ENERGY

Solar water heater market to amass considerable returns by 2024, surging smart technology development to fuel the product demand

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The revenue graph of water heater market has been depicting a rise with the transformative shift from conventional water heating systems to smart products. In accordance, energy companies have been continuously investing in capacity expansions and portfolio enhancements to combat the rising product demand. Since the last few years, the surging concerns about energy efficiency and increasing importance for renewable energy sources have had a significant impact on the manufacturers of water heaters.

U.S. Water Heater Market Size, By Application, 2017 & 2024 (USD Million)
U.S. Water Heater Market Size, By Application, 2017 & 2024 (USD Million) 

In fact, most of the companies have now shifted their focus toward the development of renewable energy based products such as solar water heaters. Most players in water heater industry have also been striving to integrate smart technologies in the upcoming products to gain a competitive edge in the market.

Recently, a renowned smartphone manufacturer, Xiaomi introduced a smart gas water heater in China, in which the firm has integrated a smart app control and digital LED display that can be operated through a smartphone. In addition, the water heater is also equipped with digital thermostat technology with which users can control the temperature of water accurately. The increasing popularity of gas-based water heaters owing to their capability to provide hot water instantly at a lower costs as compared to other fuel variants is poised to propel gas water heater market share over the years ahead.

The shifting focus of regulators toward the deployment of energy efficient and renewable energy solutions has prompted water heater market players to invest in R&D activities. Most of the regional governments also have been providing subsidies and incentives over the purchase of solar water heaters to enhance product adoption. With the increasing awareness about the hazardous impact of GHG emissions from conventional water heater, most of the residential and industrial consumers have been giving preference for solar water heaters.

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The frequent inventions related to solar water heater systems have also augmented the product demand. In India for example, the Himachal Pradesh State government, presented an innovation award to the Himalayan Research Group for the development of a cost-effective mountain solar water heating system in 2016. Indeed, the product has been reported to have had a positive influence on the water heating practices of people living in the rural areas of the region. The usage of the mountain solar water heating system in fact, has also drastically reduced the traditional practice to use firewood. This proves that clean energy initiatives by the regional governments will further encourage companies in the water heater market to come up with cost-effective and innovative energy solutions.

Over the last few years, India has emerged as one of the lucrative business destinations for the companies in the water heater industry. The major factor attracting the investors toward the Indian sub-continent is the surge in industrialization and urbanization trends that has been fueling the demand for water heating systems on a large scale.

Validating the aforementioned fact, the Chinese electric appliance manufacturer, Midea Group has recently decided to set up its home appliances production plant in India to manufacture the product locally. In the next five years, it is planning to invest INR 1,350 crore in this plant to modernize it and aims to increase the product portfolio by 2020. At this plant, Midea Group would also manufacture appliances like water heaters, water purifier, washing machine, and refrigerators.

In yet another instance affirming the popularity of capacity expansions, the Italian water heater manufacturer, Ariston Thermo commenced its first manufacturing plant in Bahrain. At this newly constructed plant, the firm plans to manufacture nearly 250,000 electric water heaters, with the help of which it is likely to emerge victorious amidst its rivals in the water heater industry, specifically across MEA, since the region has been experiencing substantial demand for water heaters across commercial as well as residential applications.

Aided by the progressive growth in the global economy, several countries have emerged as manufacturing grounds for potential investors. The growing preference for solar energy based water heaters and the rising number of clean energy initiatives have also been encouraging water heater manufacturers to launch a range of advanced products. Driven by the surging adoption of renewable energy facilities, water heater market will surpass a revenue collection of USD 30 billion by 2024.

Author NameSunil Hebbalkar

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Steam turbine market to be driven by the ever-increasing efforts of prominent industry contenders, global valuation to exceed USD 24 billion by 2024

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The growing importance of clean energy policies mandated by various regional governments has been propelling steam turbine market considerably. These turbines are specifically used to convert thermal energy received from the power plant to electric energy. Considering the rising significance of energy efficiency, steam turbine industry players have been working to bring to the market, varied product ranges to be used across the large number of thermal and nuclear power plants that are being constructed on a global basis.

Europe Steam Turbine Market Size, By Capacity, 2017 & 2024 (USD Million)
Europe Steam Turbine Market Size, By Capacity, 2017 & 2024 (USD Million)

In addition, the companies have been ensuring that the products are incorporated with enhanced performance and design. The surging involvement of energy companies to fulfill the increasing energy demand owing to the rapid urbanization and industrialization across the globe is poised to push steam turbine market trends over the years ahead.

