Wellhead Equipment Market Scenario
The
wellhead equipment is widely used to control the pressure and provide access to
the main casing or tubing. A wellhead equipment ensures safe drilling and
completion by maintaining the pressure level in the well. A rise in demand for
oil and gas supports higher investments into oil & gas exploration
activities, including unconventional resource exploration. These factors would
drive the growth of wellhead equipment market.
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. 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.
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.
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 Manufacturers 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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