The Business Research Company’s Pigging Valves Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LANDON, GREATER LANDON, UK, November 6, 2023 /EINPresswire.com/ — The global pigging valves market, valued at $4.15 billion in 2022, is poised to reach $4.63 billion in 2023, exhibiting a compound annual growth rate (CAGR) of 11.7%. Despite the disruptive impact of the Russia-Ukraine conflict on the global economic recovery from the COVID-19 pandemic, the market is projected to flourish, culminating in a market size of $6.9 billion by 2027, with a CAGR of 10.5%.
Market Segmentation and Industry Dynamics
• Type: Bypass Pigging Valves, Shutoff Pigging Valves
• Technology: Ultrasonic piping, Magnetic flux piping, Caliper
• End-User: Oil and Gas Industry, Pharmaceutical, Chemical Industry, Refining and Petrochemical Industries, Water, Sewage and Effluent, Food-Processing Industries, Other End-Users
Leading pigging companies such as Jag Valves and Tiger Valve Company, are instrumental in driving industry growth through innovative product offerings and strategic market positioning.
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Industry Drivers and Current Trends
The upsurge in oil and gas exploration activities is anticipated to be a pivotal factor propelling the market growth of pigging valves. As oil and gas exploration endeavors continue to expand, the need for additional pipelines to extract and transport the extracted resources is increasing. Pigging valves play a critical role in connecting these pipelines, ensuring efficient and seamless pipeline integration. Notably, the US Energy Information Administration reported a record dry natural gas production of 33.5 trillion cubic feet (Tcf) in 2020, highlighting the robust expansion in oil and gas exploration activities.
Innovations Paving the Way Forward
A key trend gaining momentum in the pigging valve market is the introduction of new and innovative product solutions by major industry players. A notable example is the introduction of a new pigging ball valve by Hartmann, a Germany-based provider of pigging valves and wellheads, featuring various safety barriers to the sluice chamber, ensuring secure and efficient pig launching and receiving, even in the presence of residual pressure in the main line. These valves are designed to automatically lock in the event of a leak, effectively preventing spills and enhancing operational safety.
Regional Analysis and Future Outlook
With the Middle East emerging as the largest region in the pigging valves market in 2022, the comprehensive market report encompasses an in-depth analysis of key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
For a comprehensive understanding of the evolving dynamics within the global pigging valves market, access the complete market report:
Pigging Valves Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Pigging Valves Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on pigging valves market size, pigging valves market drivers and trends, pigging valves market major players, pigging valves market competitors’ revenues, pigging operations market positioning, and pigging valves market growth across geographies. The pigging valves market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the pigging valves market report and tap into segments with the highest growth potential.
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About The Business Research Company
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