Oil and gas hose is an important product used in a variety of industries due to its application in processes such as exploration, well development, production and site abandonment. It integrates upstream, midstream and downstream applications for the successful transfer of materials from the area of production to the place of consumption.
The increasing investments in oil and gas projects is contributing to the growth of oil and gas hose assemblies market. According to an ESOMAR certified market research and consulting company’s market intelligence analysis, the global market for oil and gas hose assemblies is projected to expand at a value of 4.3% CAGR by 2030.
Key Takeaways from the Global Oil and Gas Hose Assemblies Market Report
- The global oil and gas hose assemblies market is expected to reach a value of US$ 1,124.2 Mn in 2020
- The increasing prices of steel crude oil and natural gas will have a massive effect on the oil and gas hose assemblies market, especially in the U.S.
- East Asia is expected to record maximum growth during the forecast period due to increased undertakings of oil and gas offshore projects.
Manufacturers Focusing on Offering High Performance Oil and Gas Hose Assemblies
Requirement of durable, lightweight, low maintenance and high performance oil and gas hose assemblies and growth in the oil and gas industry, are key factors driving the market. Manufacturers are focusing on improving the quality of the product. They are investing to enhance physical properties such as anti-corrosive nature and pressure endurance of oil and gas hose assemblies without compromising on maintenance frequency and cost of operation.
Some of them are even integrating smart technologies in the hose assemblies to enable remote and predictive detection of the assemblies from issues such as leak detection and hose rupture. East Asia is anticipated to dominate the market in terms of region, and in terms of product types in specifically drilling mud hose assemblies for its excessive usage in onshore/offshore upstream applications. The surging growth of subsea oil explorations is the major driver amongst others and collaborations in research will provide a higher return on investment.
“Companies operating in the market are focusing on researches to improve the overall performance of oil and gas hose. There is ample focus on ensuring better cost-efficiency to gain competitive edge. The market is therefore witnessing several launches, which will bode well for it in the coming years,” said a lead analyst.
Covid-19 Impact Analysis
The Covid-19 pandemic has critically affected a lot of different industries, including the oil and gas hose assemblies market. The lockdown has led to shutdowns of all plants and activities, reducing sales in the market. The market is expected to incur a -7.2% decline in value in 2020.
According to the market analysis, the global market for oil and gas hose assemblies will bounce back in 2021, growing until the next 5 years and then flowing at a steady pace until the end of the forecast period.
Who is Winning?
The global oil and gas hose assemblies market is extremely competitive, with major players focusing on expanding the market by investing in manufacturing facilities. Some of the key players in the market are Gates Corporation, Manuli Hydraulics, Eaton Corporation Plc, Continental AG, Trelleborg AB, ERIKS North America, Inc. and many others.
With recent reports of accidents, the manufacturers are focusing on the creation of safer hoses and processing operations. They are working on developing smart and technologically forward hose assemblies which can provide predictive maintenance in case of leak detection. This reduces maintenance costs and downtime.
These insights are based on a report on Oil and Gas Hose Assemblies Market by Future Market Insights