Wellhead Equipment Market by Component, Application, Region - 2019

Exploration and production activities by oil and gas companies for conventional and unconventional oil and gas reserves is expected to drive the global wellhead equipment market during the forecast period 2014 to 2