Early Production Facility Market Size

Early Production Facility Market Size

Early Production Facility Market size was valued at over USD 13 billion in 2019 and is expected achieve 1.5% CAGR up to 2026.

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The early production facilities also known as quick/interim/temporary production units are used for faster monetization of assets while the permanent production facilities are being built. The units are enabling the operators to collect real time production data that results in better planning of operations along with a significant improvement of production performance. The facilities range from 5,000 bbl/d to 50,000 bbl/d capacity and are customized as per different field specifications. The operators often construct standard designs that are available for sale or lease as per the customer requirement. The study provides a detailed analysis of industry trends segmented on a regional & country basis across component, and application. Additionally, the market forecasts & estimates are according to data represented by government authorities including the OPEC, IEA, DOE, EIA, regulatory bodies and company press releases.

Prevailing crude oil price volatility coupled with growing focus toward cost management will drive the industry growth. The O&G companies are opting for low cost EPFs over large central production facilities owing to limited availability of capital budgets. The units further enable early monetization of fields while the permanent facilities are under construction thereby generating quick revenues that can be reinvested for future development projects.