ID: MRFR/SEM/5819-HCR | February 2021 | Region: Global | 100 pages
The 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 is rapidly adopting digital transformation for risk mitigation and improved efficiency. The oil and gas industry is 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.
By type, the pressure control equipment 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 pressure control equipment market is segmented into onshore and offshore.
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 market. Among the North American countries, US dominates 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 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.
Pressure Control Equipment Market, USD Billion
Source: MRFR Analysis
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 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.
|Market Size||USD 6.63 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Rising activities of deepwater drilling in US.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global pressure control equipment market is expected to record a substantial market valuation from USD 4.61 billion in 2017.
The global pressure control equipment market is expected to record revenue generation up to USD 12.5 billion by 2023.
The global pressure control equipment market is projected to register a moderate 6.45% CAGR in the forecast period.
Offshore segment is slated to expand as the fastest-growing segment owing to their quick measurement technique.
The major market players operating in the global pressure control equipment market are Baker Hughes (US), The Weir Group (UK), Lee Specialties (Canada), Hunting (US), Tis Manufacturing (UK), and Brace Tool (Canada).