Global Wellhead Equipment Market Mensurated to be Worth $ 7.20 BN by 2024 Due to Increasing Drilling Activity | Market Research Future
MarketResearchFuture.com added New Report Named “Wellhead Equipment Market 2019: Global Industry Analysis, Market Growth and Opportunity Assessment, Segmentation by Component (Hanger, Flange, Master Valve, Choke, and Others), Application (Onshore and Offshore), and Region | Outlook to 2023” to its Database.
Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- A wellhead is useful in the oil & gas industry, to drill the surface of a well. It is meant to provide pressure on the surface of well as it contains an interface for the drilling and production equipment. The new research report about the global wellhead equipment market published by Market Research Future (MRFR) computes betterment for this market at 3.25% CAGR between 2017 and 2024. In terms of monetary value, the market can be worth the USD 7.20 bn by the end of the forecast period.
The most important global market drivers for the wellhead equipment include surging demand for oil and increasing drilling activity. Other factors pushing up the market growth include the high oil prices, increasing investment in drilling activities, and an increase in oil production.
The global wellhead equipment market segmentation covers component and application. The segmentation relies heavily on facts and figures.
As per the component-based segmentation, this market covers flange, choke, master valve, hanger system, and others. Being an essential component of the wellhead equipment system, the hanger system leads the market. It has been sub-segmented into slip & seal casing hanger assembly and mandrel style casing hanger.
In the context of the application, the market has been segmented into onshore applications and offshore applications. The onshore applications segment has been anticipated to hold a larger market share during the forecast period.
Regional Segmentation
The regional segmentation of the global wellhead equipment market covers North America, South America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
North America holds the largest market share as unconventional resources are growing in countries like USA and Canada. The demand from the onshore fields and offshore fields in the Gulf of Mexico can also enhance the market growth as drilling activities for oil extraction are carried out here. Mexico is the third critical country-specific market in this region.
In South America, the market can grow during the forecast period as there are various oil fields in Brazil and Argentina. These two countries are also the two most powerful economies in South America. Some revenue to the regional market also comes from oil fields located in the remaining countries of South America.
The Asia Pacific market is big as this region has many oil fields and minerals to be extracted from Earth's crust. The big-league country-specific markets with the largest demand for wellhead equipment, along with the requirement for technical expertise to use them include Australia, India, China, and Indonesia.
Europe is another lucrative market due to the availability of oil fields in some countries. In terms of technological advancement, Europe is second only to North America. The weighty country-specific markets in this region are Norway, Germany, Russia, and the UK. Different Europeans oil explorers are also carrying out operations in the Gulf of Mexico.
Although the scope for market growth in the MEA region, is higher in the Middle East region, some oil fields are in Africa too. The primary country-specific markets in this region are Saudi Arabia, Nigeria, UAE, and South Africa. Other countries of the MEA region also aid the revenue growth in this regional market.
Crucial players in the global wellhead equipment market include Aker Solutions (Norway), Brace Tool (Canada), Baker Hughes (USA), Cameron International Corporation (USA), Forum Energy Technologies (USA), FMC Technologies (USA), Oil States International Inc. (USA), National Oilwell Varco (USA), Stream-Flo Industries Ltd (Canada), Shanghai Elim Petroleum Machinery (China), Wellhead Systems Inc. (USA), and Weir (UK).
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Source: GlobeNewswire PR
(July 30, 2019 - 9:48 AM EDT)
