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The global oil and gas separation industry is being driven by the growing demand for energy and increased focus on adopting sustainable oil and gas extraction methods. North America leads the global oil and gas separation industry owing to the increased shale gas operations in the region. Within North America, the United States acts as a significant market. In the United States, the demand for natural gas liquids (NGLs), recovered from natural gas streams, has witnessed a healthy growth over the past few years. NGLs and liquefied petroleum gas are widely used as petrochemical feedstocks in the manufacture of plastics, automotive products, and detergents, thus aiding the industry growth. Some of the major players in the industry include Honeywell International Inc. (NYSE: HON), Schlumberger NV (NYSE: SLB), and Alfa Laval Corporate AB (STO: ALFA).
The growing mergers and acquisitions by the leading players are expected to further aid the market growth. In September 2018, Honeywell (NYSE: HON) announced the acquisition of Ortloff Engineers, Ltd., an industry-leading developer providing specialised technologies to maximise gas separation, in a bid to generate high returns in natural gas processing and sulphur recovery. Ortloff will be a part of Honeywell UOP's Gas Processing and Hydrogen business. As other companies are also investing in the field gas development, the market is expected to receive a further boost. For instance, in February 2020, McDermott International, Inc. (NYSE: MDR) announced that it has signed a contract with Woodside Energy Ltd. for a floating production unit (FPU), which facilitates natural gas processing via gas separation, dehydration, etc. for the development of Scarborough field gas in Western Australia. Such developments are expected to further aid the growth of the global oil and gas separation industry over the forecast period.
Market Breakup by Technology, Vessel Type, Product Type, Application, and Region:
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The major players in the global oil and gas separation industry are Honeywell International Inc., TechnipFMC plc, Alfa Laval Corporate AB, Halliburton Company, Schlumberger Limited, and Frames Energy Systems B.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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