Wellhead
Equipment Market Scenario
The global wellhead equipment
market is estimated to progress at 3.25% CAGR during the forecast period. The
wellhead equipment is at the surface of oil or gas an well to provide a
pressure containing interface for the drilling equipment. The major components
of a wellhead includes casing head, casing hangers, test plugs, casing spools,
choke manifold, and tubing heads. The wellhead equipment also provides a means
of pressure sealing between casings at the surface when many casing strings are
used. Moreover, the wellhead equipment ensures safe drilling and completion by
keeping the pressure in the well, under control.
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The wellhead equipment market is
projected to reach USD 7.20 billion by 2024, at a CAGR of 3.25%. The growing
demand for wellhead equipment is attributed to the global increase in the
number of exploration activities,
including the deep water and ultra-deep water drilling activities. In December
2017, Schlumberger delivered wellhead equipment to Sirius Petroleum (Nigeria)
for the Ororo oil field. Similarly, in March 2018, Saudi Aramco (Saudi Arabia)
entered a partnership purchase agreement with Schlumberger (US) for the purchase
of downhole equipment, well services, and wellhead eqipment. Such developments
have triggered the growth of wellhead equipment market, globally. One of the
major restraints of the market is the delay in the commencement of the
sanctioned oil & gas projects.
Industry
Segmentation
The global wellhead equipment
market has been segmented based on application into onshore and offshore. Among
the various application segments, the offshore segment is the fastest growing
segment in the wellhead equipment market due to the rise in offshore
exploration and production investments, especially in the Gulf of Mexico.
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Regional
Outlook
Region wise, North America held the
largest market share of the global wellhead equipment market in 2018. The
wellhead equipment market in the oil & gas industry would mainly be driven
by the growth of the unconventional resources in the countries, such as the US
and Canada. The demand from the onshore & offshore fields in the Gulf of
Mexico is also likely to add to the growth of the global wellhead equipment
market during the forecast period.
Leading
Players
The key players of global wellhead
equipment market are FMC Technologies (US), Baker Hughes (US), Weir (UK), Aker
Solutions (Norway), Stream-Flo Industries Ltd (Canada), Brace Tool (Canada),
Cameron International Corporation (US), Oil States International, Inc. (US),
National Oilwell Varco (US), and Forum Energy Technologies (US), Shanghai Elim
Petroleum Machinery (China), and Wellhead Systems, Inc. (US).
Scope
of the Report
The key players of global wellhead
equipment market are FMC Technologies (US), Baker Hughes (US), Weir (UK), Aker
Solutions (Norway), Stream-Flo Industries Ltd (Canada), Brace Tool (Canada),
Cameron International Corporation (US), Oil States International, Inc. (US),
National Oilwell Varco (US), and Forum Energy Technologies (US), Shanghai Elim
Petroleum Machinery (China), and Wellhead Systems, Inc. (US).
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