The global pigging valves market is estimated to surpass a valuation of US$ 8 Bn by the end of 2032. The sales of pigging valves are expected to reach US$ 4.5 Bn by 2022, accelerating at a rapid CAGR of around 9% to 10% during the forecast period 2022-2032. The oil & gas is estimated to remain the most remunerative industry in the global market, accounting for nearly 35% to 45% of the revenue share between 2022 and 2032.
Rapidly expanding pipeline transportation industry and rising import & export activities of fluids through pipelines such as chemicals, crude oil, refined petroleum products, fluidized solids, and others are anticipated to favor the growth in the global pigging valves market.
Estimated Pigging Valves Market Share in Oil & Gas Industry (2032)
35% to 45%
Pigging valves are pipeline instruments used to introduce and retrieve pipeline maintenance and cleaning device known as pigs. These valves are used as pig launches or receiver valves through an interlock that is integrated on the side of pigging valves that is secured and locked through a bayonet system.
Pigging valves are considered an essential component in the pipeline transportation sector, where it is used for a wide range of applications such as liquid management, pipeline cleanup, inspection, prevention of corrosion, and removal of solid accumulations such as sediments. Hence, increasing industrial development and growing adoption of automated technologies in the industries such as chemical, pharmaceuticals, and oil & gas refining, among others are projected to accelerate the sales of pigging valves in the global market.
Which are Some Prominent Drivers Spearheading Pigging Valves Market Growth?
Pigging valves are gaining huge popularity across industries such as oil & gas, chemical, pharmaceutical, and sewage treatment among others, owing to their ability to increase pipeline transportation efficiency of petrochemical, hydrocarbon, and others. This is augmenting the demand for pigging valves in the market.
With surging trend of urbanization and industrialization, especially in the developing economies such as China, India, Brazil, and Australia, demand for oil & gas products is rapidly increasing across rural areas. Hence, governments in several countries are emphasizing on undertaking initiatives to strengthen their nation's pipeline infrastructure to decline the transportation time and cost.
For instance, according to a report by the Petroleum & Natural Gas Regulatory Board, the Government of India has announced its plan to build a nationwide natural gas pipeline and expand existing pipeline transportation capacity from 242 MMSCMD in 2021 to more than 580 MMSCMD by the end of 2030. As pigging valves are extensively in pipelines to decline the risk of leakage and gain better control over fluid management, such developments are estimated to facilitate the demand in the global market.
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What are the Challenges Faced by the Pigging Valves Market?
Despite several benefits of pigging valves, extravagant initial cost, high cost of maintenance, and limitation in flexibility as they can only pass through bends with large radius pipelines among others are the factors hindering the sales in the global market.
In addition to this, massive cost and need for detailed analysis for the construction of pipelines due to numerous environmental aspects that are required to be taken into consideration before laying the pipelines are declining pipeline construction activities across certain developing countries. This is restraining the sales of pigging valves in the market.
Why is Middle East & Africa Emerging as an Opportunistic Pigging Valves Market?
Future Market Insights reveals that Middle East & Africa is anticipated to emerge as a highly remunerative market for pigging valves between 2022 and 2032.
Over the past few years, the demand for crude oil, natural gas, and petroleum products is increasing at a rapid pace across the world, due to the increasing vehicular fleet and rapid industrialization. On account of this, a significant rise in export of these aforementioned products is being registered from prominent producing and refining countries such as Saudi Arabia, Iran, Iraq, the UAE, and Iraq among others.
According to the International Monetary Fund, nearly 7.31 Mn barrel of crude oil is exported from Saudi Arabia each day, which is more than 1.1 Mn barrel per day in comparison to the export of crude oil in 2009. As pigging valves play a vital role during the export of these oil & gas industry products, accelerating trade activities is projected to bolster the sales in the Middle East & Africa market.
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How is North America Contributing to the Growth of the Pigging Valves Market?
As per FMI, North America is expected to account for a significant share in the global pigging valves market over the forecast period 2022-2032.
Sales of automotive vehicles are accelerating at a rapid pace, creating strong demand for crude oil products. Thus, several industry players are focusing on launching new crude oil refineries for increasing the production capacity to meet the surging demand.
For instance, in 2019, Targa Resources Corp., an American oil & gas company announced constructing a novel petroleum refinery in Texas, the U.S. with a refining capacity of around 35,000 barrels per day. As pigging valves are extensively used in oil & gas refineries for fluid management, a slew of such developments is estimated to bolster the demand in the North America market.
Market Competition
Some of the leading players in the pigging valves market are HARTMANN VALVES GmbH, Argus Machine Co. Ltd., RMA Pipeline Equipment Ltd., PBM Valve, Pigging Solutions, Frontier Valve International, Energas Technologies (Pvt) Limited, Smith Flow Control, Tiger Valve Company (TVC), SAMSON Controls Inc., Jag Valves, and others.
Leading players are aiming at launching high performance products and filling patients for the innovative technologies to gain edge in the highly competitive market.
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Report Scope
Report Attribute
Details
Growth Rate
CAGR of 9% to 10% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015-2020
Forecast Period
2022-2032
Quantitative Units
Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
Product Type
Technology
End Use
Region
Countries Covered
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa
Key Companies Profiled
HARTMANN VALVES GmbH
Argus Machine Co. Ltd.
RMA Pipeline Equipment Ltd.
PBM Valve, Pigging Solutions
Frontier Valve International,
Energas Technologies (Pvt) Limited
Smith Flow Control
Tiger Valve Company (TVC)
SAMSON Controls Inc.
Jag Valves
Others
Customization
Available Upon Request
Key Segments Profiled in the Pigging Valves Market Survey
By Product Type:
Bypass Pigging Valve
Shutoff Pigging Valve
By Technology:
Ultrasonic Pigging
Magnetic Flux Pigging
By End Use:
Oil & Gas Industry
Pharmaceutical
Chemical Industry
Refining & Petrochemical Industries.
Water, Sewage & Effluent
Food-Processing Industries
Mining & Power Generation
Frequently Asked Questions
What is the sales forecast for pigging valves in the global market until 2032?
FMI projects the sales of pigging valves in the market is expected to rise at 9% to 10% value CAGR by 2032
Which region is forecast to be the most lucrative for pigging valves market growth?
The global pigging valves market is expected to be dominated by Middle East & Africa over the forecast period 2022-2032.
Which are some leading pigging valves manufacturers?
HARTMANN VALVES GmbH, Argus Machine Co. Ltd., RMA Pipeline Equipment Ltd., PBM Valve, Pigging Solutions, Frontier Valve International, ., Energas Technologies (Pvt) Limited, Smith Flow Control, Tiger Valve Company (TVC), SAMSON Controls Inc., Jag Valves, and others are some of the leading players in the prominent pigging valves market.
