Sand Sontrol Systems Market to rise with a strong CAGR of 5.8% by 2025

The global sand control systems market is oligopolistic in nature wherein top four companies, namely Schlumberger Limited, Baker Hughes Inc., Halliburton Company, and Weatherford International commanded more than 92% share in 2015, notes Transparency Market Research (TMR) in a new report. The capability of these companies to provide an array of services across the value chain and their capability to provide integrated solutions for oil and gas industries makes them leaders in the sand control systems market. High technical expertise and capital intensive nature are some other factors for the dominance of key players in the sand control systems market.

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As per a TMR report, the global sand control systems market is anticipated to be worth US$5,372.8 mn by 2024-end expanding at a CAGR of 5.8% between 2017 and 2024. The demand in the market translated into opportunities worth US$3,603.7 mn in 2017. Based on technique, resin coated gravel segment is predicted to rise at a steady rate in the upcoming years; resin coated gravel technique finds widespread use to control sand production in oil wells. However, demand for gravel packing is on the rise due to its efficacy; the segment is anticipated to rise at a significant pace through 2024. Asia Pacific, among key regions, led the sand control systems market in recent years and the region is anticipated to retain supremacy in the years ahead too.

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In the last decade crude oil prices have witnessed drastic fluctuations that have alerted oil production companies. To offset the challenging market environment, efforts from oil producing companies in the U.S. have led operational rigs to become more efficient with enhanced productivity. This is because of improvement in sand control techniques, long laterals, and additional fracking stages. In this scenario, oil producing companies are shutting down operations in unproductive oil wells and are focused on maximizing production of new oil fields. This is expected to fuel the sand control systems market.

With dwindling crude oil prices, oil producers are vying to incorporate advanced production equipment such as sand control techniques to optimize rig operations.

Advancements in sand control techniques is a key factor boosting the sand control systems market. With depleting reserves of onshore oilfields, oil and gas exploration companies are striving to tap offshore oilfields in deep waters. Although offshore oilfields yield large volumes of crude oil and natural gas, they are highly prone to sand contamination. This requires special sand control systems suitable for offshore oilfields, which help exploration and production companies to carry out drilling functions relatively easily. To serve this, oilfield service providing companies have introduced new sand control techniques suitable for sand control systems for offshore environments. Consistent efforts from key players to develop advanced sand control systems will bode well for sand control systems market in the future.

However, factors such as economic viability of sand control systems to tap deep-water oil reserves is limiting their use. While sand control equipment have helped oil producers alleviate deep-water challenges, cost considerations have put forth questions whether these systems would serve sand control pursuits.

The review presented is based on the findings of a TMR report, titled “Sand Control Systems Market (Technique Analysis – Rate Exclusion, Resin Coated Gravel, Plastic Consolidation, Stand-Alone Screens, Gravel Packing, Frac Pack) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”

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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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