Oil and Gas Hydraulic Equipments Market to Expand with Significant CAGR - 2023
Increasing
demand for energy has made the oil and gas exploration and production
companies to search for new oil and gas reservoirs. These companies
are willing to invest in drilling technologies to locate new offshore
and onshore oil and gas reserves. As a result of such activities
market for hydraulic equipments used in oil and gas application can
see significant growth. Hydraulic equipments are used in jackup
vessels, jackup platforms, floating production storage and offshore
facilities (FPSO), catenary anchor leg mooring systems and pipelaying
vessels. Moreover, the advancement in underwater technologies has
enabled the companies to perform operations at greater depth that
require the use of specialized hydraulic equipments. Owing to the
advancement in technologies the companies are now able to perform
drilling operations in deep and ultra-deep waters.
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The
segmentation of the oil and gas hydraulic equipments market can be
done by application area, type of application provided and geography.
Hydraulic equipments used in the oil and gas application can be used
to carry out both offshore and onshore oil and gas operations.
However, offshore applications require greater investments due to the
use of specialized hydraulic equipments. These equipments can be used
for turret connect systems, turret mooring systems, buoy locking and
buoy pulling systems, hawser reeling and hose reeling systems, jackup
vessels, jackup platforms, floating production storage and offshore
facilities (FPSO), catenary anchor leg mooring systems and
pipe-laying vessels. Hydraulic systems can also be used for stinger
shock absorption systems, stinger handling systems, cantilever
skidding systems and special handling systems.
The
regional segmentation of the oil and gas hydraulic equipments market
can be done by identifying the countries with major offshore and
onshore oil and gas reserves. Major onshore areas include the United
States, Canada and Mexico in North America; Russia in Europe, India.,
Indonesia, Australia and China in Asia Pacific; Iran, Iraq, Saudi
Arabia, Kuwait, Egypt, Angola, Libya and Nigeria in Middle East and
Africa. The Rest of the World (RoW) segment includes the Latin
American countries such as Venezuela and Brazil. Major offshore areas
include offshore regions of Mexico and the United States in the Gulf
of Mexico (GoM); offshore areas of the United Kingdom and the Norway
in the North Sea and offshore deep water areas in West Africa and
Brazil. Shale gas boom in the United States has lead to the increase
in the demand for the hydraulic equipments in North America.
The
increase in the oil and exploration and production activities,
advancement in underwater exploration activities and shale gas
discovery in the United States are the major drivers for the oil and
gas hydraulic equipments market. Moreover, increasing investment by
the exploration and production companies after the end of economic
slowdown is another factor driving oil and gas hydraulic equipments
market. The stringent government regulations and the capital
intensive nature of the market are the major restraints to the market
for hydraulic equipments used in oil and gas application. The
expected oil and gas discoveries in West Africa and expected shale
gas boom in Argentina can act as the opportunities for the oil and
gas hydraulic equipments market.
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Some
of the key players in oil and gas hydraulic equipments market include
companies such as HMS Group, Denley Hydraulics Limited, Aberdeen
Dynamics, Inc., Allison Hydraulics Ltd and Accelerated Production
Systems.
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