Global Pressure Control Equipment Market Research Report 2018-2026
Summary – A new market study, “The Global Pressure Control Equipment Market Industry Analysis and Forecast (2018-2026) ”has been featured on WiseGuyReports.
The Global Pressure Control Equipment Market was valued at US$
5.4 Bn in 2017 and is expected to reach US$ 8.5 Bn by 2026 at CARR of 5.83 %
during the forecast period.
Pressure Control Equipment is that equipment that supports in
maintaining the ideal pressure levels inside a wellbore when any healthy
intervention actions are accomplished by an operator in any easy or arduous
situation. Pressure control is the simplest and most instant method of dropping
leakage. But, without electronic control, a PRV (Pressure Reducing Valve) must
be set up to confirm a guaranteed minimum pressure to the dangerous (usually
highest) point in the network below worst-case maximum flow conditions.
Pressure control equipment is used for limiting the pressure and
monitoring the flow of healthy fluids during the drilling and manufacture
phase. This equipment limits the healthy fluids and gasses within the well and
it's pressure mass so that the break out of possibly dangerous wellbore fluids
and gases is prohibited.
The growth of this market is being powered by the technological
advancement in oil field equipment, rise in global investments in examination
and production (E&P), an increase in unconventional hydrocarbon production
in North America. Refactoring activities in the US, besides with growing
actions in the offshore segment, produce new openings for pressure control
equipment companies.
The pressure control equipment is contrived by following the API
standard to endure high-pressure conditions. As companies are aiming at
high-pressure drilling, the market for high-pressure control equipment is
anticipated to grow at the highest CAGR in the forecast period.
Deficiency of expertise and limited exposure to technologies are
the major issues of unease in the market. But, factors such as adapted demands
by drillers, failure in drilling activities and rig total delay the market
progress. Also, High pressure and high-temperature shafts need special tools
and materials. They also want extra preventive measures and knowledge as they
are measured unstable reservoir environments.
The market for offshore applications is projected to grow at a higher
CAGR during the forecast period due to the demand for pressure control
equipment for offshore applications is anticipated to increase. Offshore
activities want progressive technology. The South China Sea, the West
Australian Coast, and the Gulf of Thailand are the main hubs for offshore
E&P actions in APAC.
Onshore application segment is expected to dominate in forecast
period because the occurrence of vast onshore shale investments in the US and
Australia is expected to boost the demand for onshore oil fields. In 2018, the
onshore rig count in North America was nearly 92%, in the Middle East it was
almost 85%, and the inclination was similar for other regions as well. This has
led the employment of pressure control equipment for onshore applications, and
this trend is anticipated to continue during the forecast period
North America is expected to continue to hold the largest share
of the pressure control equipment market, in terms of value. The region is the
new swing manufacturer in the global oil markets owing to the efficiency in
production from both shale operation and deep-water examination and invention
in the Gulf of Mexico.
Key players operating in the global pressure control equipment
market include Schlumberger, National Oilwell Varco, Baker Hughes, Lee
Specialties, Control Flow, Brace Tool and FHE USA are the major key players in
the region. These companies adopt various growth strategies to strengthen their
position in the pressure control equipment market. Other players in the market
are GKD Industries, Hunting, Integrated Equipment, IoT Group, Lee specialties,
The IKM Group, The Weir Group, TIS manufacturing, and Weatherford
International.
In June 2018, Baker Hughes, a GE company, was awarded a united
well services agreement to support a huge proportion of Equinox's drilling and
healthy construction activities in the Norwegian sector of the North Sea for an
unusual period of 4 years with options to spread up to 10 years. In March 2017,
Schlumberger and Weatherford International, PLC (Switzerland) entered into a
contract to form a joint venture called OneStim. This joint scheme will offer
customers in the US and Canada with products and services for progressive
resource plays.
Scope of the Global Pressure Control Equipment Market
Global Pressure Control Equipment Market, by Component
Valves
Control Heads
Quick Unions
Wellhead Flanges
Christmas Trees
Adapter Flanges
Global Pressure Control Equipment Market, by Type
High Pressure
Low Pressure
Global Pressure Control Equipment Market, by Application
Onshore
Offshore
Global Pressure Control Equipment Market, by Region
North America
Europe
Asia-Pacific
Middle East & Africa
South America
Key Players operating in the Global Pressure Control Equipment Market
Schlumberger
National Oilwell Varco
Baker Hughes
Lee Specialties
Control Flow
Brace Tool
FHE USA Hubbell Inc.
GKD Industries
Hunting
Integrated Equipment
IoT Group
Lee specialties
The IKM Group
The Weir Group
TIS Manufacturing
Weatherford International.
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