The oil and gas separators market will register a CAGR of almost 3% by 2023
NEW YORK, June 6, 2019 /PRNewswire/ -- About this market
The gradual recovery of crude oil prices has led to investments in the oil and gas sector. The global consumption of natural gas has increased significantly because of the rising adoption of natural gas as fuel. The growing demand for oil and natural gas will drive oil and gas E&P activities. Also, rapid urbanization in developing countries has considerably increased the demand for energy and the consumption of oil and natural gas. Companies, therefore, will try to improve oil and gas production to meet the demand. As the production of crude oil increases, the need for refineries to produce refined petroleum products rises. High oil and gas production in wellheads and refineries increase the need for the separation of oil, gas, and water from the mixture extracted from oil and gas wells. Therefore, growth in the demand for oil and natural gas will stimulate the need for oil and gas separators during the forecast period. Our analysts have predicted that the oil and gas separators market will register a CAGR of almost 3% by 2023.
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Market Overview
Global increase in refining capacity
Oil refining refers to the process of converting crude oil into products such as petrol, gasoline, and diesel Global refining capacity has increased significantly, owing to the extensive use of oil as fuel in sectors such as power generation and transportation. Investments in new refinery projects are ramping up the global refining capacity. According to the International Energy Agency (IEA), global refining capacity is expected to increase steadily during the forecast period, particularly in APAC and the Middle East. China, with its new refineries, is expected to be the largest contributor to global refining capacity.
Fluctuations in crude oil prices
Crude oil prices have witnessed severe fluctuations and have negatively affected the profitably and performance of upstream oil and gas companies. The rapid changes in crude oil import costs affected the profitability of many oil and gas upstream companies and impacted the revenue generated by them. Several oil and gas companies stopped or postponed their E&P projects since low profits made it difficult for companies to survive in the market. Moreover, various oil and gas E&P projects that were planned had to be kept on hold until the oil prices stabilized. Also, numerous rigs were shut down, and many employees were laid off due to a decline in crude oil price. Uncertainty in crude oil prices hampers investments in onshore and offshore E&P projects. Therefore, fluctuations in crude oil prices will impede the growth of the global oil and gas separators market.
For the detailed list of factors that will drive and challenge the growth of the oil and gas separators market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies including ALFA LAVAL AB and Frames Energy Systems BV makes the competitive environment quite intense. Factors such as the growing demand for oil and natural gas and global increase in refining capacity will provide significant growth opportunities to the oil and gas separators manufacturers. Halliburton Co., National Oilwell Varco Inc., Schlumberger Ltd., and TechnipFMC Plc. are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05779609/?utm_source=PRN
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