According to recent market research by FMI, the global oil and gas hose assemblies market is projected to grow at a CAGR of 4.3% from 2023 to 2033. Valued at an estimated USD 1,409.5 million in 2023, the market is expected to reach USD 2,138.4 million by 2033. The growth is driven by increased investments in oil and gas projects worldwide, coupled with rising demand for high-pressure hose assemblies across sectors such as agriculture, chemicals, and energy.
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.
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.
Key Segments
Product Type:
- Dock LoadingHose Assemblies
- Dump HoseAssemblies
- FPSO WaterUptake Hoses
- Jumper HoseAssemblies
- Bunkering HoseAssemblies
- Drilling MudHose Assemblies
- Frac HoseAssemblies
- Other CustomHose Assemblies
Material Type:
- Rubber
- Polymers & Composites
- Metal
Application Type:
- Downstream
- Midstream
- Upstream
Pressure Intake:
- Low Pressure
- Medium Pressure
- High Pressure
Regional Outlook:
- North America – United States, Canada
- Latin America – Brazil, Mexico, and the rest of Latin America
- Europe – Germany, France, Italy, United Kingdom, Spain, Russia, and the rest of Europe
- South Asia and Pacific – India, ASEAN, Australia, and New Zealand, and the rest of South Asia and Pacific
- East Asia – China, Japan, and South Korea
- Middle East & Africa – GCC counties, North Africa, South Africa, Türkiye, and the rest of Middle East And Africa
Report Preview: https://www.futuremarketinsights.com/reports/oil-and-gas-hose-assemblies-market
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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