Removing entrained gas from fluid that has been drilled, a degasser proves a vital component in oil and gas industry. It helps in minimizing hydrostatic pressure caused by gas cut mud. And, thus will see increase in demand. The market is set to gain momentum over the forecast period, ready to chart a steady CAGR (compound Annual Growth Rate) of about 6%, adding a USD 2.6 million to market worth on the period. This growth is attributable to rise in demand for oil and gas and increase in projects relating to ultra-deep and deep water upstream activities.
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Like any other market, this market too is witnessing notable developments in its landscape, shaping the competitive environ, changing the growth dynamics. One such event happened in the year 2017 when Hebei GN Solids, a China based leading solids control equipment and shakers screens manufacturer, provided GTD group exclusive distribution rights in the United Kingdom (U.K.). As per experts, the move was aimed at expanding operations geographically.
Some of the prominent names in the slightly fragmented global oilfield degassers market landscape include:
- CMIC Ocean En-Tech Holding Co. Ltd
- Hebei GN Solids Control Co. Ltd
- Yantai Jereh Oilfield Services Group Co. Ltd
- National Oilwell Varco Inc
- Fluid Systems, Inc
- The Weir Group Plc
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Region-wise, three countries will hold a significant share of the global oilfield degassers market – Canada, the United States (U.S.) and China – owing to rising demand for energy. The Asia Pacific region will also see growth owing to rise in construction volumes and industrialization, again, leading to demand for energy, causing the oilfield degassers market to move onto a higher growth trajectory. Another reason helping the Asia Pacific region to generate untapped growth opportunities is rapid urbanization and rise in disposable income, credit the good economic performance by nations flanking the region.