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The oilfield degassers market share is expected to increase by USD 3.16 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.3%.
This oilfield degassers market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oilfield degassers market segmentation by application (onshore and offshore) and geography (North America, the Middle East, Africa, APAC, Europe, and South America). The oilfield degassers market report also offers information on several market vendors, including Bomcobras, Derrick Corp., DFE, Elgin Power and Separation Solutions, Fluid Systems Inc., GN Solids Control, KES Energy Equipment Manufacturing Hebei Co. Ltd., NOV Inc., Petropath, Schlumberger Ltd., Shandong Jintan Machinery Equipment Co. Ltd., STEP OILTOOLS, TangShan Dachuan Mechanical Equipment Co. Ltd., The Weir Group Plc, Xi and KOSUN Machinery Co. Ltd., and Xi'An TianRui Petroleum Machinery Equipment Co. Ltd. among others.
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The increase in active rig count is notably driving the oilfield degassers market growth, although factors such as an increase in the adoption of renewable energy may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oilfield degassers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Oilfield Degassers Market Driver
The increase in active rig count is one of the major drivers impacting the oilfield degassers market growth. The increase in global crude oil prices has prompted oil and gas companies to invest more in oil and gas projects. These companies increased investments are attributed to the higher levels of profits that they earn when global crude oil prices are high. Increased drilling activity, in turn, increases demand for oil and gas drilling rigs. As a result, the demand for rig components and equipment rises. In April 2022 Borr Drilling Ltd. announced that it was awarded new contracts and extensions for 5 of its premium jack-up drilling rigs. Gunnlod, a premium jack-up drilling rig, secured a contract with an unnamed operator in Southeast Asia in April 2022. The gradual recovery of global crude oil prices increased the number of active rigs deployed in both onshore and offshore drilling activities. This is expected to increase the demand for oilfield equipment, including oilfield degassers, which, in turn, will drive the growth of the global oilfield degassers market during the forecast period.
Key Oilfield Degassers Market Trend
Advancements in oilfield degasser are one of the major trends influencing the oilfield degassers market growth. The launch of the new vacuum degasser fueled the growth of the global oilfield degasser market. GN Solids Control launched the ZCQ series vacuum degasser, which is a new type of special device for processing gas in the excavated fluid. It can quickly remove various gases in invasive drilling. Vacuum degassing equipment is important for recovering mud gravity, stabilizing mud viscosity, and reducing drilling costs. The vacuum deaerator is also used as a high-performance stirrer at the same time, making it suitable for all sludge circulation purification systems. The vacuum degasser design of the structure is scientific and rational. Thus, a vacuum degasser achieves effective gas-liquid separation, filters out impurities, and also ensures that the exhaust pipe is always smooth. Such advancements will propel the growth of the global oilfield degassed market during the forecast period.
Key Oilfield Degassers Market Challenge
An increase in the adoption of renewable energy is one of the major challenges impeding the oilfield degassers market growth. According to the US EIA, in 2020, the adoption of renewable energy in the US is increasing. Wind energy and hydropower have been extensively adopted in the country, whereas solar PV capacity is growing at an accelerated pace in comparison to other renewable energy sources. Renewable energy adoption is also supported by the US government with the implementation of the solar Investment Tax Credit (ITC). The ITC allows residential and commercial users to deduct 30% of the cost of solar energy system installation from their federal taxes. Renewable energy sources have gained importance as clean energy fuel sources and support global initiatives to reduce GHG emissions. However, the increase in renewable energy sources will affect the conventional fuel market as more investments are redirected toward renewable energy sources. This will affect the growth of the global oil and gas industry and will subsequently affect the growth of the global oilfield degassers market during the forecast period.
This oilfield degassers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global oilfield degassers market as a part of the global oilfield equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the oilfield degassers market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the oilfield degassers market encompasses successful business strategies deployed by the key vendors. The oilfield degassers market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The oilfield degassers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the oilfield degassers market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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46% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the oilfield degassers market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The rising number of E&P projects in the region will facilitate the oilfield degassers market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The price effects of the economic slowdown caused by the COVID-19 pandemic contributed to a decrease in US petroleum and natural gas reserves in 2020. Proved crude oil and lease condensate reserves decreased by 9 billion barrels in 2020, a 19% decrease, and proved natural gas reserves decreased by just over 22 trillion cubic feet (Tcf), a 4% decrease compared to 2019. The implementation of mandatory lockdowns and travel restrictions led to a decrease in the demand for transportation fuel, which led to a decline in fuel prices.
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The oilfield degassers market share growth in the onshore segment will be significant during the forecast period. The growth of the onshore segment is due to significant technological advancements in horizontal drilling and hydraulic fracturing, which have made extraction from unconventional oil and gas reserves possible.
This report provides an accurate prediction of the contribution of all the segments to the growth of the oilfield degassers market size and actionable market insights on the post-COVID-19 impact on each segment.
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Oilfield Degassers Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.3% |
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Market growth 2022-2026 |
$ 3.16 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.52 |
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Regional analysis |
North America, Middle East and Africa, APAC, Europe, and South America |
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Performing market contribution |
North America at 46% |
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Key consumer countries |
US, Canada, Saudi Arabia, China, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Bomcobras, Derrick Corp., DFE, Elgin Power and Separation Solutions, Fluid Systems Inc., GN Solids Control, KES Energy Equipment Manufacturing Hebei Co. Ltd., NOV Inc., Petropath, Schlumberger Ltd., Shandong Jintan Machinery Equipment Co. Ltd., STEP OILTOOLS, TangShan Dachuan Mechanical Equipment Co. Ltd., The Weir Group Plc, Xi and KOSUN Machinery Co. Ltd., and Xi'An TianRui Petroleum Machinery Equipment Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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