Global Frac Tree Market 2019-2023| Increasing Applications of IoT in the Oil and Gas Industry to Promote Growth| Technavio
The global frac tree market is expected to post a CAGR of over 5%
during the period 2019-2023, according to the latest market research
report by Technavio.
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Technavio has released a new market research report on the global frac tree market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing investments
in shale oil and gas. Shale is a low permeability sedimentary rock
formation, which contains trapped oil and gas. The hydraulic fracturing
process is used to harness oil and gas from shale rocks. By using a
combination of water, sand, detergents, and other stimulating fluids,
pressure is applied on these rock formations to fracture the rock and
allow the oil and gas to rise to the surface where it is collected for
processing.
This market research report on the global
frac tree market 2019-2023 also provides an analysis of the most
important trends expected to impact the market outlook during the
forecast period. Technavio classifies an emerging trend as a major
factor that has the potential to significantly impact the market and
contribute to its growth or decline.
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In this report, Technavio highlights the increasing applications of IoT
in the oil and gas industry as one of the key emerging trends in the
global frac tree market:
Global frac tree market: Increasing
applications of IoT in the oil and gas industry
During the well drilling process, oil and gas E&P activities generate a
large amount of data. The integration of automation in drilling
activities is being applied to various parts of the drilling process to
improve efficiency by integrating the latest technology into the
processes. In order to meet the growing demands of the industry and
reduce safety concerns, GPS, sensors, wireless communication, real-time
data acquisition, and innovations in equipment are being implemented.
“Though safety aspect is the prime motive behind drilling automation,
economic benefits of automation are also gaining popularity, leading to
the increased adoption of automation. The incorporation of IoT in
industrial operations for improved processing and automation provides an
analytical as well as a calculated approach to oil and gas production.
This decreases the risk, reduces non-productive time, and lowers the
uncertainty in the process,” says a senior analyst at Technavio for
research on oil and gas.
Global frac tree market: Segmentation analysis
This market research report segments the global frac tree market by
application (onshore and offshore) and geographical regions (the
Americas, APAC, and EMEA).
The onshore segment held the largest market share in 2018, accounting
for nearly 97% of the market. This application segment is expected to
dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 91%.
This region is expected to dominate the market until 2023.
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Market Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market definition
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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