Growing Demand from the Oil and Gas Sector to Propel Sand Screens Market at a CAGR of 5.4% by 2033 | Future Market Insights, Inc.
Hydraulic fracturing technology, used for the extraction of shale gas and tight oil, serves as a key driver for the sand screen market, particularly in North America.
NEWARK, Del, Sept. 07, 2023 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI) report, the global sand screens market is likely to reach a valuation of US$ 560.6 Million in 2023. It is estimated to surpass US$ 945.4 Million in 2033. The market is projected to witness steady growth at a CAGR of 5.4% from 2023 to 2033.
Future Market Insights (FMI) mentions that in the historical period between 2018 and 2022, the market witnessed a decent CAGR of 6.5%.
Sand screens play a vital role in the oil and gas sector by providing effective solutions for managing sand production during well operations. Sand screens are mechanical devices used to filter out sand and other solid particles from reservoir fluids. This ensures the smooth flow of hydrocarbons while preventing damage to equipment and infrastructure.
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The primary purpose of sand screens is to prevent sand production, which can lead to issues such as erosion of the wellbore, plugging of production equipment and decreased well productivity.
Sand screens are typically installed downhole, either standalone or as part of a complete system. They help separate the formation sand from produced fluids.
The market for sand screens is driven by the growing demand for oil and gas, especially in regions with prolific reserves. As the sector explores and exploits reservoirs in increasingly challenging environments, the need for efficient sand control solutions becomes critical. These environments include deep water and unconventional formations,
Several factors influence the sand screens industry, including technological advancements, drilling and completion activities, well characteristics, and environmental regulations. Manufacturers in this industry strive to develop innovative sand screen designs that offer high filtration efficiency, durability, and cost-effectiveness.
The sand screens industry comprises several players, including multinational corporations, independent manufacturers, and service providers. These companies offer a wide range of sand control solutions tailored to different good conditions and operational requirements.
Leading companies in the sand screens industry include SKF, Trelleborg, Freudenberg Sealing Technologies, Dana Holding, and Federal-Mogul.
“The sand screens industry is a crucial component of the oil and gas sector, addressing the challenges associated with sand production during well operations. As the industry continues to evolve, the demand for effective sand control solutions is expected to grow, driving further innovation and advancements in this market.” – opines our research analyst.
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Key Takeaways from the Sand Screens Market Report:
- The United States sand screens industry is estimated to be valued at US$ 174.3 Million by 2033.
- The sand screens industry in Japan is expected to surge at a CAGR of 5.2% reaching US$ 136.4 Million by 2033.
- As per the report, the United Kingdom sand screens industry is likely to witness a CAGR of around 5.2% from 2023 to 2033.
- Based on type, the stand-alone segment is likely to exhibit a CAGR of 5.2% in the assessment period, as compared to a 6.4% CAGR from 2018 to 2022.
- In terms of well type, the land category is projected to showcase a CAGR of 5.1% from 2023 to 2033.
Competitive Landscape:
The sand screen market is highly competitive with multiple major players operating across the globe. In recent years, the industry has seen some degree of consolidation through mergers and acquisitions aimed at strengthening market positions and expanding product portfolios. This trend is likely to continue as companies look to improve their capabilities and geographic presence.
For instance,
- In August 2022, Astec Industries launched a mobile radio frequency screening plant. The plant is equipped with 2612V Vari-Vibe high-frequency screens using a rotary tension system for the fastest screen media change on the market.
Key Companies Profiled in Sand Screen Market Report:
- SKF
- Trelleborg
- Freudenberg Sealing Technologies
- Dana Holding
- Federal-Mogul
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the sand screens market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments segmented in terms of type (stand alone, remedial, and artificial lift protection) well type (land and offshore) from 2023 to 2033.
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Sand Screen Market Segmentation:
Type:
- Stand Alone
- Remedial or Artificial Lift Protection
Well Type:
- Land
- Offshore
Region:
- Latin America
- North America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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