Sand Control Systems Market to Witness Decline in Demand By 2016 – 2024
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Owing to high dependence on the state of oil and gas drilling activities across the globe, which have seen a rocky patch since the beginning of 2015, the global sand control systems market exhibited a decline of nearly 6% over 2014. The vast decline in drilling and exploration activities and in the number of global rig count is expected to last for a while, owing to which the market’s growth is expected to be cyclical till 2020.
Gravel Packing Technology Takes Lead
Presently, the market exhibits moderate growth prospects and is expected to expand at a 5.8% CAGR from 2016 through 2024. At this rate, the market, which had a valuation of US$3,222.5 mn in 2015, is expected to rise to US$5,372.8 mn by 2024. Of the key sand control systems used in the market, the segment of gravel packing leads, earning a nearly 29% of the global market in 2015. In terms of geography, Asia Pacific is the leading regional market for sand control systems and is expected to remain the most promising region in the next few years as well. Asia Pacific held a 27.5% share in the global market in 2015.
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High Demand for Enhancing Oil Production Efficiency to Stimulate Market Growth
Owing to the recent global crude oil crisis, triggered chiefly owing to overproduction and low demand, oil producers have unproductive rigs and have increased their focus on improving the efficiency of operations of high-yielding oil rigs. “The increased focus on improving efficiencies of rigs which are in operation is expected to ultimately augment the overall global demand for sand control equipment,” states a TMR analyst.
The market is also expected to earn significant traction owing to the increasing global investment in the field of offshore drilling. Technically advanced sand control systems capable of countering deepwater challenges with ease will find vast demand from the offshore drilling and exploration industry in the next few years.
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High Costs of Advanced Sand Control Systems to Hinder Market Growth
The key challenge for the global sand control systems market is the difficulty in balancing the high costs of sand control measures with the overall economic feasibility of a deepwater exploration project. That advanced sand control equipment has enabled oil and gas companies to alleviate many issues related to deepwater drilling and exploration is a known fact. However, the high costs associated with the process of installing sand control systems undermine their benefits to a certain extent. This factor is expected to act as a chief restraint for the market in the next few years.
This snapshot of the market is based on a recent market research report published by Transparency Market Research, titled “Sand Control Systems Market for Rate Exclusion, Plastic Consolidation, Resin Coated Gravel, Standalone Screens, Gravel Packing, Frac Pack, and Other Techniques - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s 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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