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. A detailed analysis report of COVID-19 impact on Wellhead Equipment Market Analysis is provided with the
report.
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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