Sand Control Systems Market to Capture Unparalleled Growth with A 3.78% CAGR Growth By 2022

According to the new market research report “Sand Control Systems Market by Application (Onshore and Offshore), Techniques (Gravel Pack, Frac Pack, Sand Screens, Inflow Control Devices), Well Completions Type (Cased Hole and Open Hole), and Region - Global Forecasts to 2022”, published by MarketsandMarkets™, the global sand control systems market is projected to grow at a CAGR of 3.78%, from 2017 to 2022. Asia Pacific was the largest market for sand control systems in 2016, followed by the North America and European markets. The growth of the sand control systems market is driven by rising oil & gas production, growing number of wells drilled, and increased drilling activities in Asia Pacific.

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The sand control systems market is dominated by a few global players. The key players in this market include Baker Hughes (US), Halliburton (US), Weatherford (Switzerland), Schlumberger (US), and National Oilwell Varco (US).

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Major strategies adopted by the players in the sand control systems market over the period 2014–2017(August) included contracts & agreements, new product launches, partnerships, mergers & acquisitions, and expansions. The contracts & agreements was the most adopted strategy adopted by key players such as Baker Hughes (US), Tendeka (UK), and Halliburton (US), among others.  The second most adopted growth strategy was new product launches and partnerships.

Baker Hughes, a GE company (US) was formed in 2017 after the acquisition of Baker Hughes Incorporated (US) by General Electric Company (US) in July 2017. Baker Hughes operates its business in three segments, namely, completion and production, drilling and evaluation, and industrial services. Major services included under drilling and evaluation segment are wireline services for well logging services, drilling services for directional drilling systems, and drill bits for hole enlargement and coring. The completion and production segment consists of hydrocarbons within a wellbore, wellbore intervention services, intelligent product system, artificial lift, sand control systems and pressure pumping. The company generates more than half of its revenue from the completion and production segment. Baker Hughes adopted contracts & agreements as the major strategy during 2014 to 2017. In July 2015, Baker Hughes introduced Vault barrier valve, which provides an ISO-qualified barrier in the wellbore which helps to protect the lower completion and minimize costly fluid loss during well construction. The Vault barrier valve is designed primarily for sand control applications and can be used in both cased and open hole wellbores.

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Halliburton Company (or Halliburton) is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides 13 Product Service Lines (PSLs), mainly under two divisions, namely, drilling and evaluation and completion and production. Sand control systems fall under the completion and production segment. Halliburton adopted contracts & agreements as the major strategy during 2014 to 2017. In January 2017, Halliburton signed a contract with Shell Iraq Petroleum Development on providing drilling services at Shell's Majnoon Oil Field in Southern Iraq. As per the contract, Halliburton mobilize three rigs to drill development wells and carry out work over activities over the next two years.

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