The high-pressure oil and gas separator market size is set to grow by USD 134.54 million accelerating at a CAGR of about 1%, during the period spanning over 2020-2024. One of the key factors driving growth is the rise in unconventional oil and gas resources. The successful extraction of shale oil and gas in the US has led to an increase in the global oil and gas supply. The rise in global oil and gas consumption is a significant trend that will further stimulate market growth. Governments and vendors across the world are increasing investments in E&P activities to meet the growing energy demand.
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Technavio has announced its latest market research report titled Global High-Pressure Oil and Gas Separator Market 2020-2024 (Graphic: Business Wire)
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Technavio categorizes the global high-pressure oil and gas separator (HPOGS) market as a part of the global oilfield equipment and services within the global oil and gas market. The global oilfield equipment and services market covers products and companies engaged in upstream exploration and production (E&P) operations, production of equipment or service contracts, and is an important manufacturing sector, which caters to the needs of the oil and gas upstream sector. Growth in the oil and gas market will be driven by the increasing global demand for energy.
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High-Pressure Oil and Gas Separator Market: Geographic Segmentation
The report segments the market by geography: APAC, Europe, MEA, North America, and South America. About 30% of the market’s growth will originate from APAC during the forecast period. The growth of the market in this region will be faster than the market growth in other regions. China is a key market for high-pressure oil and gas separators in APAC.
High-Pressure Oil and Gas Separator Market: Segmentation by Vessel Type
The horizontal separators segment was leading the market in 2019. Horizontal separators can handle higher pressures, which makes them more suitable for offshore and deepwater reservoirs. With the rise in offshore and deepwater E&P activities worldwide, the demand for horizontal separators will increase during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the high-pressure oil and gas separator market size.
High-Pressure Oil and Gas Separator Market: Growth Drivers
The market is driven by the rise in unconventional oil and gas resources. Over the years, the global oil and gas industry has witnessed significant growth in the production of unconventional oil and gas resources such as oil sands and shale oil and gas. For instance, the production of shale oil and gas in the US has increased from 3.76 mbpd in 2011 to 7.76 mbpd in 2019. This has increased the number of rigs and related E&P equipment such as high-pressure separators. With rising global demand for oil and gas, the demand for high-pressure separators will increase during the forecast period.
High-Pressure Oil and Gas Separator Market: Challenges to Overcome
High-pressure oil and gas separators are associated with several issues such as the accumulation of emulsified materials, corrosion, paraffin deposition, and improper installation. These issues increase the probability of oil or gas spills as well as the operating costs for pipeline operators.
High-Pressure Oil and Gas Separator Market: Vendor Landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading high-pressure oil and gas separator companies, including:
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