The separation technology for oil and gas market is estimated to attain about USD 10.7 billion by 2020. Growing manufacture of oil and gas is estimated to propel further demand for the market during the forecast period. Encouraging policies, like Barcelona Sea conventions, Baltic Sea conventions and U.S. produced water regulations also steer the separation technology for oil and gas market further. Growing ecological concerns and stern quality requirements are also predicted to impact the market positively.
Vital members of the separation technology for oil and gas market have been spending profoundly in research and developments. They have been doing so to come up with technological advancements to meet pipeline standards. Increased solid usage issues in current plants and high expenditures involved in the further development of equipments are projected to act as hindrances for the separation technology for oil and gas market. Gravitational separation dominated the worldwide market in 2013.
It made up for more than 45 percent of the overall income that year. Gravitation is the most traditional procedure for oil and gas separation. The current capacities and efficient separation properties of gravitational separation have made it more popular. This sector is anticipated to lose some of its income to centrifugal separation, which is yet another technology in the separation technology for oil and gas market. This is on account of growing research and development activities and technological developments.
North America was the biggest separation technology for oil and gas market in 2013. It occupied more than 40 percent of the total income that year. The region is likely to experience further growth. Asia Pacific is estimated to undergo the highest growth.
Information Source: Grand View Research