Transparency Market Research has released a new market report, ‘Static and Rotating Equipment (Oil and Gas) Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 - 2022’. According to the report, the global static and rotating equipment market for oil and gas stood at US$26 558.63 million in 2013 and is anticipated to reach US$35 868.94 million by 2022, at a CAGR of 3.7% from 2014 to 2022.
The market for oil and gas equipment has been classified as static and rotating equipment. These equipment are utilised across all verticals of the hydrocarbons industry: upstream, midstream, and downstream. Within static equipment, Transparency Market Research has considered valves, heat exchangers, furnaces, and boilers. Valves are vital for controlling the flow of crude oil or natural gas in oil and gas infrastructure such as wellheads, pipelines, and refineries. Boilers are mostly utilised in the refining industry for steam generation or cooling. In refineries, steam is mostly utilised for steam stripping, steam distillation, process heating, and vacuum distillation. Furnaces are used in the oil and gas industry for combustion of solid, liquid, or gaseous fuels to generate heat. Cracking and reforming furnaces are two of the most common types of furnaces used in the oil and gas or petrochemical industry. Heat exchangers are largely required during the refining process in cracking units. They are often utilised in processes, which separate oil from produced water. In natural gas production, heat exchangers are used in liquefaction. Heat exchangers used in the upstream, midstream, and downstream sectors include air cooled, shell and tube, and plate heat exchangers.
Rotating equipment majorly consist of compressors, turbines, and pumps. Compressors are used extensively in the oil and gas industry and are often customised according to different requirements. For instance, reinjection compressors used for product enhancement and artificial lifting are rapidly being deployed in underground storage facilities of natural gas. Apart from these, other compressors that are frequently used in the oil and gas industry include flash gas compressors, gas lift compressors, reciprocating compressors, and screw compressors. Gas turbines, especially aero derivative gas turbines, are currently being deployed in both onshore and offshore oil and gas facilities for mechanical drive and power generation purposes. Pumps are one of the most vital rotating equipment used in the oil and gas industry. Some major types of pumps utilised include centrifugal pumps and positive displacement pumps. Electrical submersible pumps, a sub type of centrifugal pumps, are being increasingly deployed in offshore and deep water wells. These pumps occupied a share of nearly 50% in the global artificial lift market in 2014.
Static equipment accounted for 52.79% of the global market share in 2013. A strong outlook for valves can be expected in the future, driven largely by the upstream industry, especially unconventional E&P activities. With a distinct regional mismatch of supply and demand centers of natural gas, an acute need is also being felt for natural gas logistics by converting it to liquefied natural gas (LNG). Demand for new boilers by the oil and gas industry would mostly be dependent upon the installation and construction trends in the refining industry. Apart from this, secondary conversion units and distillation capacity additions in existing refineries are also expected to result in an increased demand for boilers in the next few years. With the importance of natural gas in the global energy mix increasing rapidly, the volume of LNG trade is also expected to grow significantly in the future. Consequently, heat exchangers are being increasingly deployed in the LNG industry.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/07092015/transparency-market-research-predicts-growth-in-static-and-rotating-equipment-market-1354/