(MENAFN - GetNews) Wellhead Equipment Market Research Report Segmented by Component (Hanger, Flange, Master Valve, Choke, and Others), Application (Onshore and Offshore), and Region (North America, Asia-Pacific, South America, and others) â€' Global Forecast till 2024
Wellhead Equipment Market Highlights
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. 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. The wellhead equipment is at the surface of oil or gas an well to provide a pressure containing interface for the drilling equipment.
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The major components of a wellhead includes casing head, casing hangers, test plugs, casing spools, choke manifold, and tubing heads. The wellhead equipment also provides a means of pressure sealing between casings at the surface when many casing strings are used. Moreover, the wellhead equipment ensures safe drilling and completion by keeping the pressure in the well, under control.
- FMC Technologies (US),
- Baker Hughes (US),
- Weir (UK),
- Aker Solutions (Norway),
- Cameron International Corporation (US),
- Stream-Flo Industries Ltd (Canada),
- Wellhead Systems, Inc. (US),
- Oil States International, Inc. (US),
- National Oilwell Varco (US),
- Shanghai Elim Petroleum Machinery (China),
- Forum Energy Technologies (US), and
- Brace Tool (Canada).
Global wellhead equipment market has been segmented based on component, application, and region.
On the basis of component, the market is classified into hanger, flange, master valve, choke, and others. The hanger segment is leading the market and has the largest market share as it is an essential component of wellhead equipment system and is used in multi-bowl wellheads. The hanger system is generally of two types, namely, a slip and seal casing hanger assembly and mandrel style casing hanger.
The global wellhead equipment market is further segmented based on application, including onshore and offshore. The onshore segment of the global wellhead equipment market is estimated to register the highest growth rate during the forecast period.
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.
Table Of Contents
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Insights
5 Market Dynamics
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter's Five Forces Analysis
5.5.1 Threat Of New Entrants
5.5.2 Bargaining Power Of Buyers
5.5.3 Bargaining Power Of Suppliers
5.5.4 Threat Of Substitutes
5.5.5 Intensity Of Rivalry
5.6 Value Chain/Supply Chain Analysis
6 Global Wellhead Equipment Market, By Component
6.4 Master Valve
6.6.1 Market Estimates & Forecast, 20172024
6.6.2 Market Estimates & Forecast, By Region by Region, 20182024
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