Market Trends of Pipeline Pigging Equipment Industry
This section covers the major market trends shaping the Pipeline Pigging Equipment Market according to our research experts:
Gas Pipeline Pigging System to Dominate the Market
- The gas pipeline pigging system market is likely to grow at a robust pace in coming years, owing to the surge in the production of natural gas across the world. The global market has evolved over the last decade, driven by the growth in the global LNG usage, the demand, and its ability to reduce the carbon footprint.
- Moreover, shale gas production is expanding with the implementation of hydraulic fracturing and horizontal directional drilling. The shale gas production, especially in the North American region, is anticipated to increase in the future, riding on policy level focus to drive the shale gas industry.
- The natural prices have recovered, and it is expected that the recovery will continue in the near future, which, in turn, positively impacts the upstream activities.
- Therefore, the anticipated improvement in natural gas prices is likely to drive the gas pigging systems market in the near future.
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Asia-Pacific to Dominate the Market
- In 2018, Asia-Pacific accounted for around 35.9% and 21.4% of crude oil and natural gas consumption, respectively, and was one of the largest segments of the oil and gas pipeline maintenance services market.
- At the end of 2018, China had 122,300 km of oil and gas pipeline and is expected to reach 240,000 km, by 2025.
- Furthermore, as of 2018, India’s gas pipeline infrastructure was spread across 16,800 km. As of October 2018, India is the fourth-largest importer of LNG. The domestic LNG demand is expected to touch 90 billion cubic meters (bcm), from 30.6 bcm in 2018, and is expected to heavily expand the gas pipeline network across the country.
- With increasing pipeline network, the demand for pipeline pigging equipment market in the region is expected to increase substantially during the forecast period.
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