According to the latest report by IMARC Group, titled “Wellhead Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global wellhead equipment market experienced steady growth in 2019. Wellhead equipment is a component that is installed at the surface of an oil or gas well. It comprises seals, test plugs, casing head, casing spools, casing hangers, choke manifold, tubing heads, tubing hangers, tubing head adapter and mudline suspension systems. This equipment can be re-used and refurbished for other well and drilling operations. It ensures safe drilling and completion by keeping the pressure in the well under control. Besides this, it offers numerous functions, which include casing suspension, tubing suspension, pressure monitoring and pumping access, and acting as a reliable means of accessing the well.
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Global Wellhead Equipment Market Trends:
The escalating demand for energy, especially from emerging economies, represents one of the significant factors impelling the wellhead equipment market growth. This can be accredited to rapid urbanization and fast-paced industrialization in these countries. Apart from this, the steady growth of the oil and gas sector, in confluence with the rising number of deep and ultra-deep-water drilling projects, is also strengthening the growth of the market. Furthermore, prominent vendors are focusing on the development of innovative products to support the demand for harsher and manually unapproachable drilling environments. For instance, unmanned wellhead platforms are being utilized as a resting facility on the seabed as they are an effective alternative to subsea wells and a cost-efficient solution for shallow water developments. On account of these factors, the market is projected to grow at a CAGR of around 3% during the forecast period (2020-2025).
- Based on the component, the market has been segmented into hangers, flanges, master valve, choke and others.
- On the basis of the application, the market has been bifurcated into onshore and offshore segments.
- The market has been analyzed on the basis of the sector into OEM and aftermarket.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Aker Solutions ASA, Baker Hughes Company, Cameron International Corporation, Forum Energy Technologies, Inc., Nabors Industries Ltd., National Oilwell Varco, Inc., Oil States International, Inc., TechnipFMC PLC, Weatherford International PLC and Weir Group Plc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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