Oil and Gas Hydraulic Equipments Market Global Market Opportunity Assessment Study 2023.
Increasing demand for energy has made the oil and gas exploration and production companies to search for new oil and gas reservoirs. These companies are willing to invest in drilling technologies to locate new offshore and onshore oil and gas reserves. As a result of such activities market for hydraulic equipments used in oil and gas application can see significant growth. Hydraulic equipments are used in jackup vessels, jackup platforms, floating production storage and offshore facilities (FPSO), catenary anchor leg mooring systems and pipelaying vessels. Moreover, the advancement in underwater technologies has enabled the companies to perform operations at greater depth that require the use of specialized hydraulic equipments. Owing to the advancement in technologies the companies are now able to perform drilling operations in deep and ultra-deep waters.
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The segmentation of the oil and gas hydraulic equipments market can be done by application area, type of application provided and geography. Hydraulic equipments used in the oil and gas application can be used to carry out both offshore and onshore oil and gas operations. However, offshore applications require greater investments due to the use of specialized hydraulic equipments. These equipments can be used for turret connect systems, turret mooring systems, buoy locking and buoy pulling systems, hawser reeling and hose reeling systems, jackup vessels, jackup platforms, floating production storage and offshore facilities (FPSO), catenary anchor leg mooring systems and pipe-laying vessels. Hydraulic systems can also be used for stinger shock absorption systems, stinger handling systems, cantilever skidding systems and special handling systems.
The regional segmentation of the oil and gas hydraulic equipments market can be done by identifying the countries with major offshore and onshore oil and gas reserves. Major onshore areas include the United States, Canada and Mexico in North America; Russia in Europe, India., Indonesia, Australia and China in Asia Pacific; Iran, Iraq, Saudi Arabia, Kuwait, Egypt, Angola, Libya and Nigeria in Middle East and Africa. The Rest of the World (RoW) segment includes the Latin American countries such as Venezuela and Brazil. Major offshore areas include offshore regions of Mexico and the United States in the Gulf of Mexico (GoM); offshore areas of the United Kingdom and the Norway in the North Sea and offshore deep water areas in West Africa and Brazil. Shale gas boom in the United States has lead to the increase in the demand for the hydraulic equipments in North America.
The increase in the oil and exploration and production activities, advancement in underwater exploration activities and shale gas discovery in the United States are the major drivers for the oil and gas hydraulic equipments market. Moreover, increasing investment by the exploration and production companies after the end of economic slowdown is another factor driving oil and gas hydraulic equipments market. The stringent government regulations and the capital intensive nature of the market are the major restraints to the market for hydraulic equipments used in oil and gas application. The expected oil and gas discoveries in West Africa and expected shale gas boom in Argentina can act as the opportunities for the oil and gas hydraulic equipments market.
Some of the key players in oil and gas hydraulic equipments market include companies such as HMS Group, Denley Hydraulics Limited, Aberdeen Dynamics, Inc., Allison Hydraulics Ltd and Accelerated Production Systems.
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