Market Size of Solid Control Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solid Control Equipment Market Analysis
The solid control equipment market is expected to register a CAGR of around 3% during the forecast period.
- The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels. Over the long term, factors such as increasing demand for energy and growing concerns regarding the safety and environmental impact of drilling and waste management are expected to drive the global market.
- However, due to the Russo-Ukrainian War, global economic slowdown or delays of oil and gas projects are likely to hinder market growth during the forecast period. The offshore oil and gas sector is likely to witness significant growth during the forecast period, owing to its increasing investment to meet the rising energy demand.
- Nevertheless, the oil and gas industry is mostly dominated by countries like the United States, Saudi Arabia, Russia, Iran, and Iraq. However, new oil and gas discoveries in other countries, such as Guyana in South America and Ghana in the African region, are expected to have ample drilling activities, which is likely to create opportunities for solid control equipment providers soon.
- North America is likely to dominate the market during the forecast period, with the majority of the demand coming from the United States and Canada.
