In any economy, oil and gas is one of the most significant industries and is rising remarkably. It not only deals with processing, discovery, construction of wells and abandonment of the site, but also includes the transfer of goods from one place to another. Therefore the industry also requires the convergence of upstream, midstream, and downstream technologies to meet the destinations for a successful supply chain system.
The oil and gas hose industry is benefiting from the growth of the downstream sector and the rise in demand for hose assemblies that meet pressure requirements and are corrosion resistant, as downstream deals with the refining, production, and retail of oil and gas.
The worldwide demand for oil and gas hose assemblies is showing considerable growth. The rise in investments in oil and gas projects is mainly driving the demand. Development is further growing with increasing demand for high-pressure hose assemblies in various industries such as oil & gas, agriculture, chemicals, and others.
The offshore industry has been threatened by the discovery and development of oil and gas reserves in a number of water depths. In terms of their functionality and reliability, Subsea technologies have improved dramatically in the last few years. These subsea technologies are seen as the primary contributor to the fundamental reconstruction of the subsea oil and gas industry by launching cost-effective, innovative, healthy and sustainable solutions.
Regional Analysis –
The lion’s share of the global economy is accounted for by North America, followed by the US. Due to rising investments in oil and gas projects such as Alaska LNG and Driftwood LNG, the region is expected to remain dominant. Another growth driving factor is the presence of leading regional manufacturers such as Gates Industrial Corporation plc, Parker-Hannifin Corporation, and Kuriyama of America, Inc.
North America invested in ability for refining and transport and joined neighbouring industries. This has now translated into substantial support for the global demand for oil and gas hose assemblies. In addition, the region’s rising downstream applications are expected to increase demand in North America.
Factors Leading Growth of the Global Oil and Gas Hose Assemblies Market –
Oil and gas hose is an important commodity used in a number of industries due to its use in processes such as mining, well construction, manufacturing and site abandonment. Future Market Insights studies For the efficient movement of materials from the processing area to the position of use it combines upstream, midstream and downstream applications.
- The global demand for oil and gas hose assemblies is forecast to hit US$ 1,124.2 Mn in 2020.
- Increasing prices of steel crude oil and natural gas will have a significant impact on the demand for oil and gas hose assemblies, especially in the United States.
- Due to increased oil and gas offshore ventures, East Asia is expected to record maximum growth during the forecast period.
The rising investments in oil and gas ventures are leading to the growth of the demand for oil and gas hose assemblies. The global demand for oil and gas hose assemblies is expected to grow at a value of 4.3% CAGR by 2030, according to the Future Market Insights study.