Market Synopsis
The global pressure control equipment market was valued at USD 4.61 billion in 2017 and is expected to reach USD 6.63 billion by the end of forecast period with a CAGR of 6.45%.
The rising investment in global exploration and production and advances in well drilling technologies is creating the demand for pressure control equipment market. Pressure control equipment helps to minimize risks, enhancing safety and increasing quality during drilling. The oil and gas industry are rapidly adopting digital transformation for risk mitigation and improved efficiency. The oil and gas industry are expected to grow with the rising demand of hydrocarbons, which serve as an important source of global energy supply and increasing need for higher safety norms by drilling contractors are expected to be some of the major drivers for pressure control equipment market. Furthermore, rising activities of Deepwater drilling in US is creating lucrative opportunities for oil and gas equipment market, thus positively impacting the growth of Pressure Control Equipment Market.
The market vendors are entering into collaborations to expand their geographical presence, focusing on regions with increased onshore drilling activities. For instance, in March 2017, Schlumberger and Weatherford International, formed a joint venture called OneStim. This joint venture aims at providing products and services for unconventional resource plays for customers in the US and Canada. Also, there has been an increase in investment for advanced technologies in oil and gas equipment industry. For instance, in July 2018, SCF Ventures announced a growth equity investment in Kinetic Pressure Control, which is a designer and manufacturer of innovative wellhead and pressure control equipment.
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Key players
The key players in the pressure control equipment market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – Schlumberger (US), Weatherford International (US), Control Flow (US), National Oilwell Varco (US), Baker Hughes (US), Lee Specialties (Canada), The Weir Group (UK), Hunting (US), Tis Manufacturing (UK), and Brace Tool (Canada). These players contribute a major share in the growth of pressure control equipment market.
Apart from the top key players, there are other players that contribute to the market growth. These include Integrated Equipment (US), The IKM Group (Norway), GKD Industries (Canada), IoT Group (Australia), and others.
Segmentation
By type, the market is segmented into high pressure (above 10,000 PSI) and low pressure (below 10,000 PSI). By component, the pressure control equipment market is bifurcated into valves, control head, wellhead flange, christmas tree (flow tree), adapter flange, quick unions, and others. By application, the market is segmented into onshore and offshore.
Regional analysis
The global market for pressure control equipment is estimated to grow at a steady rate during the forecast period from 2018 to 2023. The geographical analysis of pressure control equipment market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). Among the regions mentioned, North America is expected to dominate the pressure control equipment market. Among the North American countries, US dominates pressure control equipment market. A number of factors such as increasing focus on shale plays and unconventional sources due to technological innovations in the region is driving the growth of pressure control equipment market. Other regions such as Middle East & Africa and Latin America also contribute to a significant share of the pressure control equipment market due to rising exploration and production (E&P) activities. For instance, sanction has been passed for a deepwater field development in Latin America, named Liza. The final investment decision (FID) to proceed for the first phase of development was made by Exxon Mobil Corporation and Hess Corporation. Asia-Pacific region is also expected to grow at a significant rate due to high-energy consumption in China, Japan and India.
The global pressure control equipment market was valued at USD 4.61 billion in 2017 and is expected to reach USD 6.63 billion by the end of forecast period with a CAGR of 6.45%.
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Intended Audience
- Pressure control equipment Manufacturers
- Pressure control equipment Suppliers and Distributors
- Drilling tool manufacturers and suppliers
- Exploration and production companies
- National and international drilling associations
- Oilfield services providers
- Raw Material Suppliers
- Industry associations and experts
- Research organizations and consulting companies
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