Global Pressure Control Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Pressure Control Equipment Market: Overview
"The Pressure Control Equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."
Pressure control equipment’s are used to maintain the pressure at optimum level and withstand harsh conditions inside a wellbore. Stringent quality standards are maintained while manufacturing pressure control equipments. Various types of pressure control equipments are used for well interstation and workover operations such as hydraulic wireline valve, fluid chamber, manual wireline valve, wireline pressure control equipment, hand unions, etc.
Global Pressure Control Equipment Market: Dynamics
Increasing production and exploration activities in oil & gas sector is a major factor expected to drive growth of the global pressure control equipment market. In addition, increasing demand for technological advanced equipment’s that helps in quality improvement during drilling, minimizes the risk associated to work, and enhances safety is another factor expected to support growth of the global market to certain extent.
However, lack of expertise and limited availability of advanced technology are factors that are expected to hamper growth of the global pressure control equipment market.
Digital oilfield approach, rising offshore drilling activities, and increasing investment by major players for technological advancements are expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period.
Global Pressure Control Equipment Market: Segment Analysis
Among the component segments, the control head segment is expected to register high growth in terms of revenue in the near future. Control head help to enhance environmental protection and personal safety is a key factor supporting growth of this segment in the target market.
Among the application segments, the onshore segment is expected to account for significant share in terms of revenue over the forecast period. High demand of pressure control equipments for onshore applications, owing to increasing extraction of shale gases in US is a factor propelling growth of this segment in the global market.
Global Pressure Control Equipment Market: Regional Analysis
Currently, market in the North America accounts for a major share in terms of revenue and is expected to maintain its dominance over the forecast period. Increasing number of drilling activities for extraction of shell gases is a key factor driving growth of the target market especially in the US in this region.
Market in Middle East and Latin America are anticipated to register lucrative growth in revenue in the near future. Increasing exploration and production activities in countries in this region is a major factor supporting growth of the target market. Market in the Asia Pacific is expected to register fastest growth in terms of revenue over the forecast period.
Increasing energy consumption, owing to growing industrial sector is a factor propelling growth of the pressure control equipment market in developing countries in Asia Pacific.
Global Pressure Control Equipment Market Segmentation:
Segmentation by component:
- Control Head
- Wellhead Flange
- Quick Unions
- Adapter Flange
- Christmas Tree (Flow Tee)
Segmentation by type:
- Low Pressure
- High Pressure
Segmentation by application:
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Weatherford International plc
- Schlumberger Limited
- Baker Hughes, a GE company, LLC
- National Oilwell Varco Inc.
- TIS Manufacturing Ltd
- The Weir Group PLC
- Lee Specialties Ltd.
- Hunting PLC
- Brace Tool Inc.
- Control Flow, Inc.
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