The global sand control systems market is extremely consolidated in nature, with a presence of a few companies holding a massive share of the overall market, states a research study by Transparency Market Research (TMR). In 2015, the leading players in the global sand control systems market, namely Halliburton Company, Schlumberger Limited, Weatherford International, and Baker Hughes, Inc. held a share of around 92% of the overall market. These players are projected to remain in the leading position throughout the forecast period and make notable efforts to sustain in the competitive environment in the near future. The rising focus of leading players on new product development and innovations is predicted to supplement the growth of the global sand control systems market in the coming years.
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According to the research study by Transparency Market Research, in 2015, the global market for sand control systems was worth US$3,222.5 mn and is likely to reach a value of US$5,372.8 mn by the end of 2024. The market is likely to register a healthy 5.80% CAGR between 2016 and 2024.
Increasing Oil and Gas Drilling Activities to Bolster Asia Pacific Sand Control Systems Market
Among the key regional segments, Asia Pacific is anticipated to lead the global sand control systems market and register a healthy growth rate in the forecast period. The high growth of this region can be attributed to the ongoing gas and oil completing and drilling activities in several nations, such as Myanmar, Indonesia, Australia, and Malaysia. In addition, the robust rate of industrialization and the tremendously rising population are some of the other key factors that are estimated to encourage the growth of the sand control systems market in Asia Pacific. Furthermore, the Middle East and Africa is predicted to witness a strong growth in the global sand control systems market in the next few years.
On the basis of technique, the gravel packing segment is estimated to grow substantially in the next few years and retain the leading position throughout the forecast period. As per the research study, this segment is expected to register a progressive growth rate in the next few years, Furthermore, the standalone screens segment is anticipated to remain in the second position in the global market. The key factors encouraging the growth of these segments have been listed in the scope of the research report.
Emergence of Innovative Sand Control Techniques to Encourage Growth
The rising demand for the enhancement of oil production and boost its efficiency are some of the key factors that are estimated to fuel the growth of the global sand control systems market in the next few years. In addition, the rising focus on technological developments and innovations in sand control techniques are expected to accelerate the growth of the overall market in the near future. Furthermore, the emergence of advanced techniques is projected to allow operators to offset deep-water challenges, which is likely to supplement the market’s growth in the coming years.
Increasing Number of Oil and Gas Reserves to Accelerate Market Growth
The global sand control systems market, on the other hand, is predicted to face several challenges throughout the forecast period. The rising difficulty in balancing cost of sand control with the economic viability of deep-water wells is estimated to restrict the growth of the overall market in the next few years. Nonetheless, the availability of a large number of proven oil reserves and the recently discovered oil and gas reserves are expected to offer several growth opportunities for the key players operating in the global market for sand control systems in the next few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Sand Control Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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The global sand control systems market has been segmented as below:
Global Sand Control Systems Market, by Technique Analysis
-Resins Coated Gravel
Global Sand Control System Market, by Geography
-Rest of Europe
-Rest of Asia Pacific
-South and Central America
-Rest of South and Central America
-Middle East & Africa (MEA)
-Rest of MEA