LONDON--(BUSINESS WIRE)--The global oilfield degassers market size is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increase in the global oil and gas demand is one of the major reasons for the growth of the market. Global oil and gas consumption is expected to witness considerable growth in the coming years owing to the increase in the demand for energy. The growing demand for energy is attributed to rapid urbanization and large-scale industrialization in developing countries. To meet the rising demand for energy, major oil and gas companies are focusing on increasing their oil and gas E&P projects. This will drive the demand for drilling-related equipment, including degassers, thus, driving market growth.
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As per Technavio, the increase in deep-water and ultra-deep-water upstream projects will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Oilfield Degassers Market: Increase in Deep-Water and Ultra-Deep-Water Upstream Projects
Oil and gas companies have shifted their focus from shallow-water drilling to deepwater and ultra-deepwater resources. Moreover, the rise in the price of crude oil has led to a significant increase in drilling and operations. Oil and gas companies are significantly investing in offshore deepwater and ultra-deepwater drilling projects, which will drive the demand for degassers, thereby driving the growth of the market during the forecast period.
“Apart from the increase in deep-water and ultra-deep-water upstream projects, other factors such as the declining cost of raw materials, and the increase in unconventional E&D activities will have a significant impact on the oilfield degassers market growth during the forecast period,” says a senior analyst at Technavio.
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Oilfield Degassers Market: Segmentation Analysis
This market research report segments the global oilfield degassers market by application (onshore and offshore) and by region (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by MEA, APAC, Europe, and South America respectively. The growth of the oilfield degassers market share in North America can be attributed to the rise in oil and gas drilling activities in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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