The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Oil Refining Market.
It was estimated prior to this unanticipated outbreak that the Oil Refining Market will reach CAGR of 4.3 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Oil Refining Market Insights
Oil refining market is likely to witness a healthy CAGR of 4.3% during the forecast period. The prime factors contributing to the demand for oil refining are rapid industrialization, growing population, changing demographics, and improving living standards. There is an increased investment on construction and upgradation of refineries to fulfill petroleum product demand.
Market Share Analysis
Oil Refinin
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Category: Oil & Gas |
Views: 215 |
Added by: Team |
Date: 09.09.2020
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The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Directional Drilling Services Market
It was estimated prior to this unanticipated outbreak that the Directional Drilling Services Market will reach CAGR of 5.2 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Directional Drilling Services Market Insights
Directional Drilling Services marketis likely to witness an impressive CAGR of 5.2% during the forecast period. The increase in demand for drilling of multiple wells from single sites and the mounting production levels through directional drilling are the major factors that are likely to contribute towards the growth of
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Category: Oil & Gas |
Views: 212 |
Added by: Team |
Date: 08.31.2020
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Buoyancy is an upward thrust exerted by fluid opposing the weight of the immersed object. This upward thrust is equal to the weight of the water displaced by the immersed object. Buoyancy products are objects fabricated to apply these solutions. Distributed buoyancy modules are discrete buoyancy clamped to umbilical, risers, or pipelines to hold them in specific geometric configurations with an aim to prevent overutilization of the system. Distributed buoyancy modules are attached to the equipment through clamps, which makes it easy and quick to install. Distributed buoyancy modules are widely used in SURF application in offshore oil & gas production and offshore wind farm cables.
In 2014, when oil price began plummeting, offshore exploration activity hobnailed in parallel, falling nearly 40% before finding its bottom in 2016-2017. It led to an approximate plunge of 60% in offshore exploration expenditure during 2014-2017, mainly factored by the reduced cashflow, growth of US shal
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Category: Oil & Gas |
Views: 229 |
Added by: Team |
Date: 05.04.2020
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Hydraulic fracturing, the technique, used for the production of oil and natural gas, use frac pumps to transmit the fracking fluid into the wellbore. Each frac fleet uses several frac pumps. Typically, 18-20 frac pumps are used per frac fleet. These pumps consist of two major components, the power end, and the fluid end. Responsible for the high-pressure injection of the fluid into the well, these fluid ends are not only an essential part of the frac pumps but are also an indispensable component of the pressure pumping market. The lifespan of a fluid end decreases with the use of recycled water, advanced chemicals & slickwater, and the quality of frac sand pumped through it. In general, the life of carbon steel fluid end is 250-450 hours, whereas stainless-steel fluid ends introduced in 2012 have a life three-to-four times that of carbon steel. Therefore, the fluid ends market is offering an attractive growth opportunity to the fluid end manufacturers despite it accounts for only ~30%
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Category: Oil & Gas |
Views: 242 |
Added by: Team |
Date: 04.27.2020
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The North American spoolable pipe market offers a healthy growth opportunity for the entire ecosystem and is projected to reach US$ 650.1 million in 2022. The spoolable pipe market includes both spoolable composite pipe (SCP) and reinforced thermoplastic pipe (RTP). Despite the short-term fluctuations in the demand for spoolable pipes driven by decreasing rigs or wells count, the long-term business outlook seems promising with good growth potential over the next five years. An expected recovery in the rigs or wells count; cost competitiveness of spoolable pipes over steel pipes; excellent corrosion and erosion resistance; and higher preference of spoolable pipe over steel on
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Category: Oil & Gas |
Views: 217 |
Added by: Team |
Date: 04.08.2020
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Plug-n-perf is the most common technique and accounts for more than 85% share of the hydraulic fracturing market in which composite frac plugs and balls are the most preferred choices. The global composite frac plugs and balls market size is likely to experience an excellent CAGR over the next five years to reach US$ 2,837.1 million in 2024. Rebounding crude oil prices; recovering rigs count, especially of North America; increasing share of hydraulically fractured oil & gas in the USA; increasing share of horizontal wells drilling in the USA; increasing average lateral length of wells; and increasing average number of frac stages are some of the major factors that are driving the demand for frac plugs and balls.
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Category: Oil & Gas |
Views: 241 |
Added by: Team |
Date: 04.08.2020
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The market for flexible pipes is likely to be prosperous in the coming years with significant growth opportunities in the entire market value chain. It is estimated that the global flexible pipes market is likely to recover in the coming years and will register a healthy CAGR of 5.3% during the forecast period. Recovery of oil & gas activities across regions coupled with an increasing acceptance of flexible pipes in various applications is the factor proliferating the growth of the market, owing to their cost effectiveness and superior performance than steel pipes. Additionally, the introduction of stringent government regulations is further propelling the dema
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Category: Oil & Gas |
Views: 200 |
Added by: Team |
Date: 04.07.2020
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The global spoolable reinforced pipe market offers a healthy growth opportunity for the entire ecosystem and its size is projected to reach US$ 1,144.4 million in 2024. Spoolable reinforced pipe is also known as Thermoplastic Composite Pipe (TCP) and Reinforced Thermoplastic Pipe (RTP). The long-term business outlook seems promising with good growth potential over the next five years. An expected recovery in the rigs or wells count; cost competitiveness of spoolable reinforced pipes over steel pipes; excellent corrosion and erosion resistance; and higher preference of spoolable reinforced pipe over steel ones in low-diameter pipes.
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Category: Oil & Gas |
Views: 214 |
Added by: Team |
Date: 04.06.2020
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Dissolvable frac plugs are new to the market and currently hold a diminutive share of the frac plugs market. Magnum Oil Tools (Now part of Nine Energy Service Inc.) was the first company to commercialize dissolvable frac plug in the year 2014. Since then, various leading suppliers of composite frac plugs, such as Haliburton, Baker Hughes, and Schlumberger, have also launched dissolvable frac plugs and are offering a unique product portfolio in this market. The attractiveness of the market has led to the entry of the leading oil & gas industry players, who were not even into composite frac plugs manufacturing. For instance, recently in Feb 2019, a US-based oil & gas multinational corporation, National Oilwell Varco (NOV), has launched
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Category: Oil & Gas |
Views: 215 |
Added by: Team |
Date: 04.06.2020
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Oil & gas pumps marketis likely to witness an impressive CAGR of 4.4% during the forecast period. Increasing unconventional resources in North America, South America, and the Asia-Pacific region along with the development of gas terminals are the major factors driving the growth of the market.
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Oil & Gas Pump Market Insights:
By Type:
Based on the type, the market is segmented as centrifugal pump, positive displacement pump, and cryogenic pump. The centrifugal pump segment is estimated to lead the market during the forecast period. Centrifugal pumps are preferred for the process
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Category: Oil & Gas |
Views: 235 |
Added by: Team |
Date: 04.06.2020
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