(MENAFN- America News Hour) The global wellhead equipment market is estimated to grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of application onshore, offshore, and others, out of which, the offshore segment is anticipated to attain a notable share during the forecast period, on the back of advantages of offshore drilling, such as, higher oil generation potential, among others.
As per the data by the IEA, the offshore gas production is estimated to increase by 700 billion cubic meters (bcm) by 2040.
The growth in offshore oil production, along with rising investment in offshore sites are estimated to fuel the segment growth.
Research Nester published a report titled
“wellhead equipment market : Global Demand Analysis & Opportunity Outlook 2030′′
which delivers detailed overview of the global wellhead equipment market in terms of market segmentation by type, component, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global wellhead equipment market is estimated to grow on the back of increasing demand of oil, rising construction of new oil fields, growing number of oil wells, and increasing investment from both government and private companies in the oil & gas sector. Wellheads are being increasingly adopted by the end-users to safeguard the oil wells, which in turn, is estimated to boost the market growth.
On the basis of geographical analysis, the global wellhead equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is predicted to gain the largest market share during the forecast period owing to the increasing demand and high production of oil and gas in the developed countries, backed by rising number of automobiles in the region. The growing consumption of crude oil, backed by the presence of large number of oil reserves in Canada, and the US is estimated to boost the regional market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rising Exploration and Production Activities in Oil & Gas Industry to Boost the Market Growth
The growing demand for oil and gas for various applications, such as, energy for vehicles, aviation, plastic production, and others, has led to raised investment in the sector. New oil fields are constantly being searched and explored in order to increase the production of oil. This has also led to construction of new oil wells, which is estimated to fuel the market growth.
However, growing adoption of green energy, and depleting oil reserves are expected to operate as key restraint to the growth of the global wellhead equipment market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global wellhead equipment market which includes company profiling of Baker Hughes Company, General Electric Company, Aker Solutions ASA, Schlumberger Limited, Trican Well Service Ltd., Oil States International, Inc, Forum Energy Technologies Inc., Cameron International Corporation, The Weir Group plc, and Nabors Industries Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wellhead equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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