Sand Control Equipment Market Insights
The sand control equipment market is estimated to grow at a moderate CAGR during the forecast period. Increasing drilling activities across the globe, high rates of offshore rigs, rising oil & gas production, growth in number of wells and ease in drilling and production of gas among others are some of major drivers which are anticipated to drive the market growth of sand control equipment.
The sand control equipment consists of devices which help in exclusion of sand formations and its mixing during the extraction process of hydrocarbons. The system is used to enhance the productivity and performance of well, thus giving it one of the most important role in overall completion process. The equipment also helps in elimination of problems such as erosion of hardware and down-hole cavities.
Sand Control Equipment Market: By Application
The sand control equipment market can be segmented based on application into onshore and offshore. Onshore application segment is expected to hold the largest market share in terms of revenue. This strong hold can be attributed to various factors such as lower drilling cost of onshore application, presence of large number of onshore sites, and increasing dependency on conventional oil & gas among others. However, market for offshore application is expected to grow at high CAGR during the forecast period. This growth can be attributed to increasing offshore operations of oil & gas extraction, well completion, and cementing job. Energy produced offshore is one of the major components of global oil & natural gas supply and could offer important source of renewable electricity. Increasing offshore oil and gas operations majorly in Middle East, Brazil, North Sea, Gulf of Mexico and the Caspian Sea is expected to increase the CAGR of sand control equipment during the forecast period.
Sand Control Equipment Market: By Technique
The sand control equipment market can be segmented on the basis of technique into gravel pack, frac pack, sand screens, and inflow control devices. Gravel pack segment is expected to hold the largest market share in the forecast period owing to increased drilling of conventional oil & gas fields in the onshore regions across the globe. Frac pack system technique holds the second largest market share followed by sand screen technique. The sand control equipment is widely used in onshore arena. However, inflow control devices segment is anticipated to witness highest CAGR during the forecast period. Reduction in expenditure and increasing life span are some of the major factors driving the growth of inflow control devices segment in the sand control equipment market
Sand Control Equipment Market: Regional Insights
Asia Pacific is expected to hold the largest market share in terms of revenue during the forecast period. The market has witnessed growth in the region because of economic growth and development of developing countries in the region such as China, India, and Australia. Moreover, many international companies have also increased their presence in the region due to growing mining and exploration activities in the region. The major factor behind the growth of Asia Pacific sand control equipment market can be accredited to the increasing government support in oil & gas industry, and increasing private investments by major players in order to support new drilling activities in the region. North America is anticipated to hold the second largest market share owing to the increased demands for oil production in Mexico, US, and Canada.
Sand Control Equipment Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase sand control equipment over the coming years. Some companies which are currently using sand control equipment and are likely to purchase it in future such as Rio Tinto, BHP Billiton, Freeport McMoRan Copper & Gold, Glencore Xstrata, China Shenhua Energy, and Vale among others.
Sand Control Equipment Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Sand Control Equipment Market Share & Competitor Analysis
Some of the key players operating in the sand control equipment market are Halliburton, Baker Hughes, Weatherford, National Oilwell Varco, Schlumberger, Dialog, Mitchell, Packers Plus, Superior Energy, Interwell, Variprem, Tendeka, and Hebei Shengkai among others.
In July 2017, Halliburton announced the successful acquisition of Summit ESP; the company is engaged in the development, and manufacturing of electrical submersible pumping systems.
In November 2013, Halliburton signed an agreement to acquire Intelligent Well Controls, the company is engaged in the improvement of way in which wells are drilled and completed.
In December 2016, National Oilwell Varco successfully acquired Fjords Processing AS; the company is engaged in the operation of processing technology, systems, and services to upstream oil & gas industry.
In June 2012, Weatherford International acquired Petrowell Ltd., the company specializes in the designing, engineering, testing, and manufacturing of some of oil & gas completion tools