The global hydrogen sulfide sensors market was valued at around US $ 440 million in 2018 and is expected to grow at a CAGR of around 5% from 2019 to 2027.
- Increasing crude oil production improves oilfield operations such as drilling, cementing, production, reconditioning and completion, and well stimulation. This is boosting the demand for production chemicals such as hydrogen sulfide sensors.
- The demand for crude oil is increasing year on year and is expected to reach 100 million barrels per day (including biofuels) by the end of 2019. Crude oil prices are rising. OPEC members reduced their production in order to stabilize prices. Thus, price stability should improve the operations of the oilfields and hence stimulate the hydrogen sulfide sensor market during the forecast period.
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Main drivers of the hydrogen sulfide sensor market
- Hydrogen sulfide (H2S) is a natural gas contained in crude oils. It is also formed in the refining process due to the degradation of sulfur-containing compounds in crude oil at high temperatures. The growing global demand for crude oil and the increasing concentration of hydrogen sulfide in oil and gas products formed during the processing of hydrocarbons raise concerns related to safety, environmental protection and operations.
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- A general approach to removing hydrogen sulfide or reducing the amount of hydrogen sulfide is to subject the hydrogen sulfide to a treatment containing an agent which chemically reacts with hydrogen sulfide. This agent is called a hydrogen sulfide scavenger.
Hydrogen Sulfide Sensors Market: Newly discovered and potential oil and gas reserves present exciting opportunities
- New discoveries of crude oil and natural gas reserves create opportunities for companies operating in the hydrogen sulfide sensors market. The number of new oil and gas discoveries has increased in African countries in recent years. Africa’s vast untapped reserves are attracting the interest of some of the world’s largest exploration and production companies. This has resulted in new discoveries of oil and gas in the sub-region. Thus, the newly discovered and potential oil and gas reserves are believed to provide lucrative opportunities for the global Hydrogen Sulfide Sensors market.
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Environmental and health concerns regarding the use of non-regenerative hydrogen sulfide scavengers
- The reacted triazine by-products are readily biodegradable and relatively non-toxic. Unreacted, excess triazine has very high aquatic toxicity and a tendency to form carbonate scales with produced water or seawater. This can lead to stabilization of the emulsion and increased oil content in the water (OIW) overboard. Unreacted triazine is also a problem for refineries as it impacts the desalting process and can cause accelerated corrosion in crude oil distillation units, foaming in glycol units and amine and discoloration of glycol units.
Important market for hydrogen sulfide sensors in Asia-Pacific
- Asia-Pacific is expected to be a very attractive region of the global hydrogen sulfide sensors market during the forecast period. According to OPEC, almost 50% refinery additions are expected to occur in Asia-Pacific, led by China and India, in the near future. Rapid economic growth in developing countries, particularly in Asia-Pacific, has boosted demand for oil in the region.
- The increase in GDP increases the demand for oil, which has boosted oil refining activities in the region in recent years. The increase in the number of oil refineries in the region results in the emission of hydrogen sulfide. This propels the production of hydrogen sulfide sensors in the region.
Regeneration Process Holds Significant Share of Global Hydrogen Sulfide Recoverers Market
- Regeneration is likely to be a very attractive segment, in terms of share and growth rate, during the forecast period, as regenerative hydrogen sulfide reclaimers are widely used in industries for the removal of hydrogen sulfide. hydrogen. For example, monoethanolamine (MEA), diethanolamine (DEA) and methyl diethanolamine (MDEA) are the commonly used forms of hydrogen sulfide regenerators in gas sweetening.
Hydrogen Sulfide Recoverers Market: Top Five Players Accounted for Significant Share in 2018
- Schlumberger Limited, Halliburton, Baker Hughes, Nalco Champion, Hexion, Arkema SA Lonza and SUEZ are among the major players operating in the global hydrogen sulfide sensors market. The global reach of these companies and their focus on a wide range of end user industries is responsible for the large market share held by these companies. They invest in the development of new ecological and recyclable products.
- July 3, 2018 Baker Hughes merged with GE’s oil and gas business segment, forming the world’s first full-flow oil and gas company. The new company is the first to bring together cutting-edge digital equipment, services and solutions across the spectrum of oil and gas development.
- In April 2018, Schlumberger Limited has signed a joint venture agreement with YPF SA to open a shale oil pilot in Bandurria Sur, Loma Campana, Argentina, with an investment of 390 million US dollars. The joint venture aims to reaffirm YPF’s leadership position in the development of unconventional resources, and its commitment to energy self-sufficiency.
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