The report "Sand Control Systems Market by Type (Gravel Pack, Frac Pack, Sand Screens, Inflow Control Devices, and Others), Application (Onshore and Offshore), & Geography - Global trends and forecasts to 2019" defines and segments the global Sand Control Systems market with an analysis and forecast of the revenue. The Sand Control Systems Market sector is estimated to grow from US$2367.4 million in 2014 to US$4035.9 million by 2019, with a projected CAGR of 11.3%.
North America: Largest market for Sand Control Systems
North America is estimated to be the largest market in Sand Control Systems and well completion industry followed by the Asia-Pacific and South America with CAGRs of 11.0% and 16.8% respectively from 2014 to 2019. High demand for oil production in the U.S., Canada and Mexico leads the market for well completion services in these countries. The Asia-Pacific is the second largest market for Sand Control Systems with a current market share of 22.2% globally. The European market is estimated to capture 7.4% in 2014 due to high demand for oil production from the North Sea region. In the Middle East and African region, countries such as UAE, Saudi Arabia, Nigeria and Angola have a huge scope of oil production. Among them, UAE is one of the major oil producing countries along with Nigeria in this region. Various operators are able to invest heavily in the well completion services as the governments are spending more in the E&P activities.
High demand for Gravel Pack Systems
The Gravel Pack Systems market is expected to grow from US$909 million in 2014 to US$1562.6 million by 2019, with a CAGR of 11.4% globally. Gravel Pack Systems currently have the largest market size because of increasing drilling of conventional oil and gas field in growing onshore regions across the world. Currently, this market is dominated by the North American region with 36.1% market share, followed by the Asia-Pacific and South America. However, the Asia-Pacific region could dominate the Gravel Pack Systems market by 2019. The second largest market is of the Frac Pack Systems with a current market share of approximately 27.2%, followed by the market of Sand Screens with approximately 13.6% market share.
Offshore region to grow at a higher pace
On the basis of application, the global Sand Control Systems Market has been segmented into its onshore and offshore uses. Sand Control Systems used in the onshore arena, accounted for the largest share approximately 83% of the Sand Control Systems market in 2014; whereas the market for offshore field is poised to grow at a higher CAGR of 15.1% from 2014 to 2019. Growing demand for deepwater activities in the Asia-Pacific region and further drilling into mid ocean is driving the demand for Sand Control Systems in the offshore fields.
The report analyses and projects the Sand Control Systems market, by type, applications and geography. The market study includes various types of Sand Control Systems used in the drilling industry such as Gravel Pack Systems, Frac Pack Systems, Sand Screens and Inflow Control Devices among others. Along with the types, various submarkets with respect to main regions such as the Asia-Pacific, Europe, the Middle East & Africa, North America, and South America are also encompassed in this report. Sand Control Systems are also analysed on the basis of the onshore and offshore applications in the drilling industry.
Adapted from press release by Joe Green