The Sand Control Solutions Market is expected to reach USD 4.46 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.50% in between 2022 to 2028. With the dip in crude oil costs, oilfield operators are concentrating on existing wells and enhancing the reserve to production ratio. From the descent in oil reserves, major oil & gas businesses have diverted their concentration toward technological improvements to invent tools and techniques required to access residual reserves on conventional wells. Oilfield operator businesses are currently concentrated on improving recovery and stretching the life of mature fields, exceeding natural production levels. The number of mature oilfields is quite high and is growing due to the rising oil and gas generation.
- The onshore segment is projected to grow at a steady CAGR over the forecast period owing to the increasing dependency on conventional oil & gas, which is the most profitable and convenient way to meet the energy demand.
- The gravel pack segment holds a substantial market share in 2021. This share is due to the rising used to increase the surface area of the producing well to increase the production rates.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This surge is attributed to the rising demand for Sand Control Solutions Market in developing economies such as China and India.
Some of the key players in the Sand Control Solutions Market include Tahe Oil Field (China), Daqing Field (China), Adavale Basin (Australia), Cooper Basin (Australia), Amadeus Basin (Australia), Ankleshwar (India), and Digboi (India).
The oil & gas industry is experiencing constant discoveries owing to the improved market for oil. Such promising resources create opportunities for good drilling and production actions, which additionally creates opportunities and accelerated oilfield discoveries are the best opportunities for the Sand Control Solutions Market in the upcoming years.
North America is expected to record the largest market share over the forecast period, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The region affects by a significant portion of the global oil demand because of the rise in automation, urbanization, and the growth of the consumer class. This increase in oil demand propels oil & gas exploration and generation activities, which drives the market for oilfield gear and services, containing sand control solutions.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Sand Control Solutions Market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
Recent Developments: -
March 2020- Tendeka supplies its FloElite sand screens and FloSure Autonomous Inflow Control Devices (AICDs) to Mubadala Petroleum’s Jasmine, Manora, and Nong Yao fields in the Gulf of Thailand. The contract has the option of two 1-year extensions.
December 2020- Tendeka introduced a one-trip remedial system to address the issue of sand control failure in wells. The Filtrex remedial sand control system provides the flexibility to be installed thru-tubing, through the tightest of restrictions.