Lately, countries such as Japan are continuously striving to rely completely on renewable energy sources for reducing the impact of GHG emitting energy generation facilities on the environment. For instance, recently, the Government of Japan revealed its plan to develop biomass-based renewable energy thermal power plant. In order to develop this plant, the Japanese government has signed a long-term agreement with Toshiba ESS owing to the prominent requirement of high technology assisted steam turbine equipment. In fact, the Japanese government and Toshiba have also been working on many other projects related to fuel conversion for improving the efficiency of old thermal power plants. The dedication of regional governments toward the development of low-carbon emitting and environment-friendly power plants is thus poised to propel steam turbine industry trends.

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In addition to regional governments, several energy companies have also been coming together to construct sustainable power plants for accomplishing their energy needs. Merely a few days ago, Siemens and STEAG GuD Herne GmbH signed an agreement to construct a combined cycle power plant. This plant will produce nearly 600 MW electricity and a steam output of 400 MW, that would help upsurge the efficiency of the plant. The increasing popularity of distributed energy systems has thus been having a positive influence on the steam turbine market size.

Taking into account the growing demand for steam turbines, prominent companies have been aiming to increase the reliability and performance of the technologies deployed in these products. Validating the aforementioned fact, in May 2018, GE has decided to expand its capabilities with the launch of a new power services business unit. The development of new facility centers has been proving to be quite beneficial for the energy companies to modernize thermal barriers, cooling systems, and combustion components integrated in the steam turbine. In addition, they can also decrease the backlog of orders received from various countries. The competitiveness in the steam turbine market is likely to grow over the years ahead with the surging investment in the development of power plants.

Speaking along similar lines, in 2017, the Czech Republic based turbine manufacturer and supplier, Doosan Škoda Power won another energy project in Jordan. Doosan is known for its excellent services especially related to steam turbines. Through this new contract, the Czech Republican company plans to deliver a new steam turbine with a 70 MW generator that has been installed at the Samra combined cycle gas-fired power plant located in the Hashemite Kingdom of Jordan.

Indeed, with rapid industrialization, it is rather discernible that the shifting focus of the industries toward enhancing power production capabilities will fuel the product demand over the years ahead. The surging use of steam turbines in the commercial applications pertaining to its higher efficiency will significantly generate lucrative business opportunities for turbine manufacturers. As renewable energy grids are gaining more popularity on account of their energy efficiency, steam turbine market will surpass a revenue collection of USD 24 billion by the end of 2024.

Author NameSunil Hebbalkar

U.S. water tube industrial boiler market to witness substantial momentum over 2018-2024, natural gas-fired boilers to experience commendable sales

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The rising demand for energy efficient heating systems along with rapid industrialization in developing countries will drive the water tube industrial boiler market size. Boilers, being a critical component in commercial and industrial facilities, have been depicting an increase in demand, on account of the expansion of industrial infrastructure. In addition, the growing initiatives for energy conservation and acceptance of energy efficient steam generating units have been further complementing the growth of water tube industrial boiler market in the years ahead.

U.S. Water Tube Industrial Boiler Market Size, By Application, 2017 & 2024 (USD Million)
 U.S. Water Tube Industrial Boiler Market Size, By Application, 2017 & 2024 (USD Million)

The rapid increase in energy consumption by industries globally will augment the demand for low-energy consuming heating systems. Energy consumption, as on today, is one of the most sensitive and complex issues faced by industries across the globe. In some countries, industrial energy consumption differs from 30% to 70% of total energy produce, while the global average stands at 37%. Industries are reportedly seeking energy efficient boiler units for reducing their cost on fuel and environmental footprint, for meeting consumer demands in a cost-effective, environment friendly manner. Experts suggest that, in the United States alone, improving thermal efficiencies of water boilers from 80% to 94% can result in reduction of CO2 emissions from 66.3 to 56.4 kg/MMBtu while using natural gas as a primary fuel.

Reports from the Industrial Boiler-Efficiency Improvement (IBEI) program also suggest that if the average efficiency of industrial boilers was improved from 60% to 70%, around 3 million tons of coal and 5 million tons of CO2 emissions could be saved annually at a cost of less than USD 2 per ton of CO2. Thus, the introduction of strict norms to minimize carbon footprints along with efforts to attain energy optimization across manufacturing facilities can led to an increased demand for energy efficient boiler systems, driving the growth of water tube industrial boiler market.

