The major factor that drives the growth of the solid control equipment market is the rise in demand for efficient and environment friendly drilling processes. The solid control equipment not only helps in West control during the drilling process but also reduces the overall cost of drilling and minimizes the applications of synthetic drilling fluids. On the other hand, with the increase in global population, there is a rise in demand for drinking water around the world, which also plays a major role in increasing the number of drilling activities. As a result, the major companies are concentrating on innovations to introduce more efficient solid control equipment, which is expected to boost the growth of the global market during the forecast period. However, the high cost of capital for incorporating solid control equipment is anticipated to hinder the growth of the market.
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The market in the North America region holds a significant share of the global solid control equipment market due to the increase in number of offshore drilling activities and explorations by the developed nations.
Companies covered in the market report are Aker Solutions, BHGE, Clean Harbors, Inc., Derrick Corporation, GN Solids Control, Halliburton, IMDEX LIMITED, Schlumberger Limited, and National Oilwell Varco.
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has severely affected the global solid control equipment market to a great extent.
- Due to the nationwide lockdowns imposed by the governments to contain the virus, the demand for crude oil and petroleum decreased drastically. As a result the major oil and gas companies were forced to reduce the drilling activities, which caused a reduction demand for solid control equipment in the market.
- Moreover, several companies had to reduce their drilling activities due to the lack of workforce caused by the stringent regulations on national and international transport. This has also affected the global solid control equipment market to a great extent.
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Key benefits of the report:
- This study presents the analytical depiction of the global solid control equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global solid control equipment market share.
- The current market is quantitatively analyzed from 2021 to 2029 to highlight the global solid control equipment market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global solid control equipment market analysis based on competitive intensity and how the competition will take shape in coming years.
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