- The gravel pack segment is expected to hold the largest share of the sand control systems market, by technique, during the forecast period.
- The onshore application segment is expected to hold the largest share of the sand control systems market, by application, during the forecast period.
- The Asia Pacific region will be the leading market for sand control systems.
The sand control systems market is expected to grow at a CAGR of 3.78%, from 2017 to 2022, to reach a market size of $2.84 billion by 2022. Rising oil & gas production, high day rates of offshore rigs, and growth in number of wells are the major factors driving the sand control systems market.
New oilfield reserves, and redevelopment of ageing reservoirs are expected to create new opportunities for the sand control system companies. Moreover, governments in most of the countries are investing in oil & gas industry to match up with the growing energy demand. All these factors are further expected to boost the sand control systems market during the forecast period.
The sand control systems market is dominated by a few major players that have established brand names and wide regional presence. The leading players in the sand control systems market include Halliburton (US), Baker Hughes (US), National Oilwell Varco (US), Schlumberger (US), Weatherford (Switzerland), Oil States International (US), Tendeka (UK), and Welltec (Denmark) among others.
Based on application, offshore segment is estimated to be the fastest growing segment of the sand control systems market from 2017 to 2022. because the sand control systems helps in enhancing the life of the rigs, understanding complex reservoir characteristics, and aiding in exploration at ultra-deep levels in offshore applications. The market for sand control systems in Middle East and Africa is driven by large offshore discoveries and huge proven oil reserves in countries such as Saudi Arabia and UAE. The offshore segment offers promising business opportunities to sand control systems market.
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In the well type segment, the cased hole well completion segment is estimated to grow at the fastest rate during the forecast period. Evaluating the formation and completion of the well, and determining the state of the corrosion and perforation of well are the major factors driving the growth of the cased hole well completion segment in the sand control systems market.
The sand control systems market in South America is projected to grow at the fastest growth rate from 2017 to 2022. Presence of vast oil & gas potential reserves and increasing drilling activities is likely to drive the growth of the sand control systems market in the region during the forecast period. Also, increase in offshore activities with growing government support and investments in the oil & gas industry, especially in Brazil is also driving the sand control systems market in South America region.