?? Fueling the Future: Key Drivers of the Oil & Gas Separation Equipment Market Growth - IndustryARC?
The global oil & gas separation equipment market is on track to reach a staggering $11.1 billion by 2027, growing at a CAGR of 4.4% from 2022 to 2027. These essential assemblies separate fluid streams into gaseous and liquid components, making them a cornerstone of oilfield operations worldwide.
The fluid components are treated onsite and via pre-processing, before getting allocated to offsite processing or refineries. The heat treaters, two-phase separators, three-phase separators, and degassers are the most common separation equipment that is used in various end-use industries, majorly the oil and gas sector. The oil & gas separation equipment industry is growing due to its rising application in offshore wells, onshore wells, and refineries. Furthermore, the rising oil and gas exploration, hydrocarbon processing, and oil field activities across the world are majorly driving the oil and gas equipment market during the forecast period.
Key Takeaways
Oil & Gas Separation Equipment Market Drivers
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Rising oil production and exploration activities
The rising exploration and production activities for offshore and onshore sites across the world have created a drive in the oil & gas separation equipment market. The increasing production and exploration in the ultra-deep and deep sea are influencing the growth of separation equipment in the oil and gas sector. Moreover, the increasing hydrocarbon yield from shale gas, coalbed methane, tight gas, and others is boosting the demand for the oil &?gas separation equipment market. For instance, the i3 Energy PLC offered an oilfield contract to Baker Hughes for carrying out the drilling at the North Sea. With the growth in oil exploration and production projects across the globe, the application of oil and gas separators in oil production plants will increase in various oil plants across the globe. Thus, with the rise in oil exploration and production activities in major nations such as North America, the demand for oil &?gas separation equipment will rise in the coming years.
Demand for natural gas in fuels use will drive the oil and gas separation equipment market
The demand for natural gas is growing rapidly owing to its various attributes such as power generation, fuel, cooking fuel, electricity, and others. According to the Energy Information Administration, the United States consumed around 30.5 trillion cubic feet of natural gas in the year 2020. The rising demand for natural gas will create a drive in the oil and gas separation equipment market, as natural gas is obtained from onshore or offshore wells, which undergoes the process of separation from other impurities and crude oil. The usage of a three-phase or two-phase separator may be done for generating the gas out of the water, oil, and other impurities. Thus, the growing demand for natural gas consumption will boost the market for oil and gas separation equipment and provide?a better oil & gas separation equipment industry outlook n the coming years.
Oil & Gas Separation Equipment Market Challenges
Issues with handling solid particles and high costs
The installation of oil and gas separation equipment is associated with high costs. It can create a challenge for the market. The purchase cost of three-phase separator equipment can range between $2,500 to $1 million per unit, based on specification and technology. Furthermore, the issue with solid particles handling and other structural complexities can hinder the growth in the oil & gas separation equipment industry. The increased dissolved solid content in the water produced in the tight reserves can create a negative impact on the environment, thereby creating a hindrance in the growth of the oil and gas separation equipment market.
? ?????? ?????????????????? ????????????????: Honeywell | FMC Corporation | Halliburton | Alfa Laval | Frames Group | ProSep | ANDRITZ | ACS Manufacturing, INC | AMACS Process Tower Internals | SEAir | Cameron, a Schlumberger company | Baker Hughes | TechnipFMC | National Oilwell verco | Siemens Energy | GE Oil & Gas | Exterran | Sulzer | Pall Corporation