Pipeline Pig Market: Introduction
- A pipeline pig is used in a variety of pipeline maintenance applications. Some of these include cleaning, drying, batching, liquid displacement, and product removal
- Pipeline pigs are designed to help maintain efficiency; control corrosion; and prevent product contamination and mixing if there are multiple products in the line. Pipeline pigs are used for displacement of air to prepare for pipeline hydrostatic testing and remove water afterward. Furthermore, these pigs are employed for pipeline inspection and to locate pipeline damage, defects, and debris.
Key Drivers and Restraints of Global Pipeline Pig Market
- Rapid globalization and industrialization is a key driver of the global pipeline pig market. Significant increase in the demand for oil and gas across the globe has forced companies to increase the production, upgrade the existing infrastructure, and minimize the downtime. Hence, rise in the demand for fuel is one of the major drivers of the global pipeline pig market.
- Growth in discovery of new oil and gas fields is expected to drive the global pipeline pig market during the forecast period. Spending on oil and gas exploration rose by 20% and about 140 new oilfield discoveries were made in 2018. These discoveries are expected to boost the development of oil and gas infrastructure in the near future. Thus, increase in discovery of new oil and gas fields is estimated to drive the global pipeline pig market during the forecast period.
- Geopolitical uncertainties and volatile prices are major restraints of the global pipeline pig market. Prices of crude oil are affected by events that can potentially disrupt the supply of oil and gas. These include geopolitical and climate-related issues. Geopolitical events is a major factor that can create uncertainty about future supply of or demand for oil and gas. This can lead to higher volatility in prices of oil and gas. This volatility affects the production of oil and gas. This factor is expected to hamper the global pipeline pig market during the forecast period.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
Global Pipeline Pig Market: Segmentation
- The global pipeline pig market can be segmented based on type, size, and application
- In terms of type, the global pipeline pig market can be segmented into foam pig, cleaning pig, gauging pig, and others. The foam pig segment is expected to expand at a high CAGR during the forecast period, due to high demand from oil and gas companies.
- Based on size, the global pipeline pig market can be segmented into below 30”, 31” – 60”, and above 60”. The 31” – 60” and above 60” segments are expected to register a high CAGR during the forecast period, due to high demand from end-users.
- In terms of application, the global pipeline pig market can be segmented into cleaning, de-watering, and swabbing. The cleaning segment is expected to expand at a rapid pace during the forecast period.
Global Pipeline Pig Market: Regional Segmentation
- Based on region, the global pipeline pig market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global pipeline pig market in 2018. This trend is projected to continue during the forecast period, due to increased production of oil and gas in the U.S. and Canada. The presence of a large number of private oil companies in North America is likely to drive the pipeline pig market in the region during the forecast period.
- Middle East & Africa is a major oil-producing region in the world. Offshore developments and discoveries of new oil and gas fields by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to dominate the pipeline pig market in the Middle East during the forecast period.
- The market in Latin America, Europe, and Asia Pacific is estimated to expand at a considerable pace during the forecast period. Increase in investments in offshore exploration activities by developing counties such as China, India, and Brazil is expected to drive the pipeline pig market in Asia Pacific and Latin America during the forecast period.
Expanding operations in future? To get the perfect launch ask for a custom report
Key Players Operating in Global Market:
- Pigtek Ltd
- T.D. Williamson, Inc.
- Apache Pipeline Products
- Pipeline Pigging Products
- iNPIPE PRODUCTS
- Pipetech Corporation
- Dacon Inspection Technologies
- Drinkwater Products
- Propipe Limited
Global Pipeline Pig Market: Research Scope
Global Pipeline Pig Market, by Type
- Foam Pig
- Cleaning Pig
- Gauging Pig
Global Pipeline Pig Market, by Size
- Below 30”
- 31” – 60”
- Above 60”
Global Pipeline Pig Market, by Application
Global Pipeline Pig Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.