Wellhead Components Market Scenario
A wellhead is used in the oil & gas industry, at the surface of a well. Its purpose is to provide pressure containing an interface for the drilling and production equipment. Market Research Future (MRFR) has published a research report about the global wellhead equipment market that calculates hike for this market at 3.25% CAGR during the forecast period between 2017 and 2024. By value, the market can be worth the USD 7.20 bn by the end of the forecast period.
The most crucial factors that accelerate the global wellhead equipment market growth include increasing drilling activity and surging demand for oil. Other factors easing the market growth include an increase in oil production, increasing investment in drilling activities, and high oil prices.
Wellhead Components Market Segmentation
The global Wellhead Components Market segmentation covers application and component. MRFR is exploring the features of these segments to understand market trends.
As per the application-based segmentation, this market covers on-shore applications and offshore applications. During the forecast period, the onshore applications segment is expected to hold a higher market share.
In the context of component, the market has been segmented into choke, flange, hanger system, master valve, and others. The hanger system segment is leading the market with the largest share as it is an essential component of the wellhead equipment system. The hanger system segment has been sub-segmented into mandrel style casing hanger and slip & seal casing hanger assembly.
Regional Segmentation
The regional segmentation of the global wellhead equipment market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA).
North America is holding the largest market share due to the growth of the unconventional resources in countries like USA and Canada. The demand from the onshore & offshore fields in the Gulf of Mexico can also contribute to the market growth. The Gulf of Mexico is a key destination where drilling activities for oil extraction are carried out. Mexico is the third vital country-specific market in this region.
In South America, there can be scope for market growth as there are various oil fields in Argentina and Brazil. These two countries are also the two strongest economies in South America. Some oil fields are also in the remaining countries of South America.
Europe is another major regional market due to the availability of oil fields in some countries and technological advancement that is second only to North America. Countries where market witnesses maximum growth are Germany, Norway, Russia, and the UK. Other countries of Europe also form a sizable part of the market. Many Europeans oil explorers are also operating in the Gulf of Mexico.
In the Asia Pacific region, there are many oil fields and minerals to be extracted from the crust of Earth. Hence, the market can grow in this region. The major country-specific markets that have demand for wellhead equipment and technical expertise to use them include Australia, China, India, and Indonesia. Remaining countries of Asia Pacific region also contribute revenue to the market.
In the MEA region, the market has scope for growth is larger in the Middle East region. Few oil fields are in Africa too. The key country-specific markets in this region are Nigeria, Saudi Arabia, UAE, and South Africa. Remaining countries of the MEA region also add revenue to the market.
Key Players
Major players in the global wellhead equipment market include Aker Solutions (Norway), Baker Hughes (USA), Brace Tool (Canada), Cameron International Corporation (USA), FMC Technologies (USA), Forum Energy Technologies (USA), National Oilwell Varco (USA), Oil States International Inc. (USA), Shanghai Elim Petroleum Machinery (China), Stream-Flo Industries Ltd (Canada), Weir (UK), and Wellhead Systems Inc. (USA).
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