San Francisco, California, Aug. 11, 2015 (GLOBE NEWSWIRE) -- Global oil & gas separation equipment market size is expected to reach USD 8.82 billion by 2022, according to a new report by Grand View Research, Inc. Increasing exploration and production, coupled with stringent regulations regarding pipeline specific processed fluids are expected to drive industry demand. Installation of several on-site and off-site processing facilities, particularly in Canada, Mexico, Russia and Indonesia has seen a surge in separation equipment demand in recent times. Technology innovation to manage complex processing setbacks adhering to international standards coupled with all the aforementioned factors are expected to drive global oil & gas separation equipment industry.
Three-phase separators emerged as the highest grossing product segment and accounted for 40.8% of total revenue in 2014. The segment is also anticipated to witness the fastest growth over the next seven years owing to added advantages in terms of optimum pressure and liquid sealing. Large number of existing as well as upcoming installations of this equipment coupled with multi-applicability of these separators in offshore, onshore, refineries and gas processing facilities may be attributed for their high demand.
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Further key findings from the study suggest:
- Global oil & gas separation equipment market was valued at USD 6,386.1 million in 2014 and is expected to reach USD 8,815.6 million by 2022, growing at a CAGR of 4.2% from 2014 to 2022.
- Global scrubber market was valued at USD 827.3 million in 2014 and is estimated to witness significant gain in its market share over the forecast period. Increasing awareness towards maintaining optimum air quality and green house gas (GHG) emissions from refinery flare is expected to drive this segment.
- North America was the largest consumer for these separation equipments and accounted for over 35% of the global revenue in 2014. Increasing gas production in majority of existing shale basins of Alberta and Utica in Canada and Eagle Ford basin in the U.S. has led to capacity additions of on-site processing facilities, which has prompted the demand for oil & gas separation equipments.
- Asia Pacific is anticipated to witness the fastest growth rate over next seven years owing to dramatic development of both offshore and onshore reserves in China, Indonesia, India and Malaysia. The regional market is projected to grow at a CAGR of 5.1% from 2015 to 2022.
- Chinese government's plans to exploit its shale reserves have furthered the market expansion and are expected to create immense potential for processing equipment over the forecast period
- Major companies operating in global oil & gas separation equipment industry include Alfa Laval, Worthington Industries, Amacs, Fenix Process Technologies, ACS Manufacturing Inc., Burgess-Manning, Inc, Honeywell, and Godrej Process Equipment.
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Grand View Research has segmented the oil & gas separation equipment market on the basis of product, and region:
Product Outlook (Revenue, USD Million, 2012 - 2022)
- Two Phase Separators
- Three Phase separators
- Heat Treaters
Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- Central & South America (CSA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research