Growing Demand Driving Turbocompressor Market

The turbocompressor market is projected to grow from an estimated $12.15 billion in 2016 to $15.81 billion by 2021, at a CAGR of 5.4% from 2016 to 2021. The increasing LNG trade between nations and rapid industrialization in regions such as Asia-Pacific, Europe, and the Middle East & Africa., the growing demand for energy, and investments in sectors other than oil and gas are expected to drive the market for turbocompressor.

Is Canada Following Britain with WEXIT?

This week Canadian Prime Minister Justin Trudueau has been re-elected for a second term. Trudeau is the leader of the Liberal Party which was only able to form a minority government this term. Trudeau is disliked in Western Canada. After the election the new movement #Wexit (Western Exit) is gaining popularity on social media. Within 24 hours a Facebook page for VoteWexit.com gained over 200,000 members.

Strong Growth in Industrial Filtration Market

The industrial filtration market is expected to grow from an estimated $25.89 billion in 2018 to $35.47 billion by 2023, registering a CAGR of 6.50% during the forecast period. This growth is primarily due to the growing industrialization and urbanization, stringent regulations pertaining to emissions and treatment of industrial waste, and requirement of safe working environment in industrial facilities.

Wireline Services Market Growth Slowing

The wireline services market is expected to grow from an estimated $8.26 billion in 2016 to $9.15 billion by 2021, at a CAGR of 2.1%. The global market is set to witness growth, due to the aging reservoirs, increasing oil production, and lifting of Iranian oil export sanctions. Also, oil export sanctions on Iran were lifted in January 2016, allowing the country to export oil. This has led to an increase in Exploration & Production investments in the country, leading to a rise in oil production.

Pipeline Integrity Market Growing Strong

The global Pipeline Integrity Market is projected to reach $2.1 billion by 2024 from an estimated $1.7 billion in 2019, at a CAGR of 4.33% during the forecast period. This growth can be attributed to huge investment pool in the pipeline business, increased government mandate and regulations for pipeline assessment, concern over environment impact, the safety of pipelines and energy infrastructure, and increased focus on the remote management of oil & gas pipeline for process optimization & automation.

Upsurge in Oil and Gas Driving Hydraulic Workover Unit Market

The hydraulic workover unit market is expected to grow from $9.8 billion in 2019 to $12.0 billion by 2024, at a CAGR of 3.97% during the forecast period. The hydraulic workover unit market in North America is estimated to be the largest, followed by Asia Pacific. The major factors driving the hydraulic workover unit market include upsurge in oil and gas production after decline in oil prices and growing shale gas production. Major heavy oil reserves are present in countries such as Canada, Venezuela, Mexico, China, and Colombia.

Robust Expansion in Guar Gum Market

The global guar gum market is likely to surpass $1.3 billion in revenues by the end of 2026, according to a new research report by Future Market Insights (FMI). The report projects the market to grow at a CAGR of 2.8% during the forecast period 2017-2026, with steady demand from end users in Asia Pacific excluding Japan (APEJ) likely to provide growth opportunities to stakeholders in the market. Applications in food and beverage industry are likely to create steady demand during the assessment period.

Arc Flash Protection Market Growing Strong

The global arc flash protection market is projected to grow from an estimated $1.85 billion in 2017 to $2.41 billion by 2022, at a CAGR of 5.38% from 2017 to 2022. The market in North America is estimated to be the largest markets for arc flash protection system and equipment, followed by the market in Europe. This trend is expected to continue till 2022. The growth of the arc flash protection market is driven by increasing investments in electrical networks and growth of the manufacturing sector in South-East Asia.

Significant Growth Expected in Robotic Drilling Market

The robotic drilling market is expected to grow from an estimated $658 million in 2018 to $923.3 million by 2023, at a CAGR of 7.01% from 2018 to 2023. This market growth is driven by the increased drilling activities due to the development of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling, which results in higher efficiency drilling and improved safety in rigs.

Offshore Exploration Supporting Offshore Support Vessel Market

The global offshore support vessel market was valued at $20.06 billion in 2018 and it is projected to reach $25.66 billion by 2023, growing at a CAGR of 5.04%, from 2018 to 2023. The offshore support vessel market is set to witness growth due to the ongoing offshore activities across the US, China, Brazil, and the North Sea, as well as the increasing focus on deepwater fields.

