A vertical surge tank is a vessel designed to store liquid hydrocarbons used for onshore and offshore exploration. It is used to measure liquid flow rate and has an alarm system in each of its compartments. The vertical surge tanks generally consist of either a single or double compartment vessels.
Rising energy demand is resulting in increasing exploration and production activities across the globe. This factor is expected to drive the global vertical surge tank market during the forecast period. Vertical surge tanks help to measure the reservoir’s capability and capacity to produce hydrocarbons such as gas, oil, and condensates. Growth of the oil & gas industry is expected to drive the vertical surge tanks market during the forecast period. Increasing requirement for high precision measurement-while-drilling (MWD) and reservoir condition measurement instruments are another factor which is projected to impact the vertical surge tank market in the coming years. Increasing number of subsea services is estimated to fuel the vertical surge tank market during the forecast period. Subsea services involve production optimization, installation service, and inspection and maintenance service. They help to reduce the risks associated with high pressure and extreme temperature during offshore and onshore activities. Increasing oil & gas activities in. From 2017 the oil companies of Norway has increased their spending to recover from the declined production of crude oil of 2014. Governments in many countries are offering subsidies for generation of renewable power, which has made the vertical surge market highly lucrative.
Highly volatile crude oil prices resulting in lower profit margins for exploration and other onshore and offshore activities is leading to declining drilling activities across the globe. This is expected to hamper the growth of the vertical surge tank market in the coming years. Governments of many countries have imposed strict rules and regulations on carbon onshore and offshore activities to avoid monopoly on energy sources which is one of major hinder in growth of vertical surge tank market in future. The vertical surge tank market can be segmented in terms of product type, application, end-user, and geography. In terms of product type, the vertical surge tank market is categorized into single compartment vessel and double compartment vessel. By end-user, the market is segmented into onshore and offshore. Based on application, the vertical surge tank market is segmented into well testing, well clean-up, and frac flow back.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America anticipated to lead the market in terms of share due to rising exploration and production activities along with shale gas activities particularly in the U.S and Canada. The market in Europe and Middle East & Africa is expected to dominate in terms of growth rate due to rising onshore and offshore drilling activities. Asia Pacific is expected to show significant growth in the vertical surge tank market due to rapid growth and industrialization in developing economies such as India and China. Rising number of industries in Asia Pacific is anticipated to increase manufacturing activities, which is expected to fuel the demand for vertical surge tanks during the forecast period.
Key players in the vertical surge tank market are Schlumberger Limited, Oiltest Group, BNH Gas Tanks, Weatherford International Plc, SGS S.A, Abraj Energy Services SAOC, Emerson Automation Solutions, VetterTec Gmbh, DFC Tank Pressure Vessel Manufacturer Co Ltd, Delta Egypt Co., CIMM SPA, BNH Gas Tanks etc. The major strategy adopted by companies in the vertical surge tank market is product innovation to expand the customer base. Alpha petroleum, involved in well testing services which is one of major application of vertical surge application with its online operation leads to growth of vertical surge tank over the forecast period.
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