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Wilmington, Delaware, United States, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the market value of sand control systems was clocked at US$ 3.3 Bn. Insights on the Sand Control Systems Market anticipate the market to expand at a CAGR of 3.96% during the forecast period, from 2022 to 2031. The global sand control systems market is anticipated to attain value of US$ 4.9 Bn by 2031. Due to an increase in shale development operations and increasing output from new wells, the global sand control systems market is expected to grow. It is anticipated that the oil and gas industry will conduct more exploration and production operations due to considerable population rise, and an increasing demand for petroleum products in developing nations. As a result, it has become crucial for oil producers to properly extract oil and gas from wells and attain higher output. Sand control systems are useful for doing this.
The global crude oil crisis has caused a decrease in the number of drilling rigs during the past several years. Exploration and drilling operations have been affected by this. When primary or secondary oil recovery methods fail to recover oil, it must be extracted via enhanced oil production. Global oil companies are likely to use cutting-edge manufacturing methods including sand control strategies to improve rig operations. In turn, it is predicted that this will drive sales of sand control systems market in the coming years to counteract the falling price of crude oil.
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Key Findings of Market Report
- It is projected that increased offshore production and development activities will increase demand for sand control systems. Major oilfield service companies are concentrating on innovations in sand management techniques to increase their revenue opportunities.
- In terms of well completion, the cased hole market category generated highest revenue in 2021, accounting for 65.0% of the overall market. The category is anticipated to hold market share for sand control systems during the forecast timeframe. The inflow of gas, water, sand, and various other formation fluids is naturally reduced as cased hole wells are correctly cemented, which is a natural phenomenon. Consequently, less sand management is needed.
- Sand control systems are needed for new oil and gas finds to regulate and block wells from generating sand. As a result, it is predicted that the market for sand control systems will further observe growth due to newly found and potential oil and gas deposits.
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Global Sand Control Systems Market: Growth Drivers
The most popular method for sand management is gravel packing, according to technique. With a 43.9% market share in 2021, the gravel packing category led the overall sand control systems market. The down-hole filter produced by the gravel packing process limits sand generation and access into the well. The versatility of the technique makes it a popular choice.
The global market for sand control systems was dominated by the Middle East and Africa in 2021, accounting for 32.8% of its global value share. The segment is anticipated to lead the global sand control systems market throughout the projected period. The world's top crude oil producers are in the Middle East and Africa. The regional market for sand control systems in the area is being driven by this factor.
Global Sand Control Systems Market: Key Players
Some of the key market players are
- Superior Energy Services, Inc.
- Weatherford International plc.
- The 3M Company
- Schlumberger Limited
- Grit Industries, Inc.
- Halliburton Company
Global Sand Contro l Systems Market: Segmentation
- Gravel Packing
- Stand Alone Screens
- Resin Coated Gravel
- Plastic Consolidation
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services . The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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