ALBANY, New York, March 10, 2020 /PRNewswire/ -- According to the latest research report published by Transparency Market Research, the global fluid end assembly market was initially valued at around US$9.8 bn in the year 2018. The report states that the market will exhibit a healthy CAGR of ~4% for the assessment period of 2019 to 2027. Given the rate of growth, the valuation of the market is projected to rise up to nearly US$14 Bn by end of 2027.
Key Findings from the Research Report:
- The global market for fluid end assembly is broadly segmented based on type, material, application, and region.
- Based on type, the market is segmented into quintuplex fluid end abd triplex fluid end. Of these, the segment of the triplex fluid end led the global market in 2018. The trend is projected to continue in the coming years of the forecast period.
- Based on material, the fluid end assembly market is divided into stainless steel and carbon steel. Among these, the segment of stainless steel has been the dominant one in 2018. There is a high demand for stainless steel because of its long life and superior quality.
- In terms of application, the global fluid end assembly market is divided into onshore and offshore applications. The onshore application segment accounted for a considerable share in the global market in 2018. This dominance of the segment is due to the presence of substantial number of wells and relatively lower investment cost compared to the offshore wells.
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Global Fluid End Assembly Market – Key Driving Factors
- In recent times, numerous oil and gas well discoveries have been made all over the world. Moreover, the growth rate of shale discoveries is also considerably high. For instance, in the peninsula shelf of the Kara Sea, Russia claims to have discovered around 1.5 billion barrels of oil equivalent. Another notable example is of ExxonMobil making 14 discoveries in Guyana in the first quarter of 2019.
- Such discoveries of new gas and oil reserves offer lucrative growth opportunities for the service providers. This does have a direct positive impact on the overall development of the fluid end assembly market.
- Another important factor that is helping to fuel the growth of the fluid end assembly market is that the prominent companies are trying to offer services and solutions that will improve fracture and well replacement and sizing and staging of frac clusters.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Fluid End Assembly Market by Type: Triplex Fluid End and Quintuplex Fluid End; Material: Carbon Steel and Stainless Steel; and Application: Onshore and Offshore) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/fluid-end-assembly-market.html
Global Fluid End Assembly Market – Key Restraining Factors
- Crude oil prices in recent years have dwindled sharply. These prices are heavily dependent of myriad of factors such weather, geopolitical developments, and others. This may lead to disruption of supply chain of oil and gas. Thus, it results in the volatility of in the crude oil prices.
- Moreover, the over cost of production of crude oil is also a big factor that controls the overall prices of the commodity. It is comparatively less expensive in the Middle East nations such as Iran, UAE, and Saudi Arabia, than it is in Canada.
- There are legit concerns about the below average storage capacity of oil. This is severely hampering incoming investments in the oil and gas sector. Along with this, there are increasing concerns about the greenhouse gases and carbon emissions across the globe.
- All these factors mentioned above are projected to have a restraining effect on the growth of the global fluid end assembly market.
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Global Fluid End Assembly Market – Geographical Outlook
- North America, Middle East and Africa, Asia Pacific, Europe, and Latin America are the five main regional segments of the global fluid end assembly market.
- Currently, the regional segment of North America is the most dominant geographical segment of the global fluid end assembly market. The growth of the market is projected to remain high in the region over the course of the given period of assessment.
- Moreover, increasing developments in terms of infrastructure for gas and oil discoveries in the region is also playing an important role in its growing dominance.
- The US has been the key contributor for the development of North America region, followed by Canada.
- On the other hand, the regional segment of Asia Pacific is expected to present a myriad of lucrative development opportunities for its fluid end assembly market. Increasing consumption of oil and gas, particularly in developing nations such as India, Indonesia, and China are expected to drive growth of the region.
Analyze Fluid End Assembly market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Fluid End Assembly Market – Key Market Players
Some of the prominent market players in the global fluid end assembly market are Halliburton, The Weir Group PLC, Forum Energy Technologies, Gardner Denver, Inc, EnTrans International, LLC, and Alco Group.
Global Fluid End Assembly Market: Segmentation
Fluid End Assembly Market, by Type
- Triplex Fluid End
- Quintuplex Fluid End
Fluid End Assembly Market, by Material
- Carbon Steel
- Stainless Steel
Fluid End Assembly Market, by Application
Fluid End Assembly Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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