Strong Growth in Offshore Pipeline Market

The offshore pipeline market is projected to reach $15.8 billion by 2023 at a CAGR of 6.54% from an estimated $11.5 billion in 2018. In 2018, the offshore pipeline markets in Europe were estimated to be the largest, followed by the Americas. The major factors driving the Offshore Pipeline Market include increasing demand for crude oil and natural gas, especially from the Asia Pacific region. Increasing demand for safe, economical, and reliable connectivity is expected to drive the Offshore Pipeline Market.

AI a Huge Revolution in the Oil and Gas Industry

AI in Oil & Gas market is expected to grow from an estimated $1.57 billion in 2017 to $2.85 billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. The growth of AI in Oil & Gas market will be mainly driven by the rise in adoption of the big data technology in the Oil & Gas industry to augment E&P capabilities, a significant increase in venture capital investments, and growing need for automation in the Oil & Gas industry, and tremendous pressure to reduce production costs.

Exponential Growth in Global Underwater Monitoring System for Oil & Gas Market

Underwater monitoring systems are used to predict and avoid the unforeseen threats to the environment or human lives with the help of very effective, predictive and quick detection mechanism. These systems also help to monitor and maintain the oil and gas sources and the oil rig structures, in order to meet the everyday energy needs of humans.

Intelligent Completion Market Growing Strong

The intelligent completion market is projected to reach $2.16 billion by 2023, from an estimated $1.61 billion in 2018, at a CAGR of 6.05% from 2018 to 2023. This growth can be attributed to the increasing focus toward the production of oil & gas wells and improved economical and operational benefits across the globe. High initial costs coupled with a lack of data processing infrastructure on the oil & gas rigs can hinder the growth of this market.

Shale Gas Boom Driving Gas Turbines Market

The global gas turbines market is expected to grow from an estimated $17.51 billion in 2017 to $20.66 billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. The shale gas boom in North America and decommissioning of nuclear plants in Europe are likely to boost the demand for gas turbines in these regions. The demand for gas turbines in the Middle East & Africa, Latin America, and Asia Pacific is expected to be influenced by the new gas-fired power plants and the upgrade of old existing thermal power plants in the regions.

Offshore Decommissioning Market Doing Well

The offshore decommissioning market is projected to reach $8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.

Steady Growth in Synchronous Motors Market

The synchronous motors market is expected to grow from an estimated $17.83 billion in 2016 to $21.49 billion by 2021, at a CAGR of 3.8% from 2016 to 2021. High efficiency associated with synchronous motors, power factor correction capabilities, and stringent regulations are driving the synchronous motors market worldwide. High efficiency associated with synchronous motors makes it superior in comparison to induction motors. This has emerged as a major trend in the synchronous motors market.

Subsea Systems Market Rebounding

The subsea systems market is projected to grow from an estimated $15.78 billion in 2016 to $17.44 billion by 2021, at a CAGR of 2.02% from 2016 to 2021. Despite steep revenue declines 2015 onwards, the global market is set to witness growth after 2018 due to the increasing production from deepwater fields. Offshore exploration and production investments in Africa and Asia-Pacific region will also boost the market growth. Increasing deepwater production and exploration activities and investments by emerging economies in offshore exploration are major factors driving the subsea system market.

New Technology Driving Digital Oilfield Market

The global Digital Oilfield Market is projected to grow from an estimated $24.1 billion in 2019 to $30.4 billion by 2024, at a CAGR of 4.77% from 2019 to 2024. The Digital Oilfield market is set to witness growth due to the increasing focus on optimization through digitization mostly in mature fields. New technological advancements, increased need from oil and gas operator to scale up production, and increased focus on the remote management of oil field for process optimization & automation are expected to be the key factors driving the digital oilfield market.

Well Intervention Market Growing Strong

The global well intervention market is projected to reach $11.6 billion by 2024 from an estimated $8.8 billion in 2019, at a CAGR of 5.7% during the forecast period. Stabilized oil prices have revitalized the exploration & production expenditures globally. This has led to increased investments in the enhancement of productivity of oil & gas wells. Furthermore, the global well intervention market is driven by the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific.

