The changing dynamics in Sand Control Systems Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Sand Control Systems Market.
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Sand Control Systems Market
It was estimated prior to this unanticipated outbreak that the Sand Control Systems Market will reach CAGR of 4.0 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Sand Control Systems Market Insights
Sand Control Systems Market is likely to witness an impressive CAGR of 4.0% during the forecast period. Rising oil & gas production, high day rates of offshore rigs, escalating drilling activities in the Asia-Pacific region, ease of drilling and production of gas and growth in number of wells are the prime factors driving the growth of the sand control systems market.
Sand Control Systems Market Share: By Technique Type
Based on the technique type, the market is segmented as gravel pack, frac pack, sand screens, inflow control devices, and others. The gravel pack segment led the sand control systems market in 2019, and is estimated to govern the market during the forecast period. Increasing drilling of epidemic oil and gas fields in onshore regions across the world attributed for the largest market share of the gravel pack segment in 2019. The inflow control devices segment is likely to register the fastest growth during the forecast period. Increasing age limit of the well and reduction in expenditure are the main factors driving the inflow control technique segment of the sand control systems market during the forecast period.
Sand Control Systems Market Share: By Well Type
Based on the well type, the market is categorized as open hole and cased hole. The cased hole segment dominated the market in 2019. The open hole segment is expected to offer lucrative growth opportunities during the forecasted period. The segment shows the increasing adoptability in deep water and offshore oil projects owing to progress in demand for reliable installations and to ensure productivity of wells for a longer period of time.
Sand Control Systems Market Share: By Application Type
Based on the application type, the sand control systems market is segmented as onshore and offshore. The onshore sub-segment dominated the market in 2019, and is estimated to dominate the market during the forecast period driven by the vast presence of oil & gas reserves and growing dependency on conventional oil & gas. The offshore application segment is expected to register a faster growth during the forecast period.
Sand Control Systems Market Share: By Region
In terms of regions, the market in the Asia-Pacific region dominated the global sand control systems market in 2019. Increasing economies of developing countries, such as Australia and China, mounting governmental support in oil & gas industry, and growing private investments to support new drilling activities are expected to drive the sand control systems market in the Asia-Pacific region.
Some of the major players in the sand control systems market are Baker Hughes, Halliburton, Schlumberger, Weatherford, and National Oilwell Varco, among others.