Key players are Schlumberger (U.S.), Weatherford (Ireland), GN Solid Control (China), Derrick Equipment Company (U.S.), Halliburton (U.S.) .
(PRWEB) February 12, 2015
The report defines the Solid Control Equipment Market and analyzes the factors contributing to its growth. It also segments the market on the basis of its basic components. According to the report the market is estimated to grow at a CAGR of 10.0% from 2014 to reach $2.65 Billion by 2019.
Browse 65 market data tables and 52 figures spread through 171 pages and in-depth TOC on “Solid Control Equipment Market.
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Solid control equipment and devices are used as drilling equipment and to control or separate the undesirable and harmful solids mixed in the drilling fluids. According to the report the North America solids control equipment market is dominating the global regions. The region is expected to implement strict regulations and policies for the protection of the global environment. According to the report, technological advancements in this region are also poised to play a crucial role in the overall dominance in the market.
As per the report nearly half of the worlds oil and gas reserves are present in North America particularly in United States of America. This fact signifies the growth in the drilling activities in the region. Further, the region is increasing its activities to explore unconventional resources such as coal bed methane, and shale gas. According to the report, these activities are also expected to drive the demand for the solids control equipment market. The North American solids control equipment market is expected to grow at a healthy CAGR of 9.3% from 2014 to reach $1.23 Billion by 2019.
According to this report published by MarketsandMarkets, Europe holds the second position in the global solids control equipment market. The region is expected to become worth $509.2 million by 2019. As per the report the Asia Pacific region was responsible for around 19% of the international drilling activities (outside the US & Canada) in June 2014. This region is expected to witness impressive growth at a projected CAGR of 13.3% by 2019.
According to the report, hydrocarbon recovery technologies are projected to witness impressive growth across the global industry. Also, in order to expand the business in the regions of South America, Africa, and Gulf of Mexico, companies have adopted contracts and agreements as the key strategies to gain traction in the global solids control equipment market.
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