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U.S. water tube industrial boiler market to witness sizeable growth

The U.S. water tube industrial boiler market will depict a commendable growth over 2018-2024, on account of increasing investment toward expansion of industrial facilities and replacement of conventional steam generating systems. According to the Energy and Environmental Analysis, Inc. (EEA) reports, there are approximately 43,000 industrial boilers in the United States with an aggregate capacity of 1.5 million MMBtu/hr input. The majority of the boilers are located at food, paper, chemicals, refining and primary metal manufacturing facilities.

Incidentally, these industries also account for 92% of the largest boilers (>250 MMBtu/hr). The escalating demand for consumer products coupled with government restrictions aimed at optimizing the country’s manufacturing proficiencies will thus further stimulate U.S. water tube boiler market in the years ahead.

Unveiling natural gas fired water tube industrial boiler market trends

Natural gas makes up 67% of purchased boiler fuel (2,141 TBtu/year). Almost 78% of boiler units and close to 56% of industrial boiler capacity are reported to be natural gas-fired. The chemicals industry alone consumes more than one-third of the natural gas (775 TBtu/year), while other large consumers of natural gas include paper (379 TBtu/year) and other industrial sectors.

Driven by the extensive deployment of natural gas as a fuel and the rising enforcement of regulatory standards encouraging the adoption of low-emission fuels will augment natural gas fired water tube industrial boiler market in the ensuing years. For the record, natural gas fired water tube industrial boiler industry size stood at USD 1 billion in 2017.

Cleaver-Brooks, Thermax, Bosch Thermotechnology, AMEC Foster Wheeler, Siemens, Mitsubishi Hitachi Power Systems, Babcock and Wilcox, Hurst Boiler, Doosan, Forbes Marshall, General Electric, Fulton, and Cochran are some of the major players in the water tube industrial boiler market.

Water tube industrial boilers are mainly installed to produce hot water and steam for commercial or industrial applications across the chemical, food processing, refinery, primary metal and other manufacturing sectors. It is thus rather overt that the developments across the aforementioned industrial domains in tandem with the technological advancements in boiler design will drive the water tube industrial boiler market in the future.

Author NameMateen Dalal

GCC Natural Gas Market to earn massive remuneration via export opportunities, energy sustainability trends to underline the strategic portfolio

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The increasing awareness and demand for alternate and cleaner fuel worldwide has propelled the GCC natural gas market, taking it beyond the 40 billion-dollar mark in 2017. Natural gas plays an important role in the region’s industrial development where the domestic demand is rising, and emphasis is being poured onto reinforcing energy security. Proven to hold the largest reserves of oil and natural gas, the GCC (Gulf Cooperation Council) nations are endeavoring towards progressive adoption of LNG as an energy source along with diverging export avenues, boosting the GCC natural gas industry.

Saudi Arabia Natural Gas Market Size, By Application, 2017 & 2024 (USD Million)
Saudi Arabia Natural Gas Market Size, By Application, 2017 & 2024 (USD Million)

Since the advent of oil and gas production in the gulf countries, they have experienced unprecedented economic boom leading to high per capita income and the consequential rise in energy consumption, which is one of the highest in the world. Depending on the vast resource availability, the governments of these countries have spared no efforts in providing ample products and services for low prices along with free education, healthcare, cheap utilities and even cheaper gasoline. The region is now targeting to increase natural gas production through untapped sources and will expose new revenue prospects for the GCC natural gas market.

Elaborating on the steps taken by GCC nations, Qatar recently lifted a self-imposed suspension on the exploration of offshore North Field in the Persian Gulf, which has been identified as the biggest gas reserve in the world. The decision followed Qatar’s announcement of plans to increase its LNG production capacity from 77 to 100 mtpa. The development of the North field gas reserves will strengthen Qatar’s position in the GCC natural gas market, as it is already credited with being the most cost-effective and leading supplier of LNG for almost two decades. Saudi Arabia will follow suit and has committed USD 7 billion to push the upstream operations in order to develop the nation’s shale gas potential.

