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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research report on Oil and Gas Hydraulic Equipments Market with Full
TOC at :
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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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Market Research (TMR) is a market intelligence company, providing
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of quantitative forecasting and trends analysis provides
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and analyze information.
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data repository is continuously updated and revised by a team of
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information. With a broad research and analysis capability,
Transparency Market Research employs rigorous primary and secondary
research techniques in developing distinctive data sets and research
material for business reports.
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