Global Sand Control Systems Market 2018-2022| Increase in Oil Rig Count Drives Growth| Technavio
Technavio
analysts forecast the global sand control systems market to grow at a
CAGR of nearly 4% during the period 2018-2022, according to their
latest market research report.
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Technavio has published a new market research report on the global sand control systems market from 2018-2022. (Graphic: Business Wire)
The rising investments in renewable energy is one of the major trends
being witnessed in the global
sand control systems market. The advancement from fossil fuels
to renewable resources such as wind energy and solar energy is the key
to achieve economic, social, and environmental development. According to
a research, the global energy investments in 2016 was more than USD 1.7
trillion.
This report is available at a USD 1,000 discount for a limited time
only: View
market snapshot before purchasing
In this report, Technavio analysts highlight the increase in oil rig
count as a key factor contributing to the growth of the global sand
control systems market:
Global sand control systems market: Increase in
oil rig count
In 2014, the global rig count was at its peak as the crude oil price was
trading over USD 110/bbl. Several exploration and drilling projects were
underway, and new projects were in their planning stage. Some other
projects were beginning their production stage. But, the reduction in
crude oil prices led to low profitability for upstream companies and had
a severe impact on the cash-flow of the company. New drilling and
production projects were kept on hold till the oil prices stabilized.
According to a senior analyst at Technavio for oil and gas,
“With the gradual stabilization in crude oil prices and the increase in
rig count, the exploration and drilling projects that were initially on
hold are expected to resume. In addition, the increase in new
exploration and drilling projects is likely to propel the sand control
systems market growth during the forecast period.”
Global sand control systems market- Americas
tops the geographical segment
This market research report segments the global sand control systems
market into the following applications (onshore and offshore) and key
regions (the Americas, APAC, and EMEA). It provides an in-depth analysis
of the prominent factors influencing the market, including drivers,
opportunities, trends, and industry-specific challenges.
Of the two major applications, the onshore segment held the largest
market share in 2017, contributing to approximately 69% of the market.
The market share occupied by this segment is expected to decrease by
more than 1% by 2022. However, this application will dominate the global
market throughout the forecast period.
The Americas was the leading region for the global sand control systems
market in 2017. It accounted for a market share of over 51%. This region
is anticipated to witness steady growth during the period 2018-2022.
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