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Influencing the GCC natural gas industry is the notion among experts that natural gas will be the preferred method of energy generation in the future, when stable energy production will be required in the areas where harnessing the wind or solar power is difficult. Compared to other fossil fuels, natural gas is considered to be relatively clean with almost 50% less carbon emissions besides 75% lower emissions of nitrogen oxide and other harmful particles. These characteristics have not only aided the acceptance of natural gas in industrial sector but also transformed the automotive market where vehicles running on CNG deliver excellent fuel efficiency and less emissions. With the continuous expansion of low cost supplies of LNG triggering the increased availability and consumption of gas, GCC natural gas market is predicted to exhibit a CAGR of 4% over 2018-2024.

Speaking on the utilization of natural gas, a World Bank data on energy use indicated that up to 21.6% of electricity generation in the world was from natural gas sources as of 2014. These statistics can be derived from the evolving regulatory policies in favor of sustainable energy resources and the need for balanced fuel diversification. One such measure is the “Energy Strategy 2050” plan by the UAE through which it aims to reduce the overall carbon footprint in the country’s power generation by 70% and raise the proportion of clean energy up to 50%. It is estimated that by 2040, the energy consumption in the Gulf will go up by 54% with natural gas representing 60% of this growth.

In another example citing the trend towards cleaner fuel in the GCC natural gas market, Oman LNG has announced the establishment of new gas driven power plant at their facilities in Qalhat. It is aimed at conserving and optimizing natural gas with minimum CO2 emissions.

Governments worldwide are enforcing the switch from coal-based power generation to natural gas sourced, with China and other emerging markets being the prominent transition points. According to reports, China’s requirement for LNG contributed for almost half of the total expansion of the natural gas segment. Evidently, China can be a lucrative market for gulf countries in case they have spare natural gas to export into Asia, where Korea and Japan are also major gas importers.

However, European countries could be a prime customer base for the GCC natural gas market, as the region witnesses cold weathers every year but has limited domestic natural gas supply. As per records, new sources of gas supply have not greatly emerged in Europe after various explorations, worsened by oppositions to unconventional methods of extracting natural gas. Europe is slated to rely on imports in the future and undertake projects to enable the transfer of natural gas from the GCC nations.

The GCC natural gas industry, with easy access to high-volume and low-cost opportunities is attracting foreign investments to supplement the growing demand for natural gas in residential and commercial applications worldwide. Backed by such a strong demand curve, the GCC natural gas market is slated to surpass a mammoth valuation of USD 50 billion by 2024.

Author NamePankaj Singh

Cryogenic equipment market to accrue commendable proceeds via cryogenic tank sales, rising number of O&G exploration activities to stimulate the industry landscape over 2018-2024

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In line with the rapid industrialization and surging requirement of cryogenic products, players in the cryogenic equipment market have been investing extensively in capacity expansions and construction of new facilities. Rise in power requirement along with the escalating involvement of energy companies in power generation to fulfil the surging energy needs is poised to impel the industry trends over the years ahead. For instance, a few months before, leading midstream energy company, Targa Resources Corp opened a cryogenic gas processing unit, wherein it plans to cool natural gas that is used prominently in the power plants to separate natural gas liquids and dry natural gas. In addition, Targa has been involved in research and development activities to diversify its product portfolio for enhancing its existing consumer base. The deployment of innovative cryogen processing facilities across myriad countries is thus slated to strengthen the industry outlook.

Europe Cryogenic Equipment Market Size, By Application, 2017 & 2024 (USD Million)
Europe Cryogenic Equipment Market Size, By Application, 2017 & 2024 (USD Million)

Speaking along the same lines, last month one of the well-known Netherlands-based cryogenic solution providers, DH Industries BV commenced its first LNG production facility equipped with advanced liquification equipment in Italy. Over last the decade, DH Industries has been working vigorously to modernize its cryogenic gas liquification equipment with the help of its partner Hysytech. After the launch of this new LNG purification and liquification plant, the company is looking forward to improving its customer base across Italy by targeting customers who are willing to liquefy natural gas. Reportedly, with the surging demand for LNG across the oil & gas sector, natural gas-based cryogenic equipment industry will grow at an annual growth rate of more than 7% over 2018-2024.

Taking into account the growing expanse of cryogenic equipment market, leading equipment manufacturers have been looking forward to extending their regional reach. For instance, the Swiss advanced cryogenic equipment manufacturer, Sefco AG is planning to expand its presence across APAC by establishing a new subsidiary, Sefco China. This Swiss giant provides a wide range of reciprocating and centrifugal pumps which can be used mainly for producing and distributing cryogenic liquids including LNG, liquid oxygen, liquid nitrogen, and liquid argon. Moreover, for fulfilling the customers’ requirement, it is planning to optimize its R&D activity to develop more flexible and compact pump configurations. The strategies adopted by the players in the cryogenic equipment market to trailer the development of the customers-centric products will help them to strengthen their regional presence.

