The Asia Pacific region significantly is the major prospect to improve the operations standard in energy supply with lower import rates. Investment into technology development is driving the market so as to ensure safe and secure ways to derive the oil products both from onshore and offshore operations. Over the period of 2017-2020 the demand for technological shift on the onshore operations can witness the growth CAGR of 4%.
The total market is estimated to increase at 12% y-o-y basis. This fortune is expected due to improvement of oil market behavior over recent times. Exploration & production companies in oil & gas industry are shifting towards development of other unconventional sources to inline their supply with the global market demand.
Find free sample with charts and table - https://www.millioninsights.com/industry-reports/oilfield-equipment-market/request-sample
One of the other ways of using equipment are renting the technology due to increase in the off shore activities. The entry of key players in the equipment rental segment is also a primary reason for the market drive. The geopolitical reasons and the idea of sustainable planet can be one of the restraints for this industry to bloom with the lack of skilled workforce.
Huge investment are being done in this segment to meet the demand of government rules. New technology that is trending, is EOR (Enhanced Oil Recovery) to extract maximum from the reserves. Thermal recovery, gas injection, and chemical injection are the type of EOR technology.The drift in thought of usage of green energy may impact the market growth over the forecast period
Product Insights
Product segment included in this report are pumping equipment’s, valves, drilling equipment, offshore and onshore equipment’s like coiled tube and other automated tools. From exploration to extraction to supply for end use this equipment are used in many operations.
Drilling equipment occupied the market share of 73.65% of the total market volume. This equipment is supposed to be the major equipment used are for exploring the reservoirs. The storage and transportation of crude oil is the major task for the players engage in this industry because of its toxicity in nature also the huge capital investment. Stringent government rules are ensured in order to protect and safeguard and secure the environment by developed countries.
Efficient transportation using source of energy is required for the pipeline mode in order to deliver the products to the end customer safely. In this way the pump and valves comes into picture as they are secondary segment of equipment in the market and are being used for the pipeline transport system. The treatment of crude requires other set of equipment to ensure the delivery of pure product before it is delivered to refineries to extract derivatives or to end users. One of the major segment which is of main concern to the industry is waste management.
No comments:
Post a Comment