Increasing exploration and production activities, rising demand for oil and gas globally, and increasing investment in refining are key factors driving market growth
Market Size – USD 8.30 Billion in 2020, Market Growth – at a CAGR of 4.5%, Market Trends – Increasing growth of petroleum industry in developing countries
The global Oil & Gas Separation Equipment Market size is expected to reach USD 11.81 Billion by 2028 and register a CAGR of 4.5% over the forecast period, according to a latest report by Reports and Data. Increasing oil and gas exploration activities and rising demand for hydrocarbon processing onsite are key factors expected to continue to drive market revenue growth over the forecast period. Increasing focus of oil companies on improving productivity of oil and gas wells to meet growing global demand for oil and gas is another key factor expected to continue to drive market growth going ahead.
Oil and gas separator is a pressure vessel used to separate well streams into liquid and gas components. Oil and gas separators are typically installed in onshore processing units and offshore platforms. Separators are necessary to generate oil and gas streams that conform to pipeline requirements. In addition, extracted hydrocarbons are generally mixed with gas, oil, water, mud, and other liquid or solid particles. Separation of hydrocarbons from impurities is important before it can be converted to fuel. Increasing need for efficient separation equipment to maintain optimum pipeline and fluid quality have been booting demand for oil & gas separation equipment and this is expected to further drive market growth over the forecast period.
Increasing standardization of separation levels and increasing exploration and production activities in deep and ultra-deep sea have further boosted demand for separation equipment and this is expected to fuel revenue growth of market over the forecast period. However, high costs associated with installation of oil and gas separation equipment and complexity of equipment are expected to hamper market growth to a certain extent over the forecast period.
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Prominent companies in the market include Worthington Industries, Alfa Laval, Amacs, Burgess-Manning, Inc, ACS Manufacturing Inc., Godrej Process Equipment, Honeywell, ATLAS Oil & Gas Process Systems Inc, Valerus, eProcess Technologies Pty. Ltd, HAT International, Fenix Process Technologies, and Doyle Dryers LLC.
Some Key Highlights From the Report:
Three-phase separators segment is expected to account for largest revenue share in the global market during the forecast period. This can be attributed to increasing advantages of three-phase separators such as optimum pressure and liquid sealing. Increasing production of oil from resources such as shale reserves is a key factor expected to contribute to revenue growth of this segment.
Horizontal segment revenue is expected to expand significantly over the forecast period owing to increasing use in onshore wells, ability to handle high flow rates, and for being relatively easier to clean and maintain as compared to others.
Centrifugal technology segment is expected to dominate other technology segments in terms of revenue share over the forecast period owing to ability to allow efficient separation of liquid mist from gas.
North America is expected to register a revenue CAGR of 4.2% over the forecast period attributable to increasing offshore exploration and production activities, rapid increase in shale gas and tight oil exploration, and growing demand for oil and gas in countries in the region. In addition, robust presence of key companies in the region is expected to further drive market growth.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/oil-and-gas-separation-equipment-market
For the purpose of this report, Reports and Data has segmented the global oil & gas separation equipment market based on product, configuration, technology, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
Configuration Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East & Africa
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Sr. Research Analyst at Reports and Data