Sand Control Solutions Market New Revenue Pockets:
The global sand control solutions market is projected to reach USD 3.2 billion by 2025 from an estimated USD 2.1 billion in 2020, at a CAGR of 8.9% during the forecast period. Efforts to increase reserve to production ration from the wells and development of unconventional reserves are the key factors driving the growth of the sand control solutions market. Likewise, the increasing offshore exploration & production as well as subsea activities are expected to offer lucrative opportunities for the sand control solutions market during the forecast period.
Key Market Players –
Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Weatherford (Switzerland), Superior Energy Services (US), Oil States International (US), Anton Oilfield Services (China), China Oilfield Services (China), Tendeka (UK), RGL Reservoir Management (Canada), KATT GmBH (Germany), MiddleEast Oilfield Services (Kuwait), Variperm (Canada), Mitchell Industries (US), Siao Petroleo (Brazil)
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North America is expected to grow at the highest CAGR during the forecast period. North America includes the US, Canada, and Mexico. North America is one of the key regions to produce oil & gas because of high production activities in the US and Canada. According to the BP Statistical Review of World Energy 2020, the US increased its oil production by 11% in 2019 from 2018. The US government plans to double the oil and gas production activities by lifting regulations on oil & gas production and drilling on federal land. According to FracTracker Alliance (an association that tracks drilled wells), the total number of active wells in the US are 1,666,715. Most of these wells are in the states of Texas, California, Illinois, and Missouri. Also, Tight oil and shale gas are emerging as important new sources of energy in the US and Canada. Technological advancements in drilling, such as long-reach horizontal well bores, and completion techniques, such as multi-stage hydraulic fracturing, are expected to increase the supply of crude oil in North America. This will drive the market for sand control solutions in North America as sand control solution are required for minimizing the sand production from wells and near wellbores. The sand control method is selected based on site-specific conditions, operating practices, and economic considerations. This will further increase the market for customized solutions for sand control equipment and services in the North American region
The sand control solutions market, by location, is segmented into conshore and offshore. The onshore segment is projected to grow at the highest CAGR from 2020 to 2025. Onshore oil & gas wells are predominantly present in regions such as North America, the Middle East, and Africa. According to the US Department of Energy estimates, there are 89 billion barrels of additional oil trapped in onshore reservoirs. Due to the presence of vast onshore oil & gas wells and increased dependency on conventional oil & gas, which is the most profitable and convenient to way meet the energy demand.
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The report segments the sand control solutions market, by application, into open hole and cased hole. The cased hole segment is expected to grow at the highest CAGR during the forecast period owing due to technical reasons relating to the stability of the hole. Growing productivity from maturing wells and unconventional reserves are major factors driving the demand for cased-hole well completion during the forecast period
On the basis of type, the sand control solutions market is segment into gravel pack, frac pack, sand screens, inflow control devices and others. The sand screens segment is expected to grow at the fastest CAGR during the forecast period owing to the characteristics such as they can be easily installed in the wellbore. They help in reducing sand influx, plugging, and the migration of fine particles. Moreover, they also reduce the risk of wear and tear, and the erosion of downhole equipment.
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Report Objectives:
- To define, describe, segment, and forecast the sand control solutions market by location, application, well type, type, and region
- To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the sand control solutions market with respect to individual growth trends, future expansions, and contribution of each segment to the overall market
- To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
- To forecast the growth of the sand control solutions market with respect to five regions (Asia Pacific, Europe, North America, South America, Middle East, and Africa)
- To profile and rank key players and comprehensively analyze their market share
- To track and analyze developments such as contracts & agreements, investments & expansions, new product developments, mergers & acquisitions, partnerships, collaborations, alliances, and joint ventures in the sand control solutions market
