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.
| Report Attribute | Details |
|---|---|
| Pigging Valves Market Value (2021) | US$ 4 Billion |
| Pigging Valves Market Value (2022) | US$ 4.5 Billion |
| Pigging Valves Market Anticipated Value (2032) | US$ 8 Billion |
| Pigging Valves Market Projected Growth Rate (2022 to 2032) | 9% to 10% CAGR |
| 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.
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.
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.
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.
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.
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.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 9% to 10% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covere | 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 |
FMI projects the sales of pigging valves in the market is expected to rise at 9% to 10% value CAGR by 2032
The global pigging valves market is expected to be dominated by Middle East & Africa over the forecast period 2022-2032.
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.
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