Over the past decade or so, the demand for energy has grown tremendously, boosting oil and gas exploration and production. Companies within the industry have been in search of new conventional and nonconventional reservoirs and investing in drilling technologies to keep up with the mounting energy demand. Newer technologies that can be used under water have been developed off late, allowing companies to perform drilling operations at greater depths. The rise in oil and gas exploration activities in offshore and onshore reserves has resulted in increasing demand for hydraulic equipment.
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The shale gas market in the US has witnessed strong growth in recent times, resulting in growing demand for oil and gas hydraulic equipment in North America. Other leading onshore oil and gas reserves are to be found in Iraq, Kuwait, Angola, Nigeria, Iran, Saudi Arabia, Egypt, and Libya in the Middle East and Africa region; Russia in Europe; Canada and Mexico in North America; Indonesia, China, India, and Australia in Asia Pacific. The demand for oil and gas hydraulic equipment from these countries has also boosted the global market.
Surging Demand for Hydraulic Fracturing Fuels Global Market
Hydraulic fracturing is one of the most preferred techniques for the extraction of global oil and gas hydraulic equipment market. Since its first commercial usage in 1949, hydraulic fracturing has been used for enhanced hydrocarbon recovery and reservoir stimulation. Technological advances have enabled easier extraction of natural gas and crude oil from unconventional reserves such as coalbed methane, shale formations, and tight sand. Sliding sleeves and plug and perf are the most commonly used hydraulic fracturing techniques that result in high production rates and optimize the overall extraction process. The growing presence of unconventional reserves, particularly shale, has resulted in increased demand for hydraulic fraction, a market that is anticipated to develop at a 6.12% CAGR in terms of revenue from 2014 to 2022, according to Transparency Market Research (TMR). A growing hydraulic fracturing market, in turn, boosts the market for oil and gas hydraulic equipment.
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Increased Demand for Hydraulic Fluid Connectors in North America
Hydraulic fluid connectors are used to transfer liquids for power transmission from one location to other. Used in numerous mobile and stationary applications, hydraulic fluid connectors have been witnessing increased demand from North America. A surge in upcoming projects associated with the oil and gas as well as petroleum markets has significantly contributed towards the growth of the hydraulic fluid connectors market. TMR indicates that the North America hydraulic fluid connectors market is likely to expand at a healthy CAGR of 7.60% from 2014 to 2020. The development of this market will consequently propel the overall hydraulic equipment market in the oil and gas sector.
Some of the major players operating in the global oil and gas hydraulic equipment market are Accelerated Production Systems, Eaton, Bailey International, Feintool International, Allison Hydraulics Ltd., Toshiba Machine, Aberdeen Dynamics, Inc., Moog, Dongyang Mechatronics, Bosch Rexroth, Parker Hannifin, HMS Group, KYB, Daikin Industries, Wipro Infrastructure Engineering, and Denley Hydraulics Limited. Companies within the global oil and gas hydraulic equipment market have been making major investments in onshore as well as offshore projects to strengthen their position in the marketplace.
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