MARKET OVERVIEW- GLOBAL EARLY PRODUCTION FACILITY MARKET
The early production facilities (EPFs) are also known as temporary, quick or interim production facilities which are used for rapid monetization of assets while the permanent or long-lasting production facilities are being constructed. These facilities are allowing the operators to gather real-time production data that led to better planning of operations along with a noteworthy enhancement of production performance. The facility’s size range is generally between 5,000 barrels per day (bbl/d) to 60,000 bbl/d capacity and is modified as per diverse field specifications. The operators frequently build standard designs that are available for lease or sale as per the requirement of the customer.
MARKET DRIVERS
The key factor driving the market growth are Growth in Oil And Gas Exploration and Production and Increasing Investment in Offshore fields. The oil and gas industry includes the processes of exploration, extraction, refining, transporting, and marketing petroleum products. The largest volume products of in the industry are gasoline (petrol) and fuel oil. Petroleum is the raw material for many chemical products such as solvents, pharmaceuticals, fertilizers, synthetic fragrances, pesticides, and plastics. Thus, rapid growth in the global oil and gas industry and a surge in the demand for cleaner and higher-grade transport fuel is improving the growth of the market. Today, early production facilities are an important success factor in the oil & gas industry for efficient oil production and transportation.
MARKET OPPORTUNITY
The global Early Production Facility market is expected to Rise in Consumption of Transportation Fuels. Petroleum products produced from natural gas and crude oil include diesel fuel, gasoline, residual fuel oil, jet fuel, and propane. Jet fuel is fuel for jet airplanes, while diesel fuel is used mainly by buses, trucks, and ships & boats. Gasoline is consumed as fuel in motorcycles, cars, light trucks, etc. Consumers in developing and developed nations have diverse mobility needs. Continuous urbanization is expected to lead consumers toward car ownership in the coming years. The rise in demand for natural gas & crude oil is expected to drive investments in exploration activities. This, in turn, is expected to drive the early production facility market during the projection timeframe.
MARKET RESTRAINTS
The major restraining factor for the global Early Production Facility market is Increasing Oil And Gas Prices Due To Russia Ukraine Conflict. Russia is one of the major players in global oil and gas and energy markets. It is one of the globe’s top three crude producers, competing for the top spot with the United States and Saudi Arabia. Russia depends heavily on revenues from oil and natural gas, which in 2021 made up 45% of Russia’s federal budget. The country is also the globe’s second-largest producer of natural gas, behind the United States, and has the world’s largest gas reserves. Russia is the largest gas exporter in the world. Increasing commodity prices and global sanctions levied against Russia following its invasion of Ukraine are anticipated to noticeably depress global economic growth. Therefore, IEA has revised its projection for global oil demand by 1.3 mb/d for 2Q22-4Q22, resulting in 950 kb/d slower growth for 2022 on average.
MARKET GROWTH CHALLENGES
The major growth challenge for the market is the challenges of the oil and gas industry. With increasing global demand, highly volatile prices, and increasingly stringent environmental regulations, the oil and gas industry faces major challenges such as improvement in the performance of its industrial base assets and improvement in its environmental footprint.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Early Production Facility market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various Early Production Facilities in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
EARLY PRODUCTION FACILITY MARKET SEGMENTAL OVERVIEW
The Global Early Production Facility market comprises different market segments like application, facilities and geography.
EARLY PRODUCTION FACILITY MARKET BY APPLICATION
By application, the Early Production Facility includes key segment of
The application studied in the global Early Production Facility market are Offshore, Onshore and Floaters. The onshore segment accounts for 67.94% of the total market share. The onshore market is leading owing to factors such as rising oil demand, combined with strong growth in energy demand, which are attracting significant investment in the industry. Existing development activities in several oil and gas fields, as well as reinvestment in mature fields, will drive the deployment of new EPF units.
EARLY PRODUCTION FACILITY MARKET BY FACILITIES
The Early Production Facility market has facilitites in
- Gas Separation
- Gas Sweetening
- Gas Dehydration
- Produced Water Treatment
- Flare System
- Dew Point Control
- Fuel Gas Processing
- Sulfur Recovery
- Others
Gas Separation is anticipated to lead the market to gain a majority of the market share in 2021 and is expected to maintain its dominance over the estimated time period. Since gas separation is a very important process for preparing the oil for the final end-use and as the oil is being produced from oil wells or other sources, it is not in the natural form it contains the natural gas and the water which is required to be separated, else it can’t be put for the end use. This process is made by various methods at the gas separation facility. Apart from that, produced water treatment is also considered to be very crucial for oil production, produced water is the water that comes to the surface while extracting the oil from the ground.
EARLY PRODUCTION FACILITY MARKET BY GEOGRAPHY
The global Early Production Facility market is studied for the following region
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
Asia Pacific is anticipated to witness increasing demand for Early Production Facility owing to presence to well established market players. The key countries included under the Asia Pacific regions are China, India, Japan, and Rest of Asia Pacific. The rest of the World includes Latin America and Middle East & Africa. For the early production facility market, the rest of the world region is considered to be the major market, since this region has the largest oil reserve across the globe, and the responsible for the majority of the oil production. This region is consisting of countries like Saudi Arabia, Iran, Iraq, Kuwait, etc. which have a great number of oil wells, and oil is most crucial to their economy. Moreover, this region is considered to be responsible for the global oil supply and Saudi Arabia and Iran are known to be major oil exporters. Also, this region is home to many of the key market players of early production facility. As oil exploration is increasing in the country, the market share for the early production facility is also growing in this region.
COVID-19 IMPACT ANALYSIS ON GLOBAL EARLY PRODUCTION FACILITY MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Early Production Facility market. In addition, complete analysis of changes on the global Early Production Facility market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. . The COVID-19 crisis is expected to impact oil-exporting developing countries due to market volatility. This should slow down economic activity in the early production equipment market. In sub-Saharan Africa and other developing countries such as Algeria and Iraq, fluctuations in supply and demand patterns should cause problems. These trends underline the recurrent demand to diversify the economy to keep the source of income stable.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Early Production Facility market is majorly focused on expanding the global growth of Early Production Facilities with new product innovation, business expansion, and increasing the presence of a range of manufacturers operating in Early Production Facility has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in market are
- Sparklet Engineers
- Al Shirawi Equipment Company
- En Fabnic
- Halliburton
- Frames Group
- Petrocil
- Process Group Pty. Ltd.
- Expro Group
- TETRA Technologies, Inc
- Pyramid E & C
- SMIP
- Global Process Systems
- Green Valley Oil Service
- OiLSERV
- Roska DBO Inc
RECENT DEVELOPMENT:
November 2021: Expro introduced Galem, the world's first fully autonomous well intervention system, with the goal of increasing output while lowering intervention costs, HSE risks, and environmental impact. Galem replaces larger, more traditional, and labor-intensive wire line rig-ups for a variety of slick line operations like solids removal, plug setting/pulling, and logging surveys.
