Oilfield Degasser Market Size

Oilfield Degasser Market size is anticipated to reach USD 6.4 Million by the end of 2036, growing at a CAGR of 6.5 % during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of oilfield degasser was over USD 3 Million. The increase in active oil rig count is acting as a significant factor for the market’s growth. The increase in global crude oil prices has prompted oil and gas companies to invest more in oil and gas projects. As analysed by Research Nester analysts, the number of operational onshore oil rigs stood at 1,532 by the end of 2022, compared to 231 offshore. In 2021, as demand for oil increases again due to the coronavirus pandemic induced economic collapse, there has been a significant increase in global rig count. However, a decrease in proven oil and gas reserves in the North Sea is primarily behind the fall in offshore drilling rigs. In 2022, the average number of global oil rigs reached 1,747, which represents an increase compared to 2021. Increased drilling activity, in turn, increases demand for oil and gas drilling rigs. As a result, the demand for rig components and equipment rises. thus, propelling the market’s growth.

Further, the gradual recovery of global crude oil prices increased the number of active rigs deployed in both onshore and offshore drilling activities. This is expected to increase the demand for oilfield equipment, including degasser, which, in turn, will drive the growth of the global oilfield degasser market during the forecast period.