Global Wellhead Equipment Market Analysis
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.
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Market 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.
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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.
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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