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Market Highlights:The global pressure control equipment market to triple its current market valuation by 2023 by climbing up to USD 6.63 billion from USD 4.61 billion in 2017, says Market Research Future (MRFR). The market is growing with a CAGR of 6.45% in the forecast period by 2023. The pressure control equipment market is gaining traction majorly from advancement that is going on in well drilling technologies.
Market Drivers & Trends
The mounting investment in global exploration and production drilling activities has created a massive demand for pressure control equipment market, thus contributing to the market growth inevitably. The sophisticated technology of pressure control equipment adds an extra benefit to minimize risks, enhancing safety, and increasing quality of drilling are the main driving forces for the pressure control equipment market.
On the other hand, oil and gas industry is rapidly proliferating and adopting digital transformation for risk mitigation and improved efficiency which is witnessing a rise in the demand for hydrocarbon that serves as an essential source for worldwide energy supply and increasing need for higher safety norms by drilling contractors. These are attributing substantially to the Pressure Control Equipment Market during the assessment period. The constant innovation and rising activities of deepwater drilling in developed regions along with the introduction of new products are coming out to keep the manufacturers as well as buyers engaged, globally. Thus, this is creating lucrative opportunities for oil and gas equipment market, thus optimistically impacting the growth of pressure control equipment market.
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New collaborations among market vendors on the expansion of their geographical presence with increased onshore drilling activities have also motivated the market growth over the years, which are anticipated to inflate rapidly in the assessment period. In case of point, in March 2017, Schlumberger and Weatherford International formed a joint venture called OneStim that aimed at providing products and services for unconventional resource plays for customers in the US and Canada. SCF Ventures in July 2018, announced a growth equity investment in Kinetic Pressure Control and was considered as a designer and manufacturer of innovative wellhead and pressure control equipment.
Key Players
The analysis of various prominent players in the global market are listed as 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).
Market Segmentation
The pressure control equipment globally is segmented into type, component, and application.
In terms of type: It includes high pressure (above 10,000 PSI) and low pressure (below 10,000 PSI).
In terms of component: It includes valves, control head, wellhead flange, Christmas tree (flow tree), adapter flange, quick unions, and many more.
In terms of application: It includes onshore and offshore.
Detailed Regional analysis
Geographic analysis of the pressure control equipment market spans across North America, Europe, Asia-Pacific, and the rest of the world, which includes the Middle East, Africa, and Latin America.
Among these regions, North America is the frontrunner. The region is probable to lead the market due to escalating focus on shale plays and unconventional sources owing to technological innovations in the region. The U.S. is mainly the leading region for the pressure control equipment market.
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The Middle East & Africa and Latin America also contributors to a significant share of the pressure control equipment market in support of rising exploration and production (E&P) activities. A sanction has been passed for deepwater field development in Latin America, named Liza, which is the final investment decision (FID) to ensure the first phase of development was made by Exxon Mobil Corporation and Hess Corporation. Such growth has bolstered the global pressure control equipment market at a great extent.
Asia-Pacific region is also likely to nurture at a noteworthy rate with high-energy consumption in prime countries of China, Japan, and India.
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