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.
Industry Highlights
The
wellhead
component 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.
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).
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