Perforating Gun Market Estimated to Cross $898.7 Million by 2022

The perforating gun market is projected to reach USD 898.7 million by 2022, at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. The increase in oil & gas production, increased shale exploration, growing complexity of reservoir conditions, and increase in average well depth over the years are the major drivers of the perforating gun market. The increase in demand for oil and scarcity of supply due to a drop in oil production by OPEC and non-OPEC countries to stabilize oil prices has led to investments in the upstream oil & gas activities. The major oil & gas companies see the increasing demand as an opportunity for their upstream businesses, which will ultimately drive the perforating gun market.

The perforating gun market is mainly driven by the increase in the average well depth over the years. The conventional oil & gas reservoirs are depleting. The new reservoirs are found deep below the earth’s surface. The various methods such as reperforation, drilling of unconventional oil wells, and increasing oil production in hostile reservoir environments with the help of advanced technologies are carried out to meet the oil & gas demand. Thus, the need for technically efficient and advanced perforating guns is increasing to meet the requirements of drilling operators.

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The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

North America: The fastest growing market for perforating guns.

The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.

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The leading players in the perforating gun market include Baker Hughes (US), Schlumberger (US), Halliburton (US), Weatherford (US), National Oilwell Varco (US), DynaEnergetics (Germany), Hunting (UK), and Yellow Jacket Oil Tools (US).

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Increasing Renewable Energy Investments are Driving the Grid-Scales Battery Market, From 2018 to 2023

The global grid-scale battery market was valued at USD 0.87 Billion in 2017 and is expected to reach USD 5.82 Billion by 2023, at a CAGR of 33.52% between 2018 and 2023. Major factors driving the growth of the market include the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment.

Application

·         Renewable Integration

·         Peak Shift

·         Ancillary Services

·         Back-Up Power

·         Others

Based on application, the market has been segmented into renewable integration, peak shifting, ancillary services, back-up power, and others (including microgrids, ramping, black start, and transmission/distribution upgrade deferral). Factors such as attainment of renewable targets and energy efficiency; increased reliability, security and resiliency from microgrid applications are expected to drive the growth of the market for renewable integration during the forecast period.

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The market has been segmented on the basis of region into North America, Europe, Asia Pacific, and RoW. North America dominates the market. The growth of the market in North America can be attributed to the increasing demand for renewable energy storage in the residential, non-residential, and utility sectors. High population in APAC has resulted in the increased demand for energy; this has, in turn, amplified the need for fossil fuels. Moreover, governments of various countries in this region are striving to minimize adverse effects of the energy sector on the environment. These factors are encouraging the deployment of grid-scale batteries in residential and utility applications.

Some of the leading players in the grid-scale battery market are LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), BYD Company (China), ABB (Switzerland), GE (US), GS Yuasa (Japan), Toshiba (Japan), Saft (France), S&C Electric (US), and NGK Insulators (Japan).

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Light Tower Market Latest Industry Trends & Forecast to 2022

The light tower market is expected to grow from an estimated USD 2.02 Billion in 2017 to USD 2.72 Billion by 2022, at a CAGR of 6.1% from 2017 to 2022. This growth is mainly attributed to a rapid growth of the construction industry, especially in developing nations of the Asia-Pacific region, growing investment in the oil & gas sector, and restart of investment in the mining industry.

The light tower sales market is segmented, based on end-user into construction, mining, oil & gas, and others, which includes agriculture, airports, emergency services, military, rentals, social & sports events, and motion pictures. Construction end-user is expected to grow at the highest rate in the end-user segment. A rapid growth in the construction sector, especially in the Asia-Pacific region is expected to drive the light tower market. Countries such as China and India are investing heavily in developing transport infrastructure to support growth of their economies, and are expected to drive the construction end-user segment during the forecast period.

