Wellhead Equipment Market is expected to witness high growth during the forecast period :
Market Research Future published a half-cooked research report on global wellhead equipment market.
Market Highlights
The global wellhead equipment market is projected to reach USD 7.20 billion by 2024 at 3.25% CAGR. 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.
On the basis of application, the market is segmented as onshore and offshore. The onshore segment is estimated to dominate the market during the forecast period due to an increase in investments into upstream exploration activities, especially in North America and Asia-Pacific. Considering the component segment, the market is segmented as hanger, flange, master valve, choke, and others.
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The global wellhead equipment market is expected to grow at ~ 3.25% CAGR during the forecast period.
Market Research Analysis
North America accounts for the largest market for wellhead equipment
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.
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Scope of the Report
This report provides an in-depth analysis of the global wellhead equipment market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the wellhead equipment market by its component, application, and by region.
By Component
Hanger
Flange
Master Valve
Choke
Others
By Application
Onshore
Offshore
By Regions
North America
Asia-Pacific
Europe
Middle East & Africa
South America
Key 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), Wellhead Systems, Inc. (US), Oil States International, Inc. (US), National Oilwell Varco (US), and Forum Energy Technologies (US), Shanghai Elim Petroleum Machinery (China), and Cameron International Corporation (US)
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