant advantages of pipeline transportation in many of the concerned parameters. As the use of trucks and cars for the transportation of natural gas is highly debatable over medium to long distances, the discussion is limited to LNG and pipelines only.
“The transport of crude oil, natural gas, and condensate is more economical through long inter-country and cross country pipelines as compared to rail, road, or sea transportation, added Thanikachalam. “Thus, the transportation of crude oil, natural gas, and condensates will grow through pipeline mode, which should boost the global pipeline pigging systems market.”
Stringent government regulations
Pigging systems are used for conveying combustible or non-combustible materials, water, and gases through the system using pressure in the propellant in compliance with the regulations. There are many laws, guidelines, and regulations to design, install, and operate a pigging system.
For more information and to view the full report, visit http://www.technavio.com.