Wellhead Equipment Market by Business Strategy and Industry Segments Poised for Strong Growth in Future 2024
Wellhead Equipment Market Scenario
The wellhead equipment is widely used to control the pressure and provide access to the main casing or tubing. A wellhead equipment ensures safe drilling and completion by maintaining the pressure level in the well. A rise in demand for oil and gas supports higher investments into oil & gas exploration activities, including unconventional resource exploration. These factors would drive the growth of wellhead equipment market. The global wellhead equipment market is estimated to progress at 3.25% CAGR during the forecast period.
The wellhead equipment market is projected to reach USD 7.20 billion by 2024, at a CAGR of 3.25%. The growing demand for wellhead equipment is attributed to the global increase in the number of exploration activities, including the deep water and ultra-deep water drilling activities. In December 2017, Schlumberger delivered wellhead equipment to Sirius Petroleum (Nigeria) for the Ororo oil field. Similarly, in March 2018, Saudi Aramco (Saudi Arabia) entered a partnership purchase agreement with Schlumberger (US) for the purchase of downhole equipment, well services, and wellhead eqipment. Such developments have triggered the growth of wellhead equipment market, globally. One of the major restraints of the market is the delay in the commencement of the sanctioned oil & gas projects.
Industry Segmentation
The global wellhead equipment market has been segmented based on application into onshore and offshore. Among the various application segments, the offshore segment is the fastest growing segment in the wellhead equipment market due to the rise in offshore exploration and production investments, especially in the Gulf of Mexico.
Regional Outlook
Region wise, North America held the largest market share of the global wellhead equipment market in 2018. The wellhead equipment market in the oil & gas industry would mainly be driven by the growth of the unconventional resources in the countries, such as the US and Canada. The demand from the onshore & offshore fields in the Gulf of Mexico is also likely to add to the growth of the global wellhead equipment market during the forecast period.
Leading Players
The key players of global wellhead equipment market are FMC Technologies (US), Baker Hughes (US), Weir (UK), Aker Solutions (Norway), Stream-Flo Industries Ltd (Canada), Brace Tool (Canada), Cameron International Corporation (US), Oil States International, Inc. (US), National Oilwell Varco (US), and Forum Energy Technologies (US), Shanghai Elim Petroleum Machinery (China), and Wellhead Systems, Inc. (US).
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