Vertical Surge Tank Market Aims to Expand at Double-Digit Growth Rate Covid-19 Analysis

By
Zaraki Kenpachi
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Vertical Surge Tank Market: Introduction

  • A vertical surge tank is a vessel designed to store liquid hydrocarbons used for onshore and offshore exploration. It is used to measure liquid flow rate and has an alarm system in each of its compartments.

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Rising Oil & Gas Sector: A Key Driver

  • Rising energy demand is resulting in increasing exploration and production activities across the globe. This factor is expected to drive the global vertical surge tank market during the forecast period. Vertical surge tanks help to measure a reservoir’s capability and capacity to produce hydrocarbons such as gas, oil, and condensates. Growth of the oil & gas industry is expected to drive the vertical surge tank market during the forecast period. Increasing requirement for high precision measurement-while-drilling (MWD) and reservoir condition measurement instruments are other factors projected to impact the vertical surge tank market in the coming years. Increasing number of subsea services are estimated to fuel the market during the forecast period. Subsea services involve production optimization, installation service, and inspection & maintenance service. They help to reduce the risks associated with high pressure and extreme temperature during offshore and onshore activities. Governments in many countries are offering subsidies for generation of renewable power, which has made the vertical surge tank market highly lucrative.

Fluctuation in Prices of Crude Oil: A Key Restraint of the Market

  • Highly volatile crude oil prices resulting in lower profit margins for exploration and other onshore and offshore activities is leading to declining drilling activities across the globe. This is expected to hamper the growth of the vertical surge tank market in the coming years. Governments of many countries have imposed strict rules and regulations on carbon onshore and offshore activities to avoid monopoly on energy sources, which is one of the major hinderences in growth of the vertical surge tank market. However, increasing processing activities in the oil & gas sector is expected to be an opportunity for the growth of the vertical surge tank market in the coming years.

Middle East & Africa a Potential Market for the Vertical Surge Tank Market

  • The global vertical surge tank market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
  • North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the vertical surge tank market in Europe includes the U.K., Germany, France, and Rest of Europe. Similarly, the market in Asia Pacific comprises India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes GCC, South Africa, and Rest of Middle East & Africa. The vertical surge tank market in South America has been segmented into Brazil and Rest of South America.
  • Middle East & Africa is expected to remain a potential market for the growth of the vertical surge tank market during the forecast period, owing to increasing exploration of essential gas and oilfields in the region.

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Key Players Operating in the Global Vertical Surge Tank Market

The global vertical surge tank market is consolidated in nature, due to presence of a large number of regional and global players. Key players adopt new product development, acquisitions, mergers, and agreements as their key development strategy to remain competitive and enhance their customer base in the market.

A few of the key players operating in the global vertical surge tank market are as follows:

  • Abraj Energy Services SAOC
  • BNH Gas Tanks
  • BNH Gas Tanks
  • CIMM SPA
  • Delta Egypt Co.
  • DFC Tank Pressure Vessel Manufacturer Co Ltd.
  • Emerson Automation Solutions
  • Oiltest Group
  • Schlumberger Limited
  • SGS S.A
  • TransTech Energy, LLC
  • VetterTec Gmbh
  • Vienerg
  • Weatherford International PLC

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