The global oil and gas separators market is expected to post a CAGR of close to 3% during the period 2019-2023, according to the latest market research report by Technavio.
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A key factor driving the growth of the global oil and gas separators market is the rise in oil and gas production from unconventional sources. The decline in conventional crude oil and gas production has increased in oil and gas E&P activities in unconventional reservoirs. This is spurring oil and gas production in wellheads that use oil and gas separators to separate oil, gas, and water from the extracted mixture. Oil and gas separators are used to refine the produced crude oil. Therefore, an increase in oil and gas production from unconventional sources will stimulate the demand for oil and gas separators during the forecast period.
As per Technavio, the advances in oil and gas separation technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global oil and gas separators market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global oil and gas separators market: Advances in oil and gas separation technologies
Oil and gas separation is a critical activity in E&P and refining operations. The oil and gas separation process becomes increasingly complex as the quality of extracted hydrocarbons keeps deteriorating. This is pushing the oil and gas separator manufacturers to develop new approaches and techniques. Inline oil and gas separation technology have emerged as a cost-effective, simple, and light technique that can be used to overcome the challenges faced by the global oil and gas industry. It is easy to install and requires less maintenance compared to traditional vessel-type separation technology. These features are suitable for demanding production environments and can be used in new fields and retrofit applications. Such advances in oil and gas separation technologies will drive market growth during the forecast period.
“Apart from the advances in oil and gas separation technologies, other factors such as the adoption of modular mini-refineries, and the increase in deepwater and ultra-deepwater E&P activities will have a positive impact on the growth of the oil and gas separators market during the forecast period,” says a senior research analyst at Technavio.
Global oil and gas separators market: Segmentation analysis
This market research report segments the global oil and gas separators market by application (onshore, and offshore), by type (horizontal, vertical, and spherical), and geographic regions (MEA, North America, APAC, Europe, and South America)
The MEA region led the oil and gas separators market in 2018, followed by North America, APAC, Europe, and South America, respectively. Saudi Arabia is one of the largest exporters of oil and gas globally, and the oil industry is the largest contributor to the country’s gross domestic product. Moreover, the oil and gas drilling projects are increasing significantly in the MEA region, which is resulting in more crude oil and gas extraction. The extracted crude oil and gas will have to be separated at the processing facilities into oil, gas, and water. This will stimulate the need for oil and gas separators, thereby driving the oil and gas separators market in MEA during the forecast period.
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Five Forces Analysis
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- Vendors covered
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