A new market study, titled “Global Wellhead Equipment Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.
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.
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Industry Highlights
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.
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).
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