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Oil and Gas industry is crucial for the global economy. The oil and gas industry is not only responsible for the majority of primary energy generation but also acts as a significant supplier of raw materials for chemical products which include pharmaceuticals, solvents, fertilizers, pesticides, and plastics. For reliable and stable operation of the oil and gas industry, hydraulic equipment plays an important role.
Based on the type of sectors, oil and gas hydraulic equipment market can be segmented into upstream, midstream, and downstream. The upstream sector includes searching for potential underground or underwater crude oil and natural gas fields, drilling exploratory wells, and subsequently drilling and operating the wells that recover and bring the crude oil or raw natural gas to the surface.
The midstream sector involves transportation (by pipeline, rail, barge, oil tanker or truck), storage, and wholesale marketing of crude or refined petroleum products. The downstream sector is the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products derived from crude oil and natural gas.
Key Market Driver -
Key Market Driver – Modernization of oil and gas industry
Key Market Restraint -
Key Market Restraint – Low and fluctuating crude oil prices
The downstream sector reaches consumers through products such as gasoline or petrol, kerosene, jet fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquefied petroleum gas (LPG) as well as hundreds of petrochemicals. Hydraulic Equipment can be used either onshore or offshore.
Based on application, oil and gas hydraulic equipment are classified as Drill Floor Hydraulics, Ballast Control System, Deck Crane Systems, Motion Compensation Systems, Top Drives, Manifolds, Winches, Power Units, Mooring Systems, Supply Vessels, BOP carts and others. Based on location, the market is segmented as onshore and offshore.
The primary market driver for global oil and gas hydraulic equipment market is the need for modernization, refurbishment, and upgradation of the infrastructure in the oil and gas industry. Automation and IoT based hydraulic equipment boosts efficacy and is beneficial to investors.
Increase in demand for oil and gas in countries, growth in downstream activities and economical extraction of shale gas is expected to influence the oil and gas hydraulic equipment market positively. As a result of low and fluctuating crude oil prices, investment in oil and gas has reduced significantly. This acts as a significant restraint for Oil and Gas Hydraulic Equipment market.
Some of the notable companies in the global oil and gas hydraulic equipment market are Danfoss, Hannon Hydraulics, LLC, Denley Hydraulics Limited, TRC Hydraulics Inc, HMS Group, Aberdeen Dynamics, Inc., Hydrastore Limited, Independent Hydraulics Inc, Wärtsilä, The Weir Group PLC, Parker Hannifin, Maximator GmbH and HYDAC Netherlands.
The global oil and gas hydraulic equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the oil and equipment market. Shale gas exploration and extraction activities have been gaining traction in the USA. The companies have been shifting to frugal, economic and innovative technology to reduce the cost of fracking or extraction of shale gas. The offshore oil exploration and extraction activities are increasing in USA. USA also has several old oil wells which require refurbishment, modernization, and upgradation.
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The midstream and downstream activities have increased in the US. Several new oil and gas pipelines have been proposed in the US. From these trends, it is anticipated to boost the oil and gas hydraulic market in North America. Middle-East and African region are expected to positively influence the oil and gas hydraulic equipment market. Middle-East region is the largest exporter of oil and gas in the world. The oil and gas production existing sites in the Middle-East are several years old and require regular maintenance activities to avoid downtime. Some these sites require refurbishment, upgradation, and modernization to operate at highest efficiency.
The oil and gas reserves in the African region have been untapped and unexplored. The oil and gas activities in the ocean water surrounding the African continent have been gaining traction. Asia-Pacific will play a major role in the oil and gas hydraulic market. The oil and gas activities in India, China, Southeast Asia, etc. have been gaining traction in the coming years. Several long-distance pipelines form Middle-East countries to the Indian subcontinent region have been proposed in recent years. Europe is a significant region for the oil and gas hydraulic equipment market. The oil and gas sites in UK, Norway, Russia, etc. require regular maintenance and some sites require modernization, upgradation & refurbishment. Long-distance gas pipelines from Russia to European countries transport natural gas.
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