How is Increasing Oil Production Leading to Growth of Digital Oilfield Technology Market?

The rising economic prosperity across the globe has boosted the demand for end products from various industries, including oil & gas. The demand for oil & gas is surging on a daily basis as its chief application is providing fuel for running numerous machines and automobiles. Oil & gas exploration and production (E&P) activities are time-consuming and require huge investments for extraction and purification of crude oil and shale gas. This puts a huge economic burden on companies dealing in this sector. Therefore, such companies are trying to find ways to keep their production cost in control so that they can price their product appropriately to have an edge over competitors. The digital oilfield technology, which includes video data analytics, artificial lift systems, and sensors, is being developed to help improve the drilling and transport aspects of the E&P activities, thereby offering high return on investments by increasing the efficiency of production, and at the same time lowering the operational costs. 


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A combination of data analysis techniques and advanced software is termed as digital oilfield technologies that are used for improving the profitability of oil & gas production operations. The digital oilfield technology is used for processes, such as drilling, reservoir, and production optimization. During 2013–2017, the technology was used the maximum for product optimization. It refers to numerous activities of measuring, modeling, analyzing, and implementing actions to improve productivity in the field, such as a well/reservoir/surface. It ensures recovery of oil from developed reserves, while at the same time, maximizing returns. An important part of product optimization is the updation of pipeline and well model procedures, which is essential for the maintenance of quality of the optimization-based tool. Owing to the aforementioned factors, the demand for digital oilfield technologies for product optimization would continue to grow in the future as well. A study conducted by P&S intelligence has predicted the digital oilfield technology market to advance at a 4.6% CAGR in the coming years.



Among all the regions, namely the Middle East & Africa, North America, South America, Europe, and Asia-Pacific, the demand for digital oilfield technologies was the highest in Europe during 2013–2017. The region is home to mature oilfields, and the demand for this technology was majorly driven by the presence of oilfields in the North Sea, Norway, the U.K., and Russia. This led to the surging demand for digital oilfield technologies for enhanced oil recovery techniques and well intervention.



With extensive E&P activities going on, the number of onshore oil & gas reserves are rapidly declining. Therefore, major oil producing companies are shifting their focus on offshore discoveries. Two of the world’s biggest oil companies, Chevron and BP, in January 2018, announced that major deep-water discoveries in the North Sea and Gulf of Mexico were made by them, which is indicative of growing offshore oilfield exploration activities in the future. For ultra-deep-water projects, the operating water depth limit for drilling and production goes from few hundred feet to over 10,000 feet. These projects require highly specialized equipment to carry out activities at the surface and at the seabed, and digital oilfield technologies, such as 3D seismic testing, remote sensors, autonomous drones, and robotics help improve production efficiency. Therefore, these technologies are extremely helpful for companies venturing into deep water projects and hostile environments for oil & gas extraction; this can be an amazing opportunity for the technology manufacturers to maximize their revenue.

How is Rising Adoption of Electric Vehicles Driving Lead-Acid Battery Market?

The regulatory government norms are increasingly focusing on reducing the greenhouse gas emissions and global temperature. Attributing to this, the need for electric vehicles (EVs), such as plug-in hybrid electric vehicles, hybrid electric vehicles, and pre battery electric vehicles, is on the rise as they enable efficient and clean transportation. In order to increase the adoption of EVs across the world, a France-based organization, Clean Energy Ministerial, established a multi-government policy forum - ‘Electric Vehicles Initiative (EVI)’ in 2010. Since, due to their high energy density and specific energy, lead-acid batteries are used widely as a power generating source in EVs, their demand is predicted to increase with the rising adoption of EVs.

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Lead-acid battery, a type of rechargeable cell, makes use of sponge lead and lead peroxide in order to convert chemical energy into electrical power. The battery comprises lead and lead oxide plates, which are immersed in sulfuric acid solution. Electric current is generated due to the oxidization of the lead plate by the oxide component of the battery. Due to their low cost and high cell voltage, lead-acid batteries are commonly used in power stations and substations. According to a research conducted by P&S Intelligence, in 2017, the global lead-acid battery market attained a value of $56.9 billion and is further predicted to generate $70.7 billion, advancing at a 3.7% CAGR, in the coming years. The application of lead-acid batteries is extensive in various sectors — utilities, oil & gas, automotive, leisure, marine, telecommunication, uninterrupted power supply (UPS), construction, mining, and military. The largest demand for lead-acid batteries was created by the automotive sector during the time period 2013–2017 because of the increased requirement for automobiles.

The rising demand for UPS is also contributing to the growing need for lead-acid batteries. The requirement for electricity across the world is surging due to industrialization and urbanization, which, in turn, is driving the demand for UPSs, as they protect devices from load surges and data loss, along with providing uninterrupted supply of electricity. Moreover, industries such as healthcare, educational institutions, oil & gas, chemicals, research institutions, and manufacturing require uninterrupted electricity supply so that their machineries can function properly. The need for UPSs is also expected to increase because of the emerging data centers and IT industries in the European and APAC regions, as they protect equipment from any damages due to electricity fluctuations. Lead acid batteries are used in these systems for power supply backup, which is why their requirement is growing because of the rising demand for UPS.

