Global Frac Tree Market 2019-2023| Increasing Applications of IoT in the Oil

Posted by sarahbennu on March 24th, 2020

The global frac tree market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio. A key factor driving the growth of the market is the growing investments in shale oil and gas. Shale is a low permeability sedimentary rock formation, which contains trapped oil and gas. The hydraulic fracturing process is used to harness oil and gas from shale rocks. By using a combination of water, sand, detergents, and other stimulating fluids, pressure is applied on these rock formations to fracture the rock and allow the oil and gas to rise to the surface where it is collected for processing.

Global Frac Tree Market 2019-2023

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In this report, Technavio highlights the increasing applications of IoT in the oil and gas industry as one of the key emerging trends in the global frac tree market:

Global frac tree market: Increasing applications of IoT in the oil and gas industry

During the well drilling process, oil and gas E&P activities generate a large amount of data. The integration of automation in drilling activities is being applied to various parts of the drilling process to improve efficiency by integrating the latest technology into the processes. In order to meet the growing demands of the industry and reduce safety concerns, GPS, sensors, wireless communication, real-time data acquisition, and innovations in equipment are being implemented.

“Though safety aspect is the prime motive behind drilling automation, economic benefits of automation are also gaining popularity, leading to the increased adoption of automation. The incorporation of IoT in industrial operations for improved processing and automation provides an analytical as well as a calculated approach to oil and gas production. This decreases the risk, reduces non-productive time, and lowers the uncertainty in the process,” says a senior analyst at Technavio for research on oil and gas.

Global frac tree market: Segmentation analysis

This market research report segments the global frac tree market by application (onshore and offshore) and geographical regions (the Americas, APAC, and EMEA).

The onshore segment held the largest market share in 2018, accounting for nearly 97% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The Americas led the market in 2018 with a market share of nearly 91%. This region is expected to dominate the market until 2023.

Technavio has released a new market research report on the global frac tree market for the period 2019-2023. (Graphic: Business Wire)

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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