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Currently, most of the countries along the likes of U.S., China, Russia, and Saudi Arabia have been investing in oil & gas exploration and excavation activities for accomplishing their energy needs. In accordance, companies involved in oil & gas exploration have been propelling the requirement of cryogenic storage tanks for performing critical processes such as gas processing, oil processing, phase separation, and oil & gas metering. In addition to storage tanks, they also have been demanding for evaporators, towers, and pressure vessels on a large scale. For the record, in 2017, cryogenic tanks covered 40% share of the overall cryogenic equipment industry.

In addition to the oil & gas sector, the healthcare industry has also been fueling the demand for cryogenic products mainly for scientific purposes and long-term storage and distribution of biological materials. Medical institutes and hospitals have been using cryogenic equipment to store bone marrow, cord blood, and organs that will be used for transplantation and transfusion. These storage methodologies demand extreme hygiene and precaution while handling biological materials, which has led to cryogenic product and service providers providing training to technicians. The growing number of trained professionals endowed with the knowledge of using cryogenic equipment for medical applications is likely to add a new growth dimension to cryogenic equipment market from the healthcare sector.

All in all, initiatives taken by the companies to expand their footprints across the globe by providing broader set of solutions is poised to improve the product demand. The shifting focus of the companies to target prominent consumers of cryogenic equipment by providing optimized technology services will also have a significant influence on the industry trends. Driven by the surging industrialization and transforming healthcare services, cryogenic equipment market will surpass a revenue collection of USD 25 billion by the end of 2024.

Author NameSunil Hebbalkar

A succinct outline of fire tube industrial boiler market with respect to the growth strategies adopted by leading industry magnates, innovative product development to emerge as a prominent tactic over 2018-2024

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The rapidly increasing deployment of steam boilers across numerous end-use verticals has been propelling the fire tube industrial boiler market. The primary factors influencing the product demand are its compact size and portability pertaining to which most of the end-users have been giving preference for the same. Numerous industry contributors have been looking forward to developing a variety of product ranges to expand the deployment scope of these products. In addition, they are also focusing on the advancements of its functionality to optimize the heating comfort. The launch of smart and electronically assisted boiler models will have a significant impact on fire tube industrial boiler industry size.

China Fire Tube Industrial Boiler Market Size, By Application, 2017 & 2024 (USD Million)
China Fire Tube Industrial Boiler Market Size, By Application, 2017 & 2024 (USD Million)

With the upsurge in the significance of steam boilers across refineries, and the manufacturing and food processing industries, players in the fire tube industrial boiler market have been planning to carry out significant developments in the existing products. Their prime objective is to overcome the issues related to energy efficiency and greenhouse gas emissions. In fact, over the last few years, with the rapid growth in industrialization, the level of GHGs has grown tremendously which has been creating major health-related problems. In this regard, companies have indeed been undertaking major initiatives – for instance, recently, Suez Water Technologies & Solutions launched a digital monitor for boilers that can monitor and analyze boiler water.

Speaking along the same line, the feature of digital monitoring in the boiler can effectively reduce the greenhouse gas emissions and energy usage that will ultimately decrease the cost required for asset management and steam production. Taking into account the effective use of such digitally monitored fire tube and water tube boilers, multiple industries comprising healthcare, mining, paper, chemical processing, and F&B have been investing in innovative product development tactics.

Elaborating on the product enhancement strategies adopted by the contributors in the fire tube industrial boiler market, it is prudent to state that key players have been conducting research and development activities as well, in line with the growing awareness among the end-use industries about energy efficiency. Endowed with an extensive research approach, several companies have successfully designed high performance, efficient, and durable product ranges in this vertical. For instance, commercial water heaters and boiler manufacturer, Lochinvar LLC has recently improved the thermal efficiency of the products of its commercial condensing boiler family which comprises twelve indoor and six outdoor models ranging from 750,000 to 6 million Btu/hr.

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With the upgradation in the combustion system and material of heat exchanger, Lochinvar has successfully achieved 96% thermal efficiency. In fact, designers and product development engineers of the company have also come up with an advanced fire tube design which can transfer extra heat to the surrounding water more efficiently than the earlier designs. The design and development of more efficient and leaner boilers tend to reduce the maintenance and service cost as well that will considerably fuel the fire tube industrial boiler market share.

