Press release
Increasing drilling activities is anticipated to drive the sand control system market during the forecast period
Increasing drilling activities across the globe is likely to propel sand control system market growth over the forecast timeframe. For instance, North America, led by the U.S and Canada, has witnessed significant increase in rig counts over the last 1 month (July 2016). Moreover, increasing well completion activity owing to high crude oil demand from US, Mexico and Canada. Discovery of offshore field oil & gas reserves in countries such as Tanzania and Mozambique is forecast to drive industry growth. Furthermore, rise in oil and gas demand from developing countries such as India and China may boost global sand control system market from 2016 to 2024.Low crude oil prices (around USD 40), high cost and technical barrier associated with well intervention activity and stringent government regulation are expected to be the major restraints for sand control system market. Sand control system is used to prevent sand from interfering with exploration. It helps to enhance the productivity of oil and gas well, stabilizes the reservoir and reduce the chances of erosion and wear of equipment’s. Sand control system plays a better role in offshore oil and gas well than onshore well.
Global sand control system market technology has been segmented into maintenance and workover, selective completion practices, high energy resin placement, gravel packing, rate exclusion, plastic consolidation, stand-alone slotted liners or screens and resin coated gravel.
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The selection of sand control techniques depends upon different parameters of reservoir as well as political and environment conditions. Flow rate, grain size distribution, interval length, well deviation, operational costs and clay content are also considered during the selection of sand control system.
Gravel packing is a widely used sand control technique in well completion owing to its flexibility and low implementation cost. Its market is expected to grow with over 11% CAGR globally. In gravel packing, sand is used as filter to prevent production of sand. Gap between a sand control screen and wellbore is filled with sized gravels which prevent sand formation to migrate into a wellbore thereby enhancing well productivity. Gravel pack is divided into external gravel pack (open hole gravel pack) and internal gravel pack (cased hole gravel pack).The cost of gravel pack is coupled with rig cost.
Global sand control system market applications are segmented into offshore and onshore location. North America, led by the U.S. is the industry leader and holding largest share in 2015. It has been expected and forecasted that sand control system market will witness significant grow in near future owing to increasing offshore drilling activities.
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It has been expected and forecasted that sand control system market of Asia Pacific, led by China, South Korea and Japan will witness a highest growth rate owing to its high demand for oil and gas products. Increase in exploration and production activities will complement the industry growth during the forecast period.
Indonesia, Energy and Mineral Resources Ministry target to increase the oil production to 760,000 barrels of oil per day from 740,000 will drive the sand control market during the forecast period. Increasing number of drilling activity and development of new oil and gas field in Africa will drive the industry growth in the near future.
Some of the major player of global sand control systems market Ceradyne, Inc., Weatherford International Ltd., Schlumberger Limited., Baker Hughes, Inc., Variperm (Canada) Limited, RPC, Inc., Superior Energy Services, Inc., Halliburton Company, Grit Industries, Inc., Welltec A/S and others.
Browse key industry insights for Sand Control System Market
https://www.gminsights.com/industry-analysis/sand-control-system-market
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CO2 Enhanced Oil Recovery Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Russia, China, Australia, Saudi Arabia), Application Development, Competitive Market Share & Forecast, 2016 – 2024
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