The oil and gas accumulator market is set to expand on account of completion of drilled-but-uncompleted wells (DUCs) in the USA
United States: Major companies
involved in Shale gas production in the USA that include Halliburton Co. and
Baker Hughes Inc., are expecting reduction in number of DUCs which will drive
the market for oil field services companies the country. There were 1732 number
of DUC wells in march 2016 in top five Shale fields in the country which were
not completed within three months of drilling. The increase in completion of
previously drilled wells is considered as a big boost for oil and gas services
market in the USA.
TechSci Research finds out that the growth in
oil and gas exploration activities, the market for oil and gas accumulators is
set to expand in near future. The accumulators are predominantly used in oil
and gas rigs as pressure control equipment in Blowout Preventer (BOP)
application. The increase in oil and gas exploration activity will result in
deployment of more number of rigs which will drive the market for oil and gas
accumulator.
According to released report of TechSci Research
“United States Oil and
Gas Accumulator Market Forecast & Opportunities, 2025”,
the the oil & gas accumulators market
in the United States is projected to grow at a CAGR of over 6% during 2015-20.
The growth is expected on account of increasing oil and gas drilling and
exploration activity and completion of DUCs in the country.