Wellhead
Equipment Market Analysis
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
Equipment Industry
Segmentation
The
Wellhead
Equipment 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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