According to a new market research report published by MarketsandMarkets, the Sand Control Solutions Market size will grow to $3.2 billion by 2025 (forecast year) from $2.1 billion in 2020 (estimated year), at a CAGR of 8.9% during the forecast period.
Continuous shale-development activities and efforts to increase reserve-to-production ratio from the wells are the key factors driving the growth of the Sand Control Solutions Market. Likewise, the increasing offshore exploration and production and subsea activities are expected to offer lucrative opportunities for the Sand Control Solutions Market during the forecast period.
The onshore segment is expected to dominate the Sand Control Solutions Market, by location, during the forecast period.
The onshore location held a larger market size due to the presence of vast onshore oil & gas wells. It increased dependency on conventional oil and gas, which is the most profitable and convenient way to meet the energy demand.
Gravel packs are mainly installed for onshore locations. Onshore locations involve the placing of these systems in the wellbore to filter sand during extraction. The growing demand in onshore applications shows increasing oil production from basins such as Permian. Such factors are expected to boost the demand for the sand control solution market for the onshore location during the forecast period.
The report is titled, “Sand Control Solutions Market by Location (Onshore, Offshore), Application (Cased hole, Open hole), Well Type (Horizontal, Vertical), Type (Gravel Pack, Frac Pack, Sand Screens, Inflow Control Devices, Others), and Region – Global Forecast to 2025.”