Sand Control Systems Market to Witness a Pronounce Growth During 2016 – 2024

In the strikingly consolidated competitive landscape of the , the top four companies collectively commanded over a 92% share in 2015, observes Transparency Market Research (TMR) in a recent market research report. These top vendors: Schlumberger Limited, Halliburton Company, Baker Hughes, Inc., and Weatherford International, take the lead owing to their presence across most or all crucial segments of the supply chain, including manufacturing of equipment and installation and other related services. The highly capital and resource intensive market also presents immense entry barriers for new players owing to long-term contracts between sand control systems service providers and upstream companies.

Owing to high dependence on the state of oil and gas drilling activities across the globe, which have seen a rocky patch since the beginning of 2015, the global sand control systems market exhibited a decline of nearly 6% over 2014. The vast decline in drilling and exploration activities and in the number of global rig count is expected to last for a while, owing to which the market’s growth is expected to be cyclical till 2020.

Presently, the market exhibits moderate growth prospects and is expected to expand at a 5.8% CAGR from 2016 through 2024. At this rate, the market, which had a valuation of US$3,222.5 mn in 2015, is expected to rise to US$5,372.8 mn by 2024. Of the key sand control systems used in the market, the segment of gravel packing leads, earning a nearly 29% of the global market in 2015. In terms of geography, Asia Pacific is the leading regional market for sand control systems and is expected to remain the most promising region in the next few years as well. Asia Pacific held a 27.5% share in the global market in 2015.

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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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