Apart from product enhancement tactics,  industry contributors have also been investing in mergers and acquisitions which has been helping them to extend their customer base as a well regional reach. Validating the aforementioned fact, in 2016, Superior Holding, Inc. has acquired the leading designer and fabricator of boiler systems, English Boiler & Tube. The combination of both the companies has turned out to be rather beneficial for the customers in terms of fulfilling their industrial boiler needs from a single source. After the acquisition, Superior Holding has also improved its engineering expertise with the help of which, it is looking forward to developing high-quality products over the years ahead.

The growing availability of excellent quality products and customer services is poised to propel the fire tube industrial boiler market outlook. In addition, increasing addition of advanced technical and design expertise in fire tube boiler systems will considerably transform the future of fire tube industrial boiler market. Driven by the increasing development of energy efficient, cost-effective, and eco-friendly products, fire tube industrial boiler market will surpass revenue collection of USD 3 billion by the end of 2024.

Author NameSunil Hebbalkar

Well intervention market to be driven by the increasing number of matured oil fields, global industry valuation to be recorded over USD 18 billion by 2024

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As increasing well stock reaches maturity, well intervention market is expected to traverse along an exponential trajectory due to the rising demand for stimulating well production. At present the oil and gas industry is one of the most influential branches in the world economy with more than 4 billion metric tons of oil being produced globally each year. The United States along with Saudi Arabia are among the world’s leading oil producers followed by Russia. In spite of the general trend for the support of renewable energy resources and sustainable options that have been reflected in legislations across the globe in response to the Paris Agreement to rein in climate change, projections in the petroleum industry has showed other indications.

Norway Well Intervention Market Size, By Service, 2017 & 2024 (USD Billion)
Norway Well Intervention Market Size, By Service, 2017 & 2024 (USD Billion)

According to projections presented by International Energy Agency, global oil demand is slated to increase almost by a million BPD each year despite such trends as electric vehicles and renewables. This may be attributed to the rising overall population and the subsequent demand for petroleum. Maximizing the production of each well is therefore becoming imperative and the well intervention industry is gaining a massive impetus from such trends.

The fact that well intervention market expansion is being considered crucial has been recently demonstrated in an incidence when energy giant Saudi Aramco invested £535,000 in the Aberdeen-based oil field technology company, Pragma Well Technology, through a three-year contract. Pragma is involved in using 3D metal printing in the development of a technological device that can be used in traditional well intervention to further extend the life of wells. Saudi Aramco’s investment in Pragma can be viewed as a venture to sponsor new methods to solve old problems but it clearly underlines the importance of bringing in new technology to the well intervention market so the productivity of wells that are almost at the end of their lives can be further extended, thus bringing in more profit for the oil and gas industry.

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Innovative solutions to well intervention have also added impetus to the well intervention industry. Recently C6 Technologies AS, a company that specializes in developing technologies related to well intervention and conveyance announced that it has used its ComTrac technology for the first time along with Archer, its parent company. The ComTrac is a notable technology as it facilitates intervention far beyond the capabilities of usual wireline technology in terms of length and load, particularly in the case of horizontal wells. ComTrac comprises a reel of semi-stiff carbon composite rod equipped with electrical conductors and is the only technology that can operate at lengths of up to 8 km. The carbon composite rod eliminates the problematic “stick and slip” experience faced with wireline cables and enables ComTrac to deliver exceptional data quality and repeatability. Other such innovations in well intervention market will also help augment the commercialization scope of oil and gas industry ahead.

The oil and gas industry, when considered in terms of dollar value, is one of the biggest industrial sectors in the world and a powerhouse that generates hundreds of billions of dollars globally each year. It not only generates employment for thousands of workers but also significantly contributes to national GDP which has been made abundantly evident by regions that house major national oil companies. Though the world is now veering towards the adoption of alternative and renewable energy resources and basically trying to cut down on fossil fuel consumption, the general prediction shows that the time for oil and gas industry to lose its place of honor is still quite far away.

With an estimation that 30 billion barrels of oil are consumed globally each year, oil accounts for a commendable portion of energy consumption, a factor that will continue to contribute the expansion of well intervention market. For the record, well intervention industry size is expected to record a CAGR of 6% over 2018-2024.

Author NameParoma Bhattacharya