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Sand Control Systems Market to Undertake Strapping Growth During 2024
by omkartmr · December 21 Leroy Sane Germany Jersey , 2018
The global sand control systems market is oligopolistic in nature wherein top four companies, namely Schlumberger Limited, Baker Hughes Inc., Halliburton Company Kevin Volland Germany Jersey , and Weatherford International commanded more than 92% share in 2015, notes Transparency Market Research (TMR) in a new report. The capability of these companies to provide an array of services across the value chain and their capability to provide integrated solutions for oil and gas industries makes them leaders in the sand control systems market. High technical expertise and capital intensive nature are some other factors for the dominance of key players in the sand control systems market.
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Apart from this, these companies are engaged in R&D to develop new products and services to better serve the oil and gas industry. Some of the top players have adopted the inorganic growth route engaging in mergers and acquisitions thereby boosting their research and engineering facilities and technical expertise. These moves are further consolidating the foothold of well-established players in the sand control systems market.
As per a TMR report, the global sand control systems market is anticipated to be worth US$5 Karim Bellarabi Germany Jersey ,372.8 mn by 2024-end expanding at a CAGR of 5.8% between 2017 and 2024. The demand in the market translated into opportunities worth US$3,603.7 mn in 2017. Based on technique, resin coated gravel segment is predicted to rise at a steady rate in the upcoming years; resin coated gravel technique finds widespread use to control sand production in oil wells. However, demand for gravel packing is on the rise due to its efficacy; the segment is anticipated to rise at a significant pace through 2024. Asia Pacific Julian Weigl Germany Jersey , among key regions, led the sand control systems market in recent years and the region is anticipated to retain supremacy in the years ahead too.
Advancements in Sand Control Techniques Boosts Uptake
In the last decade crude oil prices have witnessed drastic fluctuations that have alerted oil production companies. To offset the challenging market environment, efforts from oil producing companies in the U.S. have led operational rigs to become more efficient with enhanced productivity. This is because of improvement in sand control techniques, long laterals Julian Draxler Germany Jersey , and additional fracking stages. In this scenario, oil producing companies are shutting down operations in unproductive oil wells and are focused on maximizing production of new oil fields. This is expected to fuel the sand control systems market.
With dwindling crude oil prices, oil producers are vying to incorporate advanced production equipment such as sand control techniques to optimize rig operations.
Advancements in sand control techniques is a key factor boosting the sand control systems market. With depleting reserves of onshore oilfields, oil and gas exploration companies are striving to tap offshore oilfields in deep waters. Although offshore oilfields yield large volumes of crude oil and natural gas Joshua Kimmich Germany Jersey , they are highly prone to sand contamination. This requires special sand control systems suitable for offshore oilfields, which help exploration and production companies to carry out drilling functions relatively easily. To serve this, oilfield service providing companies have introduced new sand control techniques suitable for sand control systems for offshore environments. Consistent efforts from key players to develop advanced sand control systems will bode well for sand control systems market in the future.
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High Cost of Advanced Sand Control Systems Limits Adoption
However, factors such as economic viability of sand control systems to tap deep-water oil reserves is limiting their use. While sand control equipment have helped oil producers alleviate deep-water challenges Jonas Hector Germany Jersey , cost considerations have put forth questions whether these systems would serve sand control pursuits.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company鈥檚 exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR鈥檚 experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR鈥檚 data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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