(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Stakeholders are keenly adopting modular approaches and technologies to accelerate time to first oil and gas for clients. Their use in onshore and offshore applications is continuously expanding the avenue of the . Oil & gas producers are increasingly seeking to meet the production commitments along with capital expenditure limitations in both onshore and offshore projects. The global valuation of the early production facility market is projected to exceed revenue of US$ 9.68 Bn by 2030.
Installation of cost-effective early production facility (EPF) has spurred the revenue prospects of the early production facility market. Clients have gained from the EPFs that have not encountered any NPT or HSE incidents for the past four years or more, observed the analysts in an in-depth study on the early production facility market.
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The adoption of EPF technologies for meeting the requirements of produced water treatment in oil and gas recovery operations is creating abundant profitable avenues, assert the authors of the TMR study.
Key Findings of Early Production Facility Market Study
Demand for EPF for Produced Water Treatment to Contribute Sizable Revenues: Widespread deployment of system in EPF for produced water treatment application has generated massive revenues in the early production facility market. Clients who need data on reservoir characteristics for conventional well testing equipment have exhibiting steady demand for services in the early production facility market. Growing trend of rapidly aging oil and gas facilities and onshore fields has nudged oil and gas companies to shift their focus on offshore projects. Early production facility solutions for such projects are catalyzing revenue possibilities in the early production facility market.
Growing Number of Offshore Oil & Gas Reserves Spurring Demand: Rise in number of offshore oil and gas reserves on the back of enormous investments in such projects world over in recent years. The demand for EPF has risen in upstream oil & gas industry, and has boosted the outlook of the early production facility market. Substantial demand for flexible and scalable designs of EPF for multiple production stages has underpinned profitable opportunities for solution providers in the early production facility market to capitalize on.
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Early Production Facility Market: Key Drivers
Strides being made by petrochemical projects in developing regions have underpinned massive investments in setting a diversified and resilient oil production infrastructure. The drive for the early production facility market stems from this need, asserted the TMR study.
Global investments for offshore oil and gas are expected to rise in the next few years. The spate of investments in recent years have expanded the prospect for the early production facility market.
Early Production Facility Market: Regional Growth Dynamics
The Asia Pacific early production facility market is witnessing the demand for low-cost EPFs has been proliferating. The installation of EPF is expected to thrive on the back of the rising consumption of transportation fuels in emerging economies of the region. Strides being made in commercial transportation are catalyzing the revenue possibilities in the Asia Pacific market.
North America has been a remarkable lucrative region in the global early production facility market. Rise in production of shale oil & gas in the U.S. has spurred industry investments in the regional market.
The TMR study has found that the Middle East & Africa is another profitable early production facility market with enormous revenue streams. The region has presence of vast of reserves.
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Early Production Facility Market: Key Players
Some of the key players in the global early production facility market are Global Process Systems, Green Valley Oil Services, Roska DBO Inc., Schlumberger Limited, Expro Group, Petrocil Engineers and Consultants, Weatherford, and Halliburton.
Global Early Production Facility Market: Segmentation
Early Production Facility Market, by System
Two & Three Phase Separation Gas Dehydration Gas Sweetening Dew Point Control Unit Oil Dehydration, Desalting & Heating Produced Water Treatment Flare System Others (including Amine Plants, Storage & Laboratory Services, Remote Monitoring, and Process Automation)
Early Production Facility Market, by Capacity
Up to 10,000 BOPD 10,001 – 30,000 BOPD 30,001 – 50,000 BOPD
Early Production Facility Market, by Application
Early Production Facility Market, by Region
North America Europe U.K. Norway Netherlands Russia & CIS Rest of Europe
Asia Pacific China Australia India ASEAN Rest of Asia Pacific
Middle East & Africa GCC Countries Egypt Angola Rest of Middle East & Africa
Latin America Brazil Mexico Rest of Latin America
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