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.
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.
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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“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.
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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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
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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