The latest market report published by Credence Research, Inc. “Oil & Gas Separation Equipment Market, By Product Type, By Technology and By Geography- Growth, Future Prospects and Competitive Analysis, 2016 - 2024,” the global oil & gas separation equipment market was valued at US$ 6.7 Bn in 2016, and is expected to each US$ 9.6 Bn by 2024, expanding at a CAGR of 4.6% from 2016 to 2024.
Browse the full Oil & Gas Separation Equipment Market - Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/oil-and-gas-separation-equipment-market
Global oil & gas separation equipment market is projected to gain momentum with growing demand for fossil fuel, increasing exploration and production investment, increasing refining capacity and growing environmental concerns over the emission of greenhouse gases. Further, favorable regulatory policies of U.S. and Chinese government for shale gas and offshore reserves exploration is expected to encourage the exploration and production activities of non-conventional resources which in turn is anticipated to drive the demand for oil & gas separation equipment during the forecast period. However, high cost of installation is expected to remain the key challenge for the global oil & gas separation equipment market during the forecast period (2016-2024).
North America is projected to be the most dominant market in global oil & gas separation equipment market due to growing exploration and production of conventional and non- conventional resources such as shale gas, tight oil and coal bed methane in the region which in turn is expected to drive the demand of oil & gas separation equipment in the region. Growing exploration and favorable regulatory support in China, Indonesia, Vietnam and Malaysia is anticipated to fuel the demand for oil & gas separation equipment in Asia Pacific. Russia and other countries of Eastern Europe is expected to witness significant rise in exploration and production of hydrocarbons which in turn is expected to augment the demand of oil & gas separation equipment in Europe over the forecast period (2016-2024).
By product type, three phase separators was the most dominant segment in 2016 and anticipated to continue its dominance of over the forecast period. Increasing exploration and production of shale gas and tight oil along with its ability to deal with solid particles is anticipated to drive the growth of the segment during the forecast period (2016-2024). Scrubbers segment is projected to be the fastest growing segment during the forecast period. Growing environmental concerns of the emission of greenhouse gases influencing governments to adopt stringent regulations over maximum particulate and greenhouse gases emission which in turn is projected to fuel the adoption of scrubbers.
By technology, gravitational separation segment was observed to be the largest segment in 2016 in oil & gas separation equipment market owing to wide adoption of the gravitational separation method due to its effectiveness and lower operating cost. Advancement in technology along with growing exploration and production of nonconventional shale gas and tight oil along with growth in the variety of crude has derived the need for the multi fluid phase separation which in turn is projected to drive the growth of the centrifugal technology segment. The centrifugal technology segment is projected to be the fastest growing segment during the forecast period (2016-2024).
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Considering the competition, the global oil & gas separation equipment market is expected to witness a significant rise in investment in R&D for the development of efficient separation process. Further, market has witnessed strategic mergers and collaborations among oil & gas separation equipment vendors. Such growth strategies are focused on augmenting their product portfolio or increase their market penetration in key oil producing economies.
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