Explosive Growth in Blockchain in Energy Market

The blockchain in energy market is expected to grow from an estimated $394.3 million in 2018 to $7.1 billion by 2023, at a CAGR of 78.32% from 2018 to 2023. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.

AC Electric Motor Sales in Oil & Gas Market Growing

The AC electric motor sales in oil & gas market is projected to reach $13.2 billion by 2023, from an estimated $10.5 billion in 2018, at a CAGR of 4.62% from 2018 to 2023. This can be attributed to the growth of the technological developments in the oil & gas industry. Increasing automation in the oil & gas industry & new discoveries of reserves in the African region offer promising business opportunities for the growth of AC electric motor sales in oil & gas market. The stagnant growth in oil & gas industry can act as a restraint for AC electric motor sales.

Technical Fluids Market Driven by Demand

Technical fluids are the specialty solutions formulated to serve specific applications for target end use industries. Technical fluids are one of the essential components of this modern industrial world. Technical fluids are used to increase the efficiency of process or the system. There are different types of technical fluids which are used for different applications in numerous industries.

Seismic Survey Market Growing

The seismic survey market is projected to grow from an estimated $7.54 billion in 2017 to $9.28 billion by 2022, at a CAGR of 4.24% from 2017 to 2022. North America and Europe is likely to be the largest market for seismic survey market. The Seismic survey market is mainly driven demand of seismic technology in brownfield projects and shale gas exploration. The multi client’s surveys will provide the opportunity to oil and gas companies to share the costs of exploration projects.

Steam Boiler System Market Growing

The global steam boiler system market is projected to reach $21.63 billion by 2023, at a CAGR of 4.13%, from an estimated $17.66 billion in 2018. The growth of the steam boiler system market is mainly driven by the increased usage of steam boilers across various end-user industries such as power generation, oil & gas, chemical, process industries, and metal and mining. The chemical industry is expected to grow at the highest CAGR in Asia Pacific because of large investments during the forecast period.

Aerogel Market Driven by Demand

According to recent market research “Aerogel Market by Type (Silica, Polymer, and Carbon), Form (Blanket, Panel, Particle, and Monolith), Processing (Virgin, Composites, and Additives), Application (Oil & Gas, Construction, Transportation, and Performance Coating) – Global Forecast to 2027″, Aerogel Market is estimated at $505.5 million in 2018 and is projected to reach $1.36 billion by 2027

Industrial Safety Market Growing Substantially

According to the market research report “Industrial Safety Market by Product Type (ESD, HIPPS, TMC, BMS, and F&GM), Component (Safety Sensors, Safety Switches, Programmable Safety Systems, Safety Valves, Emergency Stop Devices), Industry, and Region – Global Forecast to 2024″, the industrial safety market was worth $3.3 billion in 2019 and is expected to reach $5.4 billion by 2024, at a CAGR of 8.6% during the forecast period.

Vibration Analyzer Market Driven by Increased Adoption

Vibration analyzer is a handheld measurement device for the individual assessment of vibration on the machines and systems. Vibration analyzer is also used for measuring speed, distance, and acceleration of the machines in various industries such as automotive, mining, electronics, aerospace and defense, energy and power. With the help of vibration analyzer, the actual state of the machines and system can be determined accurately.

Cold Flow Improvers Market to Showcase Healthy Expansion

Cold flow improvers are mostly sought after for their ability to avoid wax formation in process units and pipelines when fuel temperature lowers, especially in industries that depend on lubricants and oil & gas sectors. According to a new report on global cold flow improvers market published by Persistence Market Research (PMR), the market is estimated to witness a year on year (Y-o-Y) revenue growth of 4.6%, projecting to attain one billion dollar mark in 2019. The global consumption of cold flow improvers has been envisaged to surpass 300,000 tons in terms of volume by 2019-end.

Global Emulsion Breaker Market to Witness Rapid Development

Emulsion breakers are identified in category of specialty chemicals and often employed to separate emulsions such as oil-in-water and water-in-oil. Water & oil are two immiscible liquids but often found with each other in nature in the form of emulsions, thus creating the requirement for emulsion breaker. During upstream activities, crude oil that is extracted through the wells has a considerable amount of water content, which further acts as a root cause for corrosion occurrence in the vessels & pipeline during transportation.