Global Sand Control Systems Market to Reach US$ 4,227.0 Mn by 2027
Posted by aartimule on September 7th, 2021
The global sand control systems market was valued at US$ 2,945.9 Mn in 2018 and is anticipated to expand at a CAGR of 4.03% from 2019 to 2027, according to a new report titled ‘Sand Control Systems Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ published by Transparency Market Research (TMR) The global sand control systems market is driven by high demand for sand control in offshore and deep water applications. Offshore reserves are highly prone to sand contamination, and remediation is expensive. Advancement in techniques has enabled the use of sand control systems to counter deep-water challenges.
Rise in Need to Enhance Oil Production Efficiency Expected to Drive Market
Of late, there has been rising focus on improving oil production efficiency. In unconsolidated rock formations, sand production is one of the biggest challenges faced by well operators. Sand control is essential in these cases in order to maintain continuity in production and prevent the equipment from damage. Sand control is difficult to achieve in offshore applications. Development of advanced techniques is anticipated to fuel the global sand control systems market during the forecast period.
High Cost of Sand Control in Offshore Applications to Act as Restraint
Sand control is difficult to achieve. It is a high cost operation. Implementation of sand control systems is an important and critical economic decision. Difficulty in maintaining economic viability during the implementation of sand control systems is expected to restrain the market. It is particularly difficult in offshore applications where the economic costs are high. However, sand control is sometimes essential to realize the benefits of drilling operations.
Gravel Packing Segment to Dominate Global Sand Control Systems Market
Based on technique the global sand control systems market has been segmented into gravel packing, standalone screens, resin coated gravel, plastic consolidation and others (including rate exclusion and high energy resin placement) Gravel packing was estimated to be the dominant segment of the global sand control systems market in 2018. The segment is estimated to maintain its dominant share during the forecast period. Standalone screen is another commonly employed technique for sand control. Other methods such as resin coated gravel and plastic consolidation constitute smaller share of the global sand control systems market.
Offshore Application Segment to Expand Rapidly
Based on application, the global sand control systems market has been bifurcated into onshore and offshore. The onshore segment constituted dominant share of the global sand control systems market in 2018. The segment is projected to expand at a rapid pace owing to the rise in drilling activities during the forecast period. Expansion in the offshore segment is also projected to augment the sand control systems market during the forecast period. Offshore drilling and exploration activities are rising globally. Furthermore, risks involved in offshore drilling are more as compared to those in onshore drilling.
Cased Hole Likely to be Dominant Well Completion Segment
In terms of well completion, the global sand control systems market has been classified into open hole and cased hole. Cased hole was expected to be the dominant segment of the global sand control systems market in 2018. The open hole segment constituted smaller share of the sand control systems market. However, the segment is projected to expand at a rapid pace during the forecast period owing to the increase in usage of open hole well completion in offshore and deep-water explorations.
Asia Pacific Leads Global Sand Control Systems Market
Based on region, the global sand control systems market has been split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Middle East & Africa dominated the global sand control systems market in 2018. The region has a vast market for sand control systems considering the large-scale production of natural gas and crude oil. The region consists of countries such as Libya, Iran, Iraq, and Kuwait. These countries possess some of the largest proven resources of petroleum in the world. In terms of growth rate, Asia Pacific is anticipated to be the leading region of the global sand control systems market in the near future. The market in Latin America is also projected to expand at a rapid pace; however, political and economic instability are some of the factors likely to restrain the sand control systems market in the region during the forecast period.
High Degree of Consolidation among Market Players
The global sand control systems market is oligopolistic. It is dominated by large-sized players specializing in sand control and other oil-field related services. Key players such as Schlumberger Limited, Baker Hughes, Inc., Halliburton Company, and Weatherford International Limited dominate the sand control systems market. These companies possess high technical expertise. Other players operating in the sand control systems market include Grit Industries, Inc., RPC, Inc., Superior Energy Services, Inc., Variperm Limited, and Welltec A/S.
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Joined: April 16th, 2020
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