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What Factors Impacting Sand Control Systems Market Trends?
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Sand control systems play a major role in oil & gas production by eliminating sand. It improves the productivity of the well and lowers economical and safety risks. Sand control systems are deployed according to site requirement and operating practices. The global sand control systems market report by Market Research Future (MRFR) covers drivers, restraints, trends, and challenges faced by the industry for the forecast period (2020-2027). The COVID-19 pandemic and its impact on the market are explored in the market.
Market Scope
The global sand control systems market size is projected to gain revenues at 4.7% CAGR over the forecast period. Fluctuating prices of crude oil as well as increased focus on improving the production of oilfields can drive the market. System installations of sand control systems for lowering overall production costs can influence the market positively. Access to residual reserves in oilfields coupled with technological advances in new techniques can drive the market demand. Offshore oilfields are expected to gain major market share owing to reducing well failure probabilities in ultra deepwater and deepwater wells.
Rise of offshore exploration and production activities due to deviation in demand and supply of crude oil can prove bountiful to the sand control systems market. Major oilfield discoveries coupled with investments by oil & gas companies for acquiring more assets can bode well for the market.
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The COVID-19 pandemic has negatively impacted the sand control systems market due to lockdowns causing a stilt in demand. Shutting down of production and exploration activities in the oil sector can hamper the market. But challenges of plugging of perforation tunnels and failure of downhole and surface equipment can impede the market growth.
Segmentation
By technique, the market has been segmented into sand screens, gravel pack, frac pack, inflow control devices, and others. The gravel pack dominated the technique segment of the sand control systems market due to the increased drilling of oil and gas fields in the onshore regions. It is implemented in offshore and onshore oilfields. Gravel packs can expand the production surface area of the well and stabilize sand formation. But the inflow control devices segment is projected to grow at the fastest rate during the forecast period.
On the basis of well type, the market has been divided into onshore and offshore. Onshore dominates the well type segment of the market. Existence of huge onshore oil & gas wells is the major driving factor of the onshore segment in the sand control systems market. Installation of gravel packs for filtering sand during production in the Permian basin can drive the segment growth. Offshore segment is projected to be the fastest growing segment during the forecast period mainly due to rising deep & ultra deepwater drilling activities globally.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions analyzed in the global sand control systems market.
APAC had captured maximum market shares in 2017. Large population and rapid industrialization can drive the demand for energy, which in turn can drive the demand for sand control systems. Rise in oil exploration and production activities in Indonesia, Myanmar, Australia, and Malaysia can bode well for the market. Large imported quantities of crude oil had provided a novel growth opportunity for sand control system equipment dealers. Implementation of these systems had increased process efficiency and prevented equipment from damage.
Competitive Landscape
National Oilwell Varco, Baker Hughes Incorporated, Weatherford International, Halliburton Inc., and Schlumberger Limited are key players of the global sand control systems market. Other players include Packers Plus Energy Services Inc., Oil States International, Tendeka, Welltec, and Superior Energy Services, Inc. Agreements, partnerships, acquisitions & expansions, and product launches are key strategies deployed by players to gain the edge in the market.
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