Offshore Sector is Expected to Dominate the Global Solid Control Equipment Market
Increasing
demand for energy and growing concerns regarding the safety and environmental
impact of drilling and waste management are major factor attributable to the growth of the
market.
According
to TechSci Research report, “Global Solid Control Equipment Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Solid Control Equipment is anticipated to
project robust growth in the forecast period with a CAGR of 9.63% through 2028, factors such as increasing
demand for energy and growing concerns regarding the safety and environmental
impact of drilling and waste management are expected to drive the global
market.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on " Global Solid Control Equipment Market"
Based
on Location of Deployment, Offshore
segment is expected to dominate the market during the forecast period. Solid
control equipment is used in the oil & gas upstream sector to separate the
solid particles of the drilling fluid. The activity helps a drilling operator
reuse the drilling fluid without disposing of it in the environment. Solid
control equipment consists of several processes. The most widely used are shale
shaker, desander, desilter, and vacuum degassers. A centrifuge is another
process in the solid control equipment primarily used to segregate solid
particles of around 5 microns.
As
of December 2022, there are nearly 623 active offshore drilling rigs worldwide.
With active participation from countries like Brazil concentrating more on
offshore activities due to its high presence of hydrocarbon reserves in
offshore locations, the sector is likely to grow significantly during the
forecast period.
In
August 2022, The Nigerian National Petroleum Company (NNPC) Limited, Nigeria's
state-owned oil firm, renewed its oil production sharing agreements with
international oil companies Shell, Equinox, Chevron, ExxonMobil, China's
Sinopec, and Nigerian firm South Atlantic Petroleum for five deep-water blocks.
The company aims to produce up to 10 billion barrels of oil over the next 20
years. NNPC jointly and separately owns the OML 128, 130, 132, 133, and 138
blocks. In March 2022, Petronas signed four new Production Sharing Contracts
(PSCs) for five offshore blocks – located off the coast of Sabah and Sarawak.
Additionally, in February 2021, Petronas signed PSCs for five offshore
exploration blocks – SB412, 2W, and X, located off the coast of Sabah, and SK439/SK440
off the coast of Sarawak. Hence, owing to the above factors, the offshore
segment is expected to aid the growth of the solid control equipment market
during the forecast period.
Based
on Region, North America plays a significant role in the global Solid Control
Equipment market, North America is a leading region with a significant presence
in the oil & gas industry. The region is the second-largest contributor of
crude oil after the Middle East. North America contributed to around 26.6% of
global crude production during 2021.
With
the increasing number of oil & gas projects in countries such as the United
States, Canada, and Mexico, the region is likely to witness robust growth in
the coming years. The United States is one of the largest producers of crude
oil and natural gas, accounting for around 18.5% and 23.1% of global
production, respectively, in 2021. The United States has one of the largest,
technically-recoverable shale gas reserves and the second-largest tight oil
reserves in the world. The technological developments in hydraulic fracturing
have supported the oil & gas drilling activities in the onshore region,
resulting in high demand for solid control equipment.
Moreover,
as of January 2023, North America has nearly 771 active drilling rigs using
solid control equipment on both onshore and offshore platforms. With upcoming
projects like Constellation in the United States Gulf of Mexico, the country is
expected to have further uses of solid control equipment during the upcoming
years. Canada, on the other hand, is the second-largest producer of oil and gas
in the region. The oil and gas industry is important to the country’s economy.
Oil sands remain its primary source of hydrocarbon production, comprising over
90% of the country's total oil reserves. Therefore, based on the above factors,
the North American region is expected to dominate the solid control equipment
market.
Key
market players in the Global Solid
Control Equipment Market are following:-
- Schlumberger
Limited
- Halliburton
Company
- Weatherford
International Plc
- Baker
Hughes Company
- GN
Solids Control
- Derrick
Corporation
- KES
Energy Equipment Manufacturing Hebei Co. Ltd
- China
Petroleum Technology & Development Corporation (CPTDC)
- KOSUN
Machinery Co. Ltd
- ORS
International Ltd
Download
Free Sample Report
Customers can also request for 10% free customization on
this report.
“The
global solid control equipment market is driven by several key factors that
collectively contribute to its growth and expansion. Firstly, the increasing
demand for energy, particularly in the oil and gas sector, fuels exploration
and drilling activities. Solid control equipment is crucial for maintaining
drilling efficiency and managing drilling fluids and cuttings, making it
indispensable in this industry. Stringent environmental regulations represent
another major driver. These regulations require responsible waste management
and environmentally friendly drilling practices, propelling the adoption of
solid control equipment to meet compliance standards. Technological
advancements enhance the efficiency and effectiveness of solid control
equipment, attracting industries seeking to optimize their drilling processes.
Additionally, cost reduction and operational efficiency drive companies to
invest in solid control systems, as they help minimize drilling fluid costs and
reduce environmental impact. The expansion of infrastructure development
projects, the growth of horizontal and directional drilling techniques, and the
emergence of renewable energy sources like shale gas further boost the demand
for solid control equipment. These drivers collectively ensure a promising
outlook for the global solid control equipment market.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management consulting firm.
Solid Control
Equipment Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented Type (Shale Shaker, Desander, Desilter, Vacuum Degasser,
Centrifuge, and Other Types), Location of Deployment (Onshore and Offshore), By Region, Competition
2018-2028 has
evaluated the future growth potential of Global Solid Control Equipment Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Solid Control Equipment Market.
Contact
Mr. Ken Mathews
Techsci Research
LLC
420 Lexington
Avenue, Suite 300,
New York, United
States- 10170
Tel:
+1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com