The drilling mud desander and desilter market will register a CAGR of close to 6% by 2023
NEW YORK, April 24, 2019 /PRNewswire/ -- About this market
During the initial years of of drilling and production, the dill prig waste was dumped directly into the ocean from the platform. However, in due course of time, environmental concerns about the negative impact of such waste on aquatic and human life were raised. As a result, international environmental bodies were formed, which placed stronger restrictions on drilling companies and set certain environmental standards. The presence of stringent norms and regulations for drilling waste treatment plays an important role in the demand for drilling mud desander and desilter equipment. As the oil and gas industry has one of the most visible and severe impacts on the environment, regulations on this industry are stringent, which will drive the growth of the market. Analysts have predicted that the drilling mud desander and desilter market will register a CAGR of close to 6% by 2023.
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Market Overview
Rising investments in oil and gas E&P activities
The liquid fuel consumption is expected to grow steadily. Factors such as urbanization and industrialization in the developing countries will be playing an important role in the increase in the consumption of liquid fuels. Additionally, the demand for fuel from these countries will continue to rise during the forecast period.
Volatile price of crude oil
Fluctuation in the price of crude oil has an immediate effect on the performance and profitability of upstream players. E&P projects are executed only when the revenue generated is high so that oil and gas companies can make profits. Several oil and gas projects across the world were canceled due to price fluctuations. The uncertainty in the price of crude oil will adversely affect the investments in E&P projects and have a negative impact on the growth of the oil and gas E&P industry. This will limit the demand for drilling mud desanders and desilters during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the drilling mud desander and desilter market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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