LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global sand control systems market to grow at a CAGR of nearly 4% during the period 2018-2022, according to their latest market research report.
The rising investments in renewable energy is one of the major trends being witnessed in the global sand control systems market. The advancement from fossil fuels to renewable resources such as wind energy and solar energy is the key to achieve economic, social, and environmental development. According to a research, the global energy investments in 2016 was more than USD 1.7 trillion.
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In this report, Technavio analysts highlight the increase in oil rig count as a key factor contributing to the growth of the global sand control systems market:
Global sand control systems market: Increase in oil rig count
In 2014, the global rig count was at its peak as the crude oil price was trading over USD 110/bbl. Several exploration and drilling projects were underway, and new projects were in their planning stage. Some other projects were beginning their production stage. But, the reduction in crude oil prices led to low profitability for upstream companies and had a severe impact on the cash-flow of the company. New drilling and production projects were kept on hold till the oil prices stabilized.
According to a senior analyst at Technavio for oil and gas, “With the gradual stabilization in crude oil prices and the increase in rig count, the exploration and drilling projects that were initially on hold are expected to resume. In addition, the increase in new exploration and drilling projects is likely to propel the sand control systems market growth during the forecast period.”
Global sand control systems market- Americas tops the geographical segment
This market research report segments the global sand control systems market into the following applications (onshore and offshore) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the onshore segment held the largest market share in 2017, contributing to approximately 69% of the market. The market share occupied by this segment is expected to decrease by more than 1% by 2022. However, this application will dominate the global market throughout the forecast period.
The Americas was the leading region for the global sand control systems market in 2017. It accounted for a market share of over 51%. This region is anticipated to witness steady growth during the period 2018-2022.
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