Sand Control Systems Market Size & Share Sees Big Growth by 2024
Global Sand Control Systems Market: Overview
The sand control systems consist of devices or equipment that help in eliminating the sand formations and its mixing during the process when the hydrocarbons are extracted. The system plays an important role in the overall completion process and it enhances the performance and the productivity of a well. They also help in eliminating problems such as the downhole cavities and the erosion of the hardware.
Global Sand Control Systems Market: Segmentation
The global sand control systems market is segmented into type, application, and geography. On the basis of the type, the market is segregated into a frac pack, inflow control devices, gravel pack, sand screens and others. Based on the application, the market is categorized into offshore and onshore. Region-wise, the market is diversified into North America, Europe, Asia-Pacific and Rest of the World.
Global Sand Control Systems Market: Growth Factors
The gravel pack segment is expected to grow significantly in the future. The increasing drilling of the oil and gas field in the onshore regions have increased the market demand thus the gravel pack systems are having the largest market share. The second largest market segment is the frac pack system which is followed by sand screen system. The sand control systems are widely utilized in the onshore arena. But the offshore region is also growing in terms of sand control systems market. The offshore completions are better than the onshore as they help in understanding the characteristics of the complex reservoir, enhance the life of rigs and aids in the exploration of the ultra-deep levels. The growing drilling activity in the mid-ocean is also increasing the demand for the sand control systems. The standalone screens segment stand second in terms of the revenue contribution. The increasing demand for the oil and gas has led to the increasing need for more effective production from the wells that exist and also the ones that are new. However, environmental regulations exist in some regions that affect the fracturing and drilling activities which hamper the market growth.
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Global Sand Control Systems Market: Regional Analysis
The sand control systems market is dominated by the North American region which is followed by the Asia Pacific and North America. The increasing demands for the oil production in the US, Mexico, and Canada contributed to the market growth. The European region also has a high demand for the oil production from the North Sea region. In the Middle East and African region countries such as Saudi Arabia, Angola, UAE and Nigeria are major regions where oil production is on a large scale. Hence there are many investors that are investing in the sand control systems market.
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Global Sand Control Systems Market: Competitive Players
The key market players in the sand control systems market include Schlumberger Limited, Weatherford International, Superior Energy Services, Grit Industries, Inc., Halliburton Company, Baker Hughes, Inc., RPC Inc., Welltec A/S and Tendeka.
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