Three types of lead-acid batteries are standby, starting, lighting, & ignition (SLI), and motive. Standby battery, also known as float-use battery, has large number of thin cell plates and is used as an alternate source of electricity in case of any emergencies. It has a life span of around five years. SLI battery is used for powering lights, motor, and ignition system of a vehicle’s engine and is installed with the vehicle’s charging system. Motive battery provides a steady current for a longer duration and is utilized to provide power to EVs such as golf carts and forklift truck. Among all these, the largest demand during 2013–2017 was created for SLI lead-acid batteries.

Rising Popularity of Hydrogen Storage Technologies to Take Hydrogen Storage Market Forward

The hydrogen storage market is expected to grow to $991.7 million by 2026 at a 7.6% CAGR during the forecast period (2016–2026), witnessing a huge increase in revenue from $477.7 million in 2016. The increasing demand for low-emission fuels, deployment of hydrogen storage tanks in the transportation sector, and rising ammonia and methanol consumption worldwide are driving the market. Hydrogen storage is a technology that has enabled the advancement of the fuel cell and hydrogen technologies, which are then used as portable power and stationary power and in transportation.

The hydrogen storage market is witnessing the trend of increasing research and development activities. Countries such as India, the U.K., and the U.S. are developing advanced hydrogen and fuel cell technologies. This is enabling the development of adequate hydrogen storage for material-handling equipment, light-duty vehicles, and portable power applications. Further, in collaboration with the U.S. Department of Energy, the National Renewable Energy Laboratory is developing high-performance, cost-effective hydrogen and fuel cell technologies for portable and stationary power and transportation.

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The increasing investments in the fuel cell and hydrogen technologies hold a massive potential for the hydrogen storage market. Further, governments are also coming up with supportive initiatives to popularize the adoption of these technologies. Europe and North America are increasingly focusing on producing zero-emission hydrogen vehicles, for which the U.K. and the U.S. released funds to boost the hydrogen-fueled vehicle manufacturing. The high demand for methanol and ammonia and stringent emission policies in India, South Korea, Japan, and China are further predicted to boost the market growth.

One of the factors affecting the hydrogen storage market growth positively is the extensive use of hydrogen storage tanks in the transportation sector. Owing to high storage performance and cost-effectiveness, hydrogen storage tanks are preferred to power fuel cell and electric vehicles. The World Nuclear Association mentioned that the demand for hydrogen for producing transport fuels from crude oil would witness an increase in the coming years. Also, the volatile prices of crude oil are a big factor driving the demand for hydrogen as transport fuel.

The segments of the hydrogen storage market are region, form of storage, application, and type of storage. Based on storage, the bifurcations of the market are material-based and physical storage. The larger market revenue share in the historical period (2012–2015) was accounted for by the physical storage type. This is credited to the increasing application of hydrogen in various sectors, such as ammonia production, crude oil refining, metalworks, glass production, and transportation. The physical storage form is expected to continue leading the market in the forecast period.

Based on application, the categories of the hydrogen storage market are transportation, portable power, and stationary power. Owing to the surging demand for hydrogen for generating energy and the popularity of hydrogen storage applications in grocery stores, airports, and data centers, the stationary power category generated the highest revenue during the historical period. During the forecast period, the highest value CAGR is predicted to be exhibited by the transportation power category on account of the increasing usage of hydrogen as fuel in vehicles.

Therefore, the market for hydrogen storage is set to witness significant growth in the forecast period due to technical advancements in the field of energy storage.

Key players entering into collaborations for technological developments

The key players in the hydrogen storage market include Linde AG, Air Liquide S.A., Worthington Industries Inc., Praxair Inc., HBank Technologies Inc., McPhy Energy S.A., VRV S.p.A., Hexagon Composites ASA, and INOXCVA.

Contracts and agreements have been the major developments in the global hydrogen storage market in recent years. Worthington Industries Inc., Praxair Inc., and Linde AG are some of the companies that signed new agreements for the development of hydrogen storage technologies around the world.

How are Advancing Agricultural Practices in Africa Driving Middle East and Africa Specialty Chemical

One of the major sources of income for the people in majority of African nations is the agriculture sector. Traditionally, farmers relied on the natural fertility of the soil for producing crop. But now, on account of advancements in agricultural practices, farmers in these nations have started adopting modern agricultural practices, such as the utilization of insecticides, fertilizers, fungicides, pesticides, and other agrochemicals. These agrochemicals are utilized during several stages of farming for improving soil fertility and preventing crop damage because of environmental factors, pests, and weed growth. This increase in the usage of agrochemicals in African nations is predicted to drive the demand for specialty chemicals as well. Specialty chemicals, also known as performance chemicals, are utilized in the manufacturing processes of industrial and consumer goods to help enhance their value.

