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Oil & Gas Separation Equipment Market Overview
The oil & gas separation equipment market size is expected to reach US$11.1 billion by 2027 after growing at a CAGR of around 4.4% from 2022 to 2027. The oil and gas separation equipment are referred to as assemblies that are used in separating a good stream into gaseous and liquid elements. 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.
COVID-19 Impact
The oil & gas separation equipment market had faced major impacts and disruptions during the covid-19 pandemic. The oil and gas separation equipment is majorly used in the oil & gas industry for separating solid impurities from crude oil. The oil and gas industry was affected by the pandemic due to restrictions in production activities, supply disturbances, and falling oil demand across the world. Moreover, various oil and gas companies faced major disruptions and a temporary halt in oilfield activities, resulting in low crude oil production. According to the United States Energy Information Administration, U.S crude productions saw a fall of 8% in 2020, down by 935,000 barrels per day compared to the year 2019. The falling crude oil productions and halted oil explorations led to a decline in the demand for oil and gas separation equipment and its applications in major end-use sectors. Thus, with the falling consumption and production for crude oil and a major decline in the oilfield activities during the covid-19 outbreak, the market for oil and gas separation equipment saw a drastic fall in 2020.
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Oil & Gas Separation Equipment Market Segment Analysis – By Equipment Type
By equipment type, the three-phase separator is expected to have the largest share of more than 42% in 2021 and is expected to dominate the oil & gas separation equipment market in the coming years. The three-phase separator is majorly used in the oil and gas industry to separate petroleum from the water component. The demand for three-phase separator equipment is growing due to rising oil production and oilfield activities. According to the India Brand Equity Foundation (IBEF), the Oil and Gas sector in India is expected to receive USD 25 billion for exploration and production activities by the year 2022. This equipment uses gravity for separating the fluid into oil, gas, and another water phase. It offers an advantage over other equipment types such as liquid sealing and optimized pressure. Thus, with the rising oil and gas production and exploration activities, the demand for three-phase separators equipment types will grow in the coming years.
Oil & Gas Separation Equipment Market Segment Analysis – By Technology
By technology, the gravitational separation is expected to have the largest share of 35% in 2021 and is expected to dominate the oil & gas separation equipment market share in the coming years. It is the most used technique for oil and gas separation and offers effective separation for both onshore and offshore processing. The gravitational separation technology is used by various oil treating equipment for the separation of water from the oil. Moreover, the data by Indian Oil states that more than 20 E&P blocks have been built, with 11 E&P blocks overseas, and 9 E&P blocks domestic. Most of the separation equipment uses gravitation separation technology for providing sufficient volume to the gas space. The efficiency of gravity separators is beneficial for defining various separation parameters. Furthermore, the three-phase separators majorly use the gravitational separation technology for separating liquid, gaseous, and solid components in onshore wells, offshore wells, and other oil production plants. Thus, with the rise in exploration and production in oil and gas wells, the gravitational separation technology will hold a major growth share in the forecast period.
Oil & Gas Separation Equipment Market Segment Analysis – By Application
By application, the onshore wells segment is expected to have a growing share of over 38% in 2021 and is expected to boost the oil & gas separation equipment industry in the coming years. The application of oil and gas separation in an onshore segment is growing due to the rising investment in gas assets and subsea oil. It also includes application such as natural gas processing and other units which requires separation. The onshore wells segment is driven by the increasing investment in the deep sea and ultra deep sea units. With the growth in onshore oil wells and production, the use of oil and gas separation equipment is anticipating a major demand in the market. The separation equipment is widely used for separating natural gas, oil, and other constituents from impurities. According to the Ministry Of Petroleum And Natural Gas, the total natural gas onshore production was 12,355 thousand metric tons in 2019-20. Furthermore, the demand for oil and gas separation equipment is high in onshore oil wells, due to the growth in the upstream oil and gas sector, hence contributing to the growth of onshore application during the forecast period.
Oil & Gas Separation Equipment Market Segment Analysis- By End-Use Industry
By end-use industry, the natural gas industry segment is expected to have the largest share of more than 41% in 2021 and is expected to grow the oil & gas separation equipment market in the forecast period. The rise in consumption of natural gas as a fuel is influencing the demand for oil and gas separation, as the natural gas is extracted along with the crude oil, which requires the separation from crude, and other solid mixtures. The oil and gas separation equipment is mostly used in the upstream wells where the natural gas and crude oil are in the same well. According to the Energy Information Administration, natural gas consumption in the United States accounted for an average of 83 billion cubic feet per day for the year 2021. The oil and gas separation equipment has rising applications in the onshore and offshore sites, and it dominates the onshore processing activities. With major applications of oil & gas separation equipment in onshore and offshore wells, the natural gas sector will hold a massive growth share during the forecast period.
Oil &Gas Separation Equipment Market Segment Analysis – By Geography
By geographical analysis, North America holds the largest share of more than 45% in the oil & gas separation equipment market for the year 2021. The rising oil exploration and production activities in North America are influencing the demand for the oil & gas separation equipment market in this region. The development of offshore and onshore reserves, along with tight oil and shale gas exploration is influencing the growth of oil and gas separation equipment. Furthermore, the rising capitalization of the existing oilfields will drive the market in this region. The increasing coal bed methane production and shale plays are anticipating the demand for oil and gas separators. According to the Energy Information Administration (EIA), the United States holds the top position in oil-producing, with 18.6 million barrels per day, accounting for a 20% share of the total world’s production. With the rising offshore and onshore E&P activities, the demand for oil and gas separators will rise, thereby making North America the fastest-growing region in the global oil & gas separation equipment industry in the coming years.
Oil & Gas Separation Equipment Market Drivers
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.
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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.
Oil & Gas Separation Equipment Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies that are adopted by the dominant players in the market. Oil & Gas Separation Equipment top 10 companies include:
Recent Developments
In February 2019, McDermott secured the FEED contract from the company named Woodside Energy. The company also offered a floating production unit which consisted of a separation unit, along with the MEG generation.
In May 2019, McDermott International announced a contract with Saudi Aramco for the Marjan Field. The Engineering, Procurement, Construction, Installation (EPCI) included the development of onshore oil and gas separation.
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