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Amid the COVID-19 crisis, the global market for Gravel Pack estimated at US$ 813.9 Million in the year 2020, is projected to reach a revised size of US$ 1 Billion by 2027, growing at a CAGR of 3.7% over the period 2020-2027.
Onshore, one of the segments analyzed in the report, is projected to record 3.9% CAGR and reach US$ 642.7 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Offshore segment is readjusted to a revised 3.4% CAGR for the next 7-year period.
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Global Sand Control Solutions Market Report 2020-2025 - Focus on Gravel Pack, Frac Pack, Sand Screens, Inflow Control Devices, Others
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The global sand control solutions market is projected to reach USD 3.2 billion by 2025 from an estimated USD 2.1 billion in 2020, at a CAGR of 8.9% during the forecast period.
The continuous development from unconventional reservoirs 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 & production as well as subsea activities are expected to offer lucrative opportunities for the sand control solutions market during the forecast period.However, fluctuating crude oil prices, and challenging operations in high-pressure high temperature well hinder the growth of the market.