In its research report, Market Research Future (MRFR), emphasizes that Impact of COVID-19 on global sand screen market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
The growth of the market for sand screens comes from the oil & gas industry, where mainly sand screens find use. In the oil & gas extraction process the sand panel is used in the sediment control system. Oil and gas processing also requires the processing of solid particulate matter. In a cubic meter of generated fluid it can vary from few to several thousand grams. This can result in serious accidents if not treated properly. Sand generated during exploration activities can pose severe barriers to production processes such as reduced production rates, sand bridging, equipment erosion, sand bridging, and disposal & removal of sand. Most oil and gas deposits are located in sandstones, and thousands of feet downhole can choke oil or gas output from formation sand. So an approach to sand management is important. That induces competition in the Impact of COVID-19 on Sand Screen Market. The expansion of the oil & gas industry along with a increase in exploration activities augurs the development of the demand for sand screens. As the global econony is experiencing a dramatic downturn, the latest global pandemic, Covid-19, has hit the oil sector significantly. The major economies such as US, UK, and China have observed a hard hit during this pandemic since they are the regions that have maximum number of cases. This has started a ripple effect across the globe as well since numerous countries are dependent on these regions for trade and commerce.
Oil prices have commanded low prices over the past few years, owing to which operators are reluctant to develop new wells in remote areas and instead tend to optimize output from existing fields of production. That has greatly affected the sand screen market. Extracting oil from existing fields would produce more sand screen requirements which will fuel market growth.
Developments in sand control technology such as enhancement of erosion resistance and use of ceramic materials which facilitate excellent production stability performance have largely contributed to the growth of the sand screen market. Other driving factors include new crude oil and natural gas reservoir discoveries across the globe which are estimated to create attractive prospects for the growth of the market.
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The major market players operating in the global sand screen market as identified by MRFR are Henniges Automotive, Federal-Mogul, Trelleborg, SKF, Freudenberg Sealing Technologies, Dichtungstechnik, Dana Holding, and KACO GmbH + Co. KG
The global sand screen market has been segmented based on application and well type.
By application, the sand screen market has been segmented into stand-alone, and remedial or artificial lift protection.
By well type, the sand screen market has been bifurcated into land and offshore.
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
North America's growing onshore and offshore exploration activities has placed the country as the global market for sand screens. The discovery of shale gas in the US has also had a positive impact on business development.
The Middle East is among the world's largest oil & gas producers, owing to which the region's sand screen market is strongly concentrated. The area is inducing continued market demand for sand screens.
Due to increased drilling activities in the region, the APAC market is expected to show rapid growth. The region's governments are investing heavily in the exploration activities to address the region's rising energy crisis that has given the market a boost.
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Table of Content:
Chapter 1: Impact of COVID-19 on Sand Screen Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Impact of COVID-19 on Sand Screen Market Competition by Manufacturers
Chapter 4: Global Production, Revenue (Value) by Region
Chapter 5: Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6: Global Production, Revenue (Value), Price Trend by Type
Chapter 7: Global Market Analysis by Application
Chapter 8: Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Impact of COVID-19 on Sand Screen Market Effect Factors Analysis
Chapter 12: Global Sand Screen Market Forecast
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