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According to a study conducted by P&S Intelligence, in 2017, the Middle East and Africa specialty chemicals generated a revenue of $11,406.4 million and is predicted to register a 5.3% CAGR in the coming years. There are several types of specialty chemicals, namely lubricant & oilfield chemicals, agrochemicals, adhesives & sealants, specialty coatings, paper & textile chemicals, surfactants, plastic additives, food additives, cleaning chemicals, polymer additives, and electronic chemicals. Other types include advance ceramic materials, mining chemicals, water treatment chemicals, and rubber processing chemicals. Out of these, the requirement of lubricant & oilfield chemicals was the highest during 2013–2017.

This was attributed to their wide usage in oil fields in the MEA region. Lubricant chemicals are used to decrease friction and wear between two materials, prevent corrosion and overheating, and improve the smoothness of products. Oilfield chemicals are utilized in the oil & gas industry during different oilfield exploration processes, ranging from oil recovery, surface plant processing, oil drilling, and reservoir injection to oil transportation.

The MEA region contains large hydrocarbon reserves, majorly crude oil. Because of the growing requirement for crude oil around the world, primary oil producing countries in MEA, such as Nigeria, Saudi Arabia, the U.A.E., Iran, Algeria, and Iraq, are increasingly investing in the development of new oilfields and expansion of existing oilfields. Huge risks are associated with oil production, due to which the key oil producing companies are focusing on achieving lesser environmental damage, greater oilfield efficiency, and effective maximization of output from the oilfields. Ascribed to all these factors, the demand for specialty chemicals is predicted to rise, since they are extensively used in the well bores of oilfields.

Geographically, the largest demand for specialty chemicals was created by Saudi Arabia in the MEA region. The country is further expected to create the largest requirement for these chemicals in the coming years. This is because of the large-scale investment in construction projects, oil & gas production facilities, and other industrial facilities. Apart from this, the demand for specialty chemicals is growing in developing countries in the MEA region. This is because, the end-use industries, such as electronics, construction, and agriculture industry, in emerging economies in the region are witnessing rapid growth.

How are Insulating Properties of Silica Aerogel Driving its Market?

Due to silica aerogel’s insulating properties, it can be a potential substitute for conventional insulation materials, which include fiberglass (needs careful handling), cellulose (hard to apply), mineral wool (not fire-resistant), and polyurethane (not eco-friendly). In contrast, silica aerogel is recyclable, easy to apply, eco-friendly, and fire-resistant. All these characteristics make it a much better option than all the materials mentioned above. The main aim of enhanced thermal insulation is to reduce the primary energy consumption. Since silica aerogel has low thermal conductivity, of 0.015 watts per meter kelvin, it is a viable option for construction, which is one of its many applications. In addition, this material can also be used to make windows and skylights due to its visible transparency, providing architects with the possibility of reinventing architectural solutions.

As per the research conducted by P&S Intelligence, the global silica aerogel market attained a value of $273.0 million in 2015 and is expected to grow with a CAGR of 31.1% in the coming years. Silica aerogel is a lightweight solid material manufactured by the means of the sol-gel chemistry. It is derived from a gel; however, the liquid component of the gel is replaced by a gas. Aerogels contain 95.0% to 99.0% air by volume, which makes them one of the world’s lightest solid materials. Excellent heat insulation properties, low density, high porosity, and low dielectric constant are some characteristics which make this material versatile enough to be used in several applications, such as oil & gas, aerospace & defense, industrial insulation, transportation, and building insulation.


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The transportation industry uses silica aerogel to insulate commercial and personal vehicles, such as railroad passenger cars, mass transit cars, and trucks, as the insulation assists in reducing the noise and heat in these vehicles. Other features which make aerogel insulation suitable for the automotive industry include its resistance to moisture and superior resistance flame spread and smoke emission. Silica aerogel is also suitable for applications in the aerospace industry as it is the lightest insulation material available with high thermal conductivity. It was used to insulate the NASA MARS rover, where it successfully prevented the escape of the heat to outside the rover body walls. The rover spacecraft consisted of a silica aerogel-insulated warm electronics box, a battery thermal switch heat rejection system, and radioisotope heating units (RHU). Other than this, the Stardust spacecraft also made use of silica aerogel to encapsulate the cosmic particles from the comet tail. “Cosmic bullets” were trapped through the use of this material as the spacecraft flew through a comet’s tail in January 2004.

The eco-friendliness of silica aerogel is another major aspect which is resulting in its increased demand. Silica aerogel materials are quite similar to naturally occurring minerals, as environment-friendly raw materials are used for their manufacturing, and they don’t emit or possess any harmful chemicals. Furthermore, it is a reusable solid and can be disposed of safely. For instance, silica aerogels blankets that are used to insulate buildings can later be recycled and processed as composites and additives for other applications such as coatings and plasters. Due to these advantages of silica aerogel over other conventional insulating materials, its requirement is growing.