Global Sand Control Systems Market: Snapshot
Amidst fluctuating crude oil prices, global sand control systems market is gaining from the focus of oil producing companies to boost production of active oilfields. Oil producers are vying to incorporate advanced production equipment such as sand control systems to maximize production. For instance, in the U.S., oil producing companies have undertaken initiatives to enhance the efficiency and work life of oil rigs.
Furthermore, advancements in sand control techniques is also boosting the uptake of sand control systems. In particular, advanced sand control systems have been useful for offshore oilfields in deep waters that are highly prone to sand contamination. To serve this, special sand control systems have been developed for offshore environments, which allow oil and gas companies to carry out drilling operations relatively easily.
On the flip side, high cost factor of sand control systems that puts forth question of their economic viability to tap deep-water oil reserves is limiting their use. This is challenging the sand control systems market. Considering a host of positive factors, the global sand control systems market is predicted to expand at a CAGR of 5.8% between 2017 and 2024.
Gravel Packing Technique to Remain at Fore
The global sand control systems market is segmented in terms of technique and region. The key segments, based on technique that divide the sand control systems market are rate exclusion, stand-alone screens, resin coated gravel, plastic, consolidation, frac pack, gravel packing, and others. Of them, gravel packing segment currently leads the overall market; the segment is predicted to rise at a healthy pace and retain its dominant position in the next few years. The gravel packing segment is anticipated to hold 30.2% of the overall market by 2024.
The standalone segment is second-leading in the sand control systems market; the segment is anticipated to rise at a healthy pace to hold a significant share of the market by 2024. Frac pack, which held nearly 18% of the overall market in North America and Europe is a sought-after sand control technique especially in Europe and North America. The shale gas boom in the U.S. has been paving way for the growth of sand control systems market in North America.
Asia Pacific and MEA to Continue to Remain Promising
The regional segments into which the worldwide sand control systems market is divided are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific, among them, holds supremacy in the sand control systems market. The growth of this regional market is mainly ascribed to oil and gas exploration activities underway in countries such as Indonesia, Malaysia, Australia, and Myanmar. Besides this, growing population and rapid industrialization leading to ever increasing energy needs have pushed oil and gas exploration activities. This bodes well for sand control systems market.
The Middle East and Africa sand control systems market is gaining from large offshore discoveries and vast oil reserves in Saudi Arabia and UAE. Extensive drilling activities makes the Middle East a lucrative market for sand control systems. In addition, newly found oil and gas fields will further boost the growth of this regional market.
Top companies operating in the worldwide sand control systems market include Schlumberger Limited, Halliburton Company, Baker Hughes Inc., and Weatherford International. Some other companies in the global sand control systems market are 3M, Grit Industries, RPC Inc., Superior Energy Services Inc., and Variperm Limited.
Global Sand Control Systems Market: Overview
The report on the sand control systems market analyzes and forecasts the said market at both regional and global level. The report examines the sand control systems market for the 2017-2024 forecast period, wherein 2016 is considered as the base year. Included in the report are revenue estimates in US$ Mn and volume estimates in Kilo tons of the sand control systems market for the aforementioned forecast period. The study analyzes the sand control systems market by segmenting in terms of technique and region.
The executive summary section of the report outlines conventions and notations and terms and terminologies used in the oil and gas industry. The section discusses each and every segment under various category and throws light on their growth behavior over the 2017-2024 forecast period.
The market overview section discusses vital market dynamics such as demand drivers and opportunities that are likely to influence the growth of sand control systems market over the 2017-2024 forecast timeframe. Market size and revenue estimates of key segments under each category have also been provided in this section of the report.
The market attractiveness analysis presented in the report which serves as an important business instrument is a highlight of this report. This helps gain better understanding of supply chain of sand control systems, right from raw material vendors to end-users. In addition, Porter’s Five Forces analysis included in the report helps comprehend the competitive landscape of the market.
Global Sand Control Systems Market: Research Methodology
The report is a perfect example of extensive primary and secondary research. The combination of primary and secondary research has proven to be the most dependable, effective, and successful approach to obtain precise market data, capture insights of industry participants, and recognize business opportunities.
The primary research phase involved conducting in-depth interviews and discussions with a host of industry participants and opinion leaders. Analysts conducted primary interviews on an ongoing basis with industry experts and commentators to endorse data and analysis. Participants who are typically interviewed in the primary research phase are CEO, VPs, market intelligence managers, marketing/product managers, and national sales managers. Technical personnel, purchasing managers, distributors, and resellers are some other participants reached out in the primary research phase. Outside experts reached out in the primary research phase of the making of the report are valuation experts, investment bankers, research analysts that have expertise in specific markets. In addition, key industry leaders that hold expertise in different areas within their industry verticals are some other individuals reached out in the primary research phase.
In the secondary research phase, analysts reviewed key players’ annual report, product literature, business documents, and press releases in the secondary research phase. Some other secondary sources reached out include trade journals, technical writings, trade associations, technical statistical data, and Internet sources. Some secondary sources reached out for this study include U.S. Energy Information Administration, Oil & Gas Journal, BP Statistical Review of World Energy, Upstreamonline, Bloombergy, Hoover’s, and Factiva.