ID: MRFR/E&P/0498-HCR | February 2021 | Region: Global | 120 pages
Sand Control Systems Market Size will grow by 4.7%. Also, the Sand Control Systems Market Value is expected to rise exceptionally in the forecast period.
Sand control system is a crucial part of the oil and gas sector. It is an exceptional technology that helps to filter the sand residue in the wellbore. The operations of the sand control system are suitable for the oil and gas industry. There are plenty of challenges in the sand production industry. A few of the challenges related to sand production is plugging of tunnels, sanding up in production intervals, potential failure and erosion. Also, there are plenty of effective techniques to decrease sand production in wells. The sand control system depends on several economic factors. Due to all these operations, the demand for the sand control system is consistently rising. The oil-producing companies are the key end-users of the market. The increase in demand from these sectors will make the sand control profitable in the forecast period.
The covid has adverse effects on the global power industry. Also, it has created a crisis in oil and gas production and exploration operations. Project delay, supply chain disruptions and slow down in production are some of the serious effects. The largest oil companies in the market faced revenue losses during the pandemic. The regions such as Saudi Arabia and Russia also experienced revenue losses during this period. Also, the lack of product availability and supply is the major reason for these effects. During the pandemic, the sand control system market growth started to decline. However, the post-pandemic operations of the market are assumed to run smoothly.
The key players of the sand control system global market are
Many regions are trying to improve and safeguard natural resources. The oil and gas companies are taking plenty of measures to improve the reserve production ratio. With the decline in the prices of crude oil and other oils the requirement to improve oil reserves are enhanced. The key oil companies are making technological advancements to improve the natural oil wells. It enables easy extraction of oils in the long run. The technological advancements in the oil sector are a crucial driver for the sand control system market.
The advancements will lead to more operations of the sand control system and equipment in the upcoming years. The number of the mature oilfield is massive in many regions. It is causing major natural resource depletion issues. However, the usage of sand controls system to filter oil reduces the oil well depletion rate. The increasing number of mature oil wells is another driver for the sand control systems market. The sand control system offers plenty of benefits to the oil sector. Also, it exceptionally filters the residue and sand in oil and other natural liquids. Also, it is majorly used in the sand production sector as well. The massive demand from various verticals drives more demand for the market.
There is expected to be massive growth in offshore exploration in the oil industry. The high oil demand is leading to more oil explorations in unusual regions. It is assumed that the oil industry will take a huge measure to drill, explore and extract oil. During all these processes the requirement for a sand control system is high. All these factors exceptional girth opportunities for the global market. The operations of the sand control system are highly essential in the natural gas industry. The global natural gas industry is excepting tremendous growth. This expansion of the market will have an exceptional impact on the sand control systems. The extraction of natural gas requires the operations of sand control systems for filtration purposes. These entire factors positively change the Sand Control Systems Market Outlook. Also, the countries such as Myanmar, Malaysia, Australia and Indonesia are increasing their oil and gas production. The oil and gas market expansion in several regions will offer development opportunities for Sand Control Systems Industry.
Few factors negatively influence the sand control systems market. The fluctuating price of crude oil and gas are the restraints of the market. The oil prices in some regions are highly volatile. That affects the drilling and oil extracting operations. The limitations in the drilling activities of the oil market can affect the market growth. Further, the outbreak of covid 19 has caused several destructive impacts on the oil and gas industries. All these restraints in the oil and gas industry affect the sand control system market. The sand control system is a part of the drilling and filtering operations of the oil and gas industry. Therefore, these restraints have a declining effect on the overall demand for the sand control systems market.
The drilling operation in the oil and gas industry is prone to challenging conditions. High-pressure wells and deep after wells are challenging geographic conditions that require sand control systems. The risk and the complexity of the operations are high. It results in system damages and other repairs. The high temperature and high-pressure operation requirements of the sand control system is a major challenge for Sand Control Systems Industry. The damages and challenges are more in these operations. The corrosion, erosion, wax and hydrate formation are some of the challenges of using sand control systems in these areas.
The growth trend of the sand control system market remains stable during the forecast period. The market has crucial drivers that continuously propel the demand. Also, the market has profitable segments. The horizontal drilling segment of the market is expected to witness high demand in the upcoming years. Through this hydraulic method, it is expected to extract a vast quantity of natural gas in the wellbore. The market will have constant demand due to the rise of natural reserve preserving measures. Also, the demand from various end-users will keep on increasing demand for the market. Further, the market growth opportunities such as offshore exploration and production activities will expand the sand control systems market. All these factors contribute to the positive global Market Trends.
The Asia Pacific region leads with maximum Sand Control Systems Market Share. The region s fragmented into Indonesia, Malaysia, Pakistan and Myanmar. China is accountable for more than 50% of the market in this region. The demand for crude oil is high in this region. Further, the rise in industrialization, population and urbanisation are the drivers for the market. There is an exceptional range of oilfields in this region. Also, in the upcoming years, exploration activities in the oil industry are expected to grow massively. All these factors contribute to the growth of the global market. Also, the Asia Pacific region is taking measures to improve its mature oil fields by using sand control systems and equipment.
By good type
The global sand control set market is uneven with both small and wide companies. The key players are active with plenty of market growth strategies. The key strategies of the market players are acquisition, expansion and variation for the market. Also, the completion in the forecast period will be severe.
The Sand Control Systems Industry is fragmented into Europe, North America, Asia Pacific and other regions. The Asia Pacific market will dominate the rest of the regional players. The rapid industrial developments will be the crucial driver for the market in all these regions. Also, offshore exploration in the oil industry will bolster the demand in all these regions.
North America is another powerful regional player in the market. The investments in this region are massive. Also, in the upcoming years, the expansion rate in this region is expected to be tremendous. Europe is another regional player with plenty of growth prospects. The region is known for its power industry. The demand from these verticals will provide growth opportunities for the sand control system market. All these regional players will witness high profitability and growth rate in the forecasts period.
|Market Size||2027: 3.32 Billion|
|CAGR||7.59% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technique, Well Type, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schlumberger Limited (France), Halliburton Inc. (U.S.), Baker Hughes Incorporated (U.S.), Weatherford International (Switzerland), and National Oilwell Varco (U.S.). Oil States International (U.S.), Tendeka (U.K), Welltec (Denmark), Packers Plus Energy Services Inc. (Canada), and Superior Energy Services, Inc. (U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Fluctuating prices of crude oil|
Frequently Asked Questions (FAQ) :
The global sand control systems market is touted to expand at 4.7% CAGR from 2017 to 2023.
The global sand control systems market is driven by its need in the oil & gas sector for elimination of sand from wellbores.
APAC can dominate the global sand control systems market till 2023.
The Middle East & Africa can be lucrative for the global sand control systems market.
Baker Hughes Incorporated, Tendeka, Schlumberger Limited, Oil States International, Halliburton Inc., Welltec, National Oilwell Varco, Weatherford International, Packers Plus Energy Services Inc., and Superior Energy Services, Inc. are notable players of the market.