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.
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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.
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Some of the key topics covered in the report include:
Five Forces Analysis
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