Increasing Demand By Petrochemical Industry Will Drive The Chemical Injection Skids Market Through 2023-2027 - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 4, 2023 /PRNewswire/ -- As per The Business Research Company's Chemical Injection Skids Global Market Report 2023, the global chemical injection skids market is on an upward trajectory, with an expected growth from $2.23 billion in 2022 to $2.30 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 3.2%. The market is projected to continue expanding, reaching $2.55 billion in 2027, maintaining a solid CAGR of 2.5%. The driving force behind this growth is the burgeoning petrochemical industry, which relies on specialty chemicals injected into oil and gas streams through chemical injection skids to enhance processes such as separation, foam reduction, and corrosion prevention.
Petrochemical Industry Fuels Market Expansion
The petrochemical industry, responsible for manufacturing chemicals from crude oil and natural gas, is experiencing unprecedented growth. According to the International Energy Agency, petrochemicals are expected to account for a significant portion of the increase in oil consumption through 2030 and beyond, driven by surging demand for petrochemical products. This phenomenon underscores the essential role of chemical injection skids in supporting the industry's operations, thereby propelling the market's growth.
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IoT Integration: A Key Chemical Injection Skids Market Trend
A pivotal trend gaining momentum in the chemical injection skids market is the integration of the Internet of Things (IoT) and data analytics. This entails the use of interconnected devices and sensors to collect real-time data from chemical injection systems, followed by data analysis to optimize the injection process and enhance operational efficiency. For instance, Baker Hughes, a leading US-based oilfield services company, introduced a Smart Injection System in April 2021. This fully automated equipment adjusts injection rates remotely and provides real-time visibility into chemical consumption, optimizing chemical treatment programs in the oil and gas industry, all while minimizing risk and cost.
Segmentation of the Global Chemical Injection Skids Market
The global chemical injection skids market is segmented as follows:
- By Function:
- Antifoaming
- Corrosion Inhibition
- Demulsifying
- Scale Inhibition
- Other Functions
- By End-User:
- Oil And Gas
- Energy And Power
- Fertilizer
- Chemical And Petrochemical
- Water Supply And Water Treatment
- Other End Users
Among these segments, the corrosion inhibition segment presents the most promising opportunities, with a projected increase of $113.0 million in global annual sales by 2027.
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North America Leads The Chemical Injection Skids Market
In 2022, North America held the largest share in the chemical injection skids market, with a value of $783.4 million. The market's growth in North America is driven by mergers and acquisitions and the robust petroleum industry, which continually explores and develops new oil and gas reserves. In 2021, the volume of refined petroleum products sold to end-users in Canada alone reached 84.4 million cubic meters, indicating a 4.6% increase from the previous year.
The chemical injection skids market is poised for steady growth, underpinned by the expanding petrochemical industry and the integration of IoT technologies. As the demand for specialty chemicals in various sectors continues to rise, the market offers promising opportunities for innovation and advancement in chemical injection technology.
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