Manufacturers are focusing on developing technologically advanced and smart hose assemblies that can deliver predictive maintenance encase of leak detection, hence reduces interruption and maintenance costs.
DUBAI, UAE / ACCESSWIRE / November 23, 2020 / As per Future Marketing Insights (FMI), the global oil and gas hose assemblies market is anticipated to expand at a CAGR of 4.3% during 2020-2030. The market is mainly fueled by growing investments in oil & gas projects. The surge in demand for high-pressure hose assemblies all over varied industries such as chemical, agriculture, oil & gas, and others is further boosting the market growth.
"Market players are focusing on researches to enhance the overall performance of the oil & gas hose. Players are stressing on ascertaining better cost-efficiency to attain a competitive advantage. The market is thus foreseeing several launches, which will augur well in the approaching years." comments the FMI analyst.
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Oil and Gas Hose Assemblies Market - Key Highlights
- North America accounts for the majority of market share as a result of the presence of leading players and growing investments in the oil & gas ventures.
- Midstream application type to foresee a surge in demand during the forecast period.
- High-pressure intake category is anticipated to expand at a notable CAGR during 2020-2030.
- Polymers and composites remain majorly preferred among other material types.
- Dock and hose assemblies to remain key beneficiary among other product category.
Oil and Gas Hose Assemblies Market - Drivers
- Growing demand for downstream applications to spur overall market growth.
- Increasing innovations in raw materials of hoes providing lucrative prospects throughout the forecast period.
- Novel subsea technologies are the foremost contributor to the expansion of the market.
Oil and Gas Hose Assemblies Market - Restraints
- Lack of skilled workers with the technical proficiency of oil & gas hoses is the key challenge for the market.
- Less focus of manufacturers on technological advancements and the accessibility of few manufacturing raw materials are limiting growth.
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COVID-19 Impact on the Market
The COVID-19 outbreak has negatively impacted several different sectors, comprising the oil & gas hose assemblies market. The lockdown has led to closures of manufacturing plants, limiting sales in the market. The market is anticipated to incur a -7.2% decline in valuation during 2020. However, as per the market analysis, the market will recover from 2021 onwards, and then growing at a sturdy pace towards 2030 end.
Competitive Landscape
Major companies operating in the global market include Eaton Corporation Plc, Gates Corporation, Continental AG, ERIKS North America, Inc. Trelleborg AB, ParkerHannifin Corporation, ALFA GOMMA Spa, Manuli Hydraulics, and Kuriyama Holdings Corporation.
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About the Study
The study offers readers a comprehensive assessment of the oil and gas hose assemblies market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (dock loading hose assemblies, dump hose assemblies, FPSO water uptake hoses, jumper hose assemblies, bunkering hose assemblies, drilling mud hose assemblies, frac hose assemblies and other custom hose assemblies),material type (rubber, polymers and composites and metal) pressure intake (low pressure (500-1,000 psi), medium pressure (1,000-5,000 psi) and high pressure (above 5,000 psi)), application (upstream, midstream and downstream), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
5. Global Oil and Gas Hose Assemblies Market Demand Analysis 2015-2019 and Forecast, 2020-2030
5.1. Historical Market Volume (‘000 Units) Analysis, 2015-2019
5.2. Current and Future Market Volume (‘000 Units) Projections, 2020-2030
5.3. Y-o-Y Growth Trend Analysis
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights