Increasing exploration and production activities, rising demand for oil and gas globally, and increasing investment in refining are key factors driving market growth
Gas Separation Equipment Market Size – USD 8.30 Billion in 2020, Growth – at a CAGR of 4.5%, Trends – Increasing growth of petroleum industry in developing countries
The global Gas Separation Equipment Market size is expected to reach USD 11.81 Billion by 2028 and register a CAGR of 4.5% over the forecast period, according to a latest report by Reports and Data. Increasing oil and gas exploration activities and rising demand for hydrocarbon processing onsite are key factors expected to continue to drive market revenue growth over the forecast period. Increasing focus of oil companies on improving productivity of oil and gas wells to meet growing global demand for oil and gas is another key factor expected to continue to drive maraket growth going ahead.
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Top Companies: Worthington Industries, Alfa Laval, Amacs, Burgess-Manning, Inc, ACS Manufacturing Inc., Godrej Process Equipment, Honeywell, ATLAS Oil Gas Process Systems Inc, Valerus, eProcess Technologies Pty. Ltd, HAT International, Fenix Process Technologies, and Doyle Dryers LLC.
Further Key Finding from the Report Suggestion:
- Three-phase separators segment is expected to account for largest revenue share in the global market during the forecast period. This can be attributed to increasing advantages of three-phase separators such as optimum pressure and liquid sealing. Increasing production of oil from resources such as shale reserves is a key factor expected to contribute to revenue growth of this segment.
- Horizontal segment revenue is expected to expand significantly over the forecast period owing to increasing use in onshore wells, ability to handle high flow rates, and for being relatively easier to clean and maintain as compared to others.
- Centrifugal technology segment is expected to dominate other technology segments in terms of revenue share over the forecast period owing to ability to allow efficient separation of liquid mist from gas.
- North America is expected to register a revenue CAGR of 4.2% over the forecast period attributable to increasing offshore exploration and production activities, rapid increase in shale gas and tight oil exploration, and growing demand for oil and gas in countries in the region. In addition, robust presence of key companies in the region is expected to further drive market growth.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Gas Separation Equipment Market is segmented into:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Two-phase separators
- Three-phase separators
- Heat Treaters
Configuration Outlook (Revenue, USD Billion; 2018-2028)
- Horizontal separator
- Vertical separator
- Spherical separator
Technology Outlook (Revenue, USD Billion; 2018-2028)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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