Early Production Facility Market is expected to surpass USD 14 Billion by 2026, as reported in the latest study by Global Market Insights Inc.
Growing investment in oil and gas projects facilitated by recovering crude oil prices will foster the early production facility market growth. Early monetization of field and quick revenue realization are the key factors stimulating its deployment across the industry. The facilities help in gathering real time production and reservoir data that enable the operators in better planning and management of operations. In addition, need for production optimization along with increasing focus toward cost management will further boost the demand for EPFs.
Increased deployments across mature oilfields will enhance the industry growth
Growing number of aging fields coupled with depleting onshore hydrocarbon reserves have incurred the requirement of early/interim production facilities. The units are extensively used to extract the first oil and the remaining 10% of the reserve which is no longer profitable through the central facilities. Majority of the hydrocarbon fields have reached their maturity that presents a lucrative growth prospects for the operators.
Ability to handle multiple flow conditions, pressure and temperature are the some of the key factor that will stimulate its deployment across the existing fields. Ongoing price volatility are further pushing the operators to replace the large capital-intensive central facilities with EPFs. The systems are designed in a range of capacities ranging from 1,000 bbl/d to 50,000 bbl/d.
Browse key industry insights spread across 215 pages with 342 market data tables & 22 figures & charts from the report, “Early Production Facility Market Outlook By Component (Two & Three Phase Separation, Gas Sweetening, Gas Dehydration, Dew Point Control Units, Oil Dehydration Desalting & Heating, Produced Water Treatment, Fuel Gas Processing, Flare System, Others), By Application (Offshore, Onshore), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026”in detail along with the table of contents:
Robust hydrocarbon production set to boost the EPF adoption
Prevailing industry uncertainties coupled with the ongoing oversupply scenario across the industry will accelerate the industry growth. Exponential rise in shale production in the U.S. along with the increasing production from Norway and Brazil will enhance the business outlook. In addition, growing focus toward advancement of drilling technologies along with substantial improvements in hydraulic fracturing and directional drilling will further complement the industry landscape.
Rising investment toward offshore oil & gas projects
Ongoing discoveries of new offshore hydrocarbon fields coupled with technological advancement will foster the offshore early production facility market growth. Strengthening crude oil prices have improved the economic feasibility of several oil and gas projects that were either delayed or cancelled owing to the price downturn. In addition, the units can be easily deployed across remote fields and provide a cost-efficient solution both for the operator and owner. Surging spending toward subsea and offshore fields along with robust shale development will accelerate the industry growth. For instance, several new fields are added across the Gulf of Mexico and Guyana that will augment the industry landscape.
Eminent players operating across early production facility market comprise of Schlumberger, Expro Group, Weatherford International, Pyramid E&C, SMIP, Frames, EN-FAB, TETRA Technologies, SUEZ, Global Process Systems, CPPE, Penspen, OilSERV, Roska DBO and Petrocil. Technological partnerships along with investment in research & development are the key growth strategies adopted by the industry players to gain a competitive edge.