Global Wellhead Equipment Market Research Report: Information
by Component (Hanger, Flange, Master Valve, Choke), Application (Onshore
and Offshore), and Region.
Wellhead Equipment Market Research Report - Global
Forecast to 2024
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.
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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Global Wellhead Equipment Industry
Segmentation
The global 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.
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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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.
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