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The diesel-powered light towers segment is expected to hold the largest share of the light tower market, by fuel type, during the forecast period

The diesel-powered light tower segment led the light tower market in 2016 and is expected to grow at a decent pace during the forecast period. High reliability of diesel generator sets, easy availability of fuel, high storage capacity, longer running time, and simple maintenance have helped the diesel-powered light towers to grow worldwide. This segment is primarily driven by increasing demand in the construction industry in developing nations and is expected to create new revenue pockets for the light tower sales market during the forecast period.

Asia-Pacific expected to dominate the light tower market

In this report, the light tower market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The Asia-Pacific is expected to dominate the global light tower market, due to growth of the construction and mining sector in China, India, and Australia. Asia-Pacific is the largest market by size and is estimated to grow at the highest rate due to rapid growth in the construction industry, especially in China. A high investment in the construction sector in China has created a demand for portable light towers. Asia-Pasic is home to many developing nations such as India, Indonesia, Taiwan, and Malaysia. All these nations are focusing on developing their infrastructure which in turn is expected to drive the demand for light tower in the Asia-Pacific region.

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The market is dominated by few international players which holds major share of the light tower market. Major suppliers for light towers include Generac Holding, Inc. (U.S.), Atlas Copco (Sweden), Doosan Corporation (South Korea), Terex Corporation (U.S.), and Wacker Neuson (Germany). 

Gas Insulated Switchgear Market Comprehensive Insights and Scope to 2023

The global gas insulated switchgear market is projected to reach a market size of USD 28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.

End-User

·         Power Transmission Utility

·         Power Distribution Utility

·         Power Generation Utility

·         Infrastructure and Transportation

·         Industries & OEMs

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The gas insulated switchgear market, by end-user, is segmented into power transmission utility, power distribution utility, power generation utility, infrastructure & transportation, and industries & OEMs. Power distribution utility is expected to grow at the highest CAGR during the forecast period. Space constraint is one of the major challenge in the development of distribution grid infrastructure projects which can be overcome by GIS substations and create new revenue pockets.

Asia Pacific: The largest market for gas insulated switchgear.

Asia Pacific is expected to account for the largest market share of the global gas insulated switchgear market in 2018. This trend is projected to continue till 2023. It is the most populated region in the world and consequently witnesses a high demand for electricity. Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability. China accounted for the largest share of the gas insulated switchgear market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity. The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China, and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. These has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the gas insulated switchgear market in Asia Pacific.

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The gas insulated switchgear market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan).

Offshore Decommissioning Market is Poised to Witness Growth in the Global Market !!

The global offshore decommissioning market is projected to grow at a CAGR of 5.05%, from 2017 to 2025, to reach a market size of USD 8.76 billion by 2022. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.

The report segments the market, on the basis of service, into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance. The well plugging and abandonment segment accounted for the largest market share in 2016, driven by demand from the European market. 

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Well plugging and abandonment: The largest service segment of the offshore decommissioning market

Well plugging and abandonment constitutes the largest segment of the offshore decommissioning market, by service, in terms of value. Well plugging and abandonment contributes up to 45% of total decommissioning cost of any project. During this activity, detailed well data is collected and prepared for plugging using rig or rig less methods. Demand from the European market is projected to drive the market for well plugging and abandonment.

The European market is expected to grow at the highest CAGR, from 2017 to 2025.

Europe is the largest market, by value, for offshore decommissioning, followed by North America. The European market is also projected to be the fastest growing market, during the forecast period, owing to mature oil and gas fields, particularly in the U.K. and the North Sea. The impending cessation of production in major oil and gas fields would ensure that the European market would grow at the highest pace. Europe is estimated to witness the highest offshore decommissioning spending, with its well-developed regulatory framework compared to other regions.

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The key players operating in the offshore decommissioning market include Amec Foster Wheeler ASA (France), Aker Solutions (Norway), AF Gruppen S.A. (U.S.), Tetra Technologies (U.S.), John Wood Group PLC (U.K.), Able UK (U.K.), DNV GL (Norway), Heerema Marine (The Netherlands), Allseas Group (Switzerland), DeepOcean Group (The Netherlands) and Technipfmc PLC (U.S.), among others.