Europe and Middle East Africa Early Production Facility Market: Introduction
Transparency Market Research delivers key insights on the Europe and Middle East Africa early production facility market. In terms of revenue, the Europe and Middle East Africa early production facility market is estimated to expand at a CAGR of 2.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the Europe and Middle East Africa early production facility market.
The early production facility market is broadly affected by several factors such as increase in demand for petrochemical products; and growth in access of electricity. Thus, applications of early production facility in ensuring rapid production of new oil and gas is propelling the early production facility market.
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Europe and Middle East Africa Early Production Facility Market: Key Players
Key players operating in the Europe and Middle East Africa early production facility market are Halliburton, Weatherford, Petrocil Engineers and Consultants, TETRA Technologies, Expro Group, Schlumberger Limited, SUEZ, OILSERV, Green Valley Oil Services, Europe and Middle East Africa Process Systems, PYRAMID EC, Global Process Systems, Specialist Services A Centurion company, PYRAMID EC and Exterran Corporation.
Europe and Middle East Africa Early Production Facility Market: Dynamics
Petrochemicals are a set of chemical compounds derived from hydrocarbons, which are extracted from crude oil and natural gas. Petrochemicals are used in a wide range of applications in various industries, including cosmetics, electronics, packaging, textiles, and toiletries. A wide range of plastics and polymers is made from petrochemicals. Synthetic fibers derived from petrochemicals are used in the manufacture of aerospace parts, wind turbine blades, parts of electric vehicles, etc.
Petrochemicals are the pillar of growth of the crude oil gas industry. According to the International Energy Agency, Middle East Africa is anticipated to increase the production of basic chemicals (ammonia and methanol that are derived from natural gas/crude oil) from 70 MMtpy in 2019 to 150 MMtpy by 2050. Asia Pacific is projected to boost the production of petrochemicals from 200 MMtpy in 2019 to nearly 500 MMtpy by 2050.
Led by surge in demand for petrochemical products in Asia Pacific, China and India are investing significantly in new petrochemical production projects. In order to meet the demand for petrochemicals and mitigate imports, India has announced plans to invest more than US$ 30 Bn to boost the petrochemical capacity in the near future.
Thus, constant rise in demand for petrochemicals and increase in investments in petrochemical production projects are anticipated to boost the demand for crude oil and natural gas in the near future, thereby propelling investments in the exploration production of these resources. This, in turn, is expected to fuel the demand for early production facility in near future, thereby augmenting the early production facility market during the forecast period.
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Europe and Middle East Africa Early Production Facility Market: Prominent Regions
Middle East Africa is anticipated to be a lucrative region of the Europe and Middle East Africa early production facility market in the near future. Middle East Africa accounts for nearly 65% of the world’s total proven oil reserves. Around 27 new oil and gas projects worth US$ 4.81 Bn were announced in the region in 2020. Some of these include the US$ 926 Mn asset transaction with Shell Austria and Shell Egypt by Capricorn Egypt and Cheiron Holdings Egypt and PTTEP’s US$2.59 Bn asset transaction with BP Exploration (Epsilon). Thus, growth in investment in the oil gas industry is anticipated to boost the early production facility market in Middle East Africa during the forecast period.
Europe is the key region in the early production facility market. Russia CIS countries accounted for a major share of the market in Europe in 2020. The sub-region is the third largest oil producer and second largest gas producer in the world. According to BP Statistical Review of World Energy 2020, the region had around 141.1 thousand million barrels of proved oil reserves in 2020. Europe had around 44 trillion cubic meters of proved natural gas reserves in 2020, which was the second largest in the world.
In terms of production of oil and gas, Europe contributes more than 19% of the world’s total oil production. Furthermore, Russia CIS countries are investing significantly in oil gas exploration and production. This is expected to boost the demand for early production facility in Europe. Thus, increase in investment in the oil gas industry is likely to drive the demand for early production facility in the near future.
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Increase in Consumption of Transportation Fuel to Augment Europe and Middle East Africa Early Production Facility Market
- Petroleum products derived from crude oil and natural gas include gasoline, diesel fuel, jet fuel, residual fuel oil, and propane. Jet fuel is consumed as a fuel for jet airplanes, while diesel fuel (also called distillate fuel) is consumed as a fuel mainly by trucks, buses, and boats ships. Gasoline is consumed as fuel in cars, motorcycles, light trucks, etc.
- Consumers in developed and developing countries have different mobility needs. Constant urbanization is expected to lead consumers toward car ownership in the near future. Increase in sales of new vehicles and the number of on-road vehicles in regions such as Asia Pacific, Latin America, and Middle East Africa is estimated to propel the demand for transportation fuel in the near future.
- Rapid rise in industrialization has been witnessed across the globe since the past few years. Robust industrial development in Asia Pacific has been driving the economic growth. This has led to an increase in urbanization and sustained population growth. Rapid industrialization has led to owning of more trucks and containers by logistics companies for the purpose of supply of products to desired places. Furthermore, rapid urbanization has resulted in owning of more buses by governments for the purpose of public transport. Thus, increase in sale of cars, trucks, containers, and buses is anticipated to boost the consumption of petroleum products, thereby driving the demand for crude oil and natural gas.
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