(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Pressure Control Equipment Market by Component (Valves, Control Heads, Quick Unions, Wellhead Flanges, Christmas Trees, and Adapter Flanges), by Type (High Pressure and Low Pressure), and by Application (Onshore and Offshore): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global pressure control equipment market was valued at USD 5.7 billion in 2018 and is expected to reach USD 8.29 billion by 2025, at a CAGR of 5.5% between 2019 and 2025.
Pressure control equipment is widely used by mining and oil and gas industries globally. This equipment is used for both onshore and offshore applications. There are several types of pressure control equipment, such as wellhead flanges, control heads, valves, quick unions, Christmas trees, and adapter flanges.
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The global pressure control equipment market is projected to grow at a fast pace in the next few years, owing to the substantial technological developments witnessed related to oil field equipment. Moreover, the rising global investments for exploration and production activities are expected to further drive the pressure control equipment market growth in the years ahead. The growing construction activities across the globe are also expected to boost the global pressure control equipment market. However, the customized demands by drillers may hamper the pressure control equipment market growth in the future. Alternatively, the increasing demand for pressure control equipment for emerging offshore applications is projected to offer lucrative opportunities for the players operating in the global pressure control equipment market in the future.
The global pressure control equipment market is classified based on component, type, and application. The component segment of the pressure control equipment market includes wellhead flanges, control heads, valves, quick unions, Christmas trees, and adapter flanges. Wellhead flanges held the largest market share in 2018, owing to the rising demand for wellhead flanges in mining and oil and gas industries. Moreover, valves are expected to grow at the fastest pace in the upcoming years. By type, the market includes high pressure and low pressure. The high-pressure type segment is projected to grow at the fastest pace over the forecast time period. By application, the global pressure control equipment market is segmented into offshore and onshore. The offshore segment is expected to show the highest CAGR in the future, owing to the rising product demand from the oil and gas industry.
By region, North America was the largest contributor to the global pressure control equipment market in 2018 and is expected to dominate throughout the forecast timeframe. This regional growth can be attributed to the increased drilling activities in key shale basins and the inception of several new projects. The Middle East and Africa was the second largest regional market for pressure control equipment market, followed by Europe in 2018. The European pressure control equipment market is expected to grow considerably in the upcoming years, owing to the rising demand for pressure control equipment in the offshore application in the UK, Germany, Denmark, and Norway.
Some key players of the global pressure control equipment market are Baker Hughes, The IKM Group, Weatherford International, Brace Tool, Schlumberger, National Oilwell Varco, Lee Specialties, The Weir Group, TIS Manufacturing, Hunting, GKD Industries, and Brace Tool, among others.
This report segments the global pressure control equipment market into:
Global Pressure Control Equipment Market: Component Analysis
- Valves
- Control Heads
- Quick Unions
- Wellhead Flanges
- Christmas Trees
- Adapter Flanges
Global Pressure Control Equipment Market: Type Analysis
- High Pressure
- Low Pressure
Global Pressure Control Equipment Market: Application Analysis
Global Pressure Control Equipment Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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