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Degassing System Market to Reap Excessive Revenues by 2025
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Demand for degassing system is increasing due to the rise in deep-water drilling activities. These drilling activities require the removal of carbon dioxide, hydrogen sulfide, corrosive oxygen, natural gas, and other entrained gasses to avoid the formation of bubbles in drilling fluids. Liquid films in these fluids envelope and entrap bubbles, which need to be eradicated for smooth accomplishment of drilling operations. Degassing system helps address these issue by mechanically eliminating entrapment of gas bubbles from mud systems. This is augmenting the demand for degassing system in the oil & gas industry. Increase in demand for energy and rise in focus on deep sea reserves are projected to drive the need for degassing systems.
The degassing system market can be segmented based on type, end-use industry, and region. Based on type, the market can be divided into membrane, vacuum, flash, and other degassing systems. The vacuum segment accounted for key share of the market in 2016. Vacuum degassing system prevents the formation of micro-bubbles that reduce heating, ventilation, and air conditioning (HVAC) system performance. Dirt and air in the system can impair the operational efficiency of components (heat exchangers, pumps, and valve seals), and cause corrosion. Vacuum degassing systems are highly efficient and can expressively improve the performance of HVAC installation. In terms of end-use industry, the degassing system market can be segregated into oil & gas, manufacturing, package, plastics, and others.
Based on region, the degassing system market can be classified into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is a key region, which accounted major share of the degassing system market in 2016. The Gulf of Mexico is witnessing significant growth in offshore activities. The degassing system market is expected to expand significantly in the near future in North America due to the increase in number of shale reserves in the region. Asia Pacific is also a major region of the degassing system market, led by the increase in government support in countries such as China and India for production and exploration of natural gas and oil. Demand for degassing system in Asia Pacific is also rising due to the increase in offshore activities in the region. Countries such as Venezuela, Argentina, and Brazil are widely engaged in expanding the production of gas and oil. Middle East & Africa and Latin America are also exhibiting significant opportunities for the degassing system market. This trend is estimated to continue in the next few years.
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Key players operating in the global degassing system market include hydac International GmbH, Mechatech systems, Island Scientific, IMI Hydronic Engineering, Abbess Instruments and systems, Vosta LMG BV, Edwards Vacuum Inc., HYVAC Products Inc., Permatech Engineering Services, and Mass-VAC Inc.
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