Market Trends of High Pressure Oil and Gas Separator Industry
This section covers the major market trends shaping the High Pressure Oil & Gas Separator Market according to our research experts:
Onshore Segment to Dominate the Market
- Onshore refers to the development of oil fields, gas deposits, and geothermal energy on land which calls for the demand for rigs and related E&P equipment, including high-pressure separators.
- The onshore segment is expected to dominate owing to the number of onshore rigs operational across the globe. According to Baker Hughes, the onshore rig count holds a value of 610 whereas offshore rig count holds a value of 195 as of May 2020.
- Based on vessel type, the horizontal vessel segment has the largest share since these vessels can handle large volumes under high pressures, and major countries such as United States, Venezuela, Saudi Arabia, and Canada have a high demand for them.
- Based on product type, high pressure separators can be categorized into two-phase, three-phase and four-phase, wherein the two-phase type typically deals with oil and gas, the three-phase type deals with water, oil and gas and four phase-type deals with water, oil, gas, and solid.
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North America is Expected to Dominate in the Market
- In terms of geography, North America accounts for the significant market share among all other regions in the high pressure oil and gas separator market and is expected to dominate over the coming years. The market for high pressure oil and gas separators is on the rise, mainly in the United States, due to the discovery of multiple reservoirs of shale oil and gas and rising offshore exploration activities in the region.
- Since the number of conventional deposits is decreasing, crude oil is increasingly being extracted from unconventional deposits such as oil sands or oil shale. There are large amounts of unconventional hydrocarbon reserves in regions of North America, especially in countries like the United States, and Canada.
- In 2019, the crude oil and condensate production has reached 18620 thousand barrels per day with a growth rate of 6.9% which is expected to boost the market owing to the significant increase in oil and gas activities across the region.
- Unconventional onshore gas is expected to retain an important share of gas supply in North America with production increasing towards 2025 which is likely to boost up the demand for high pressure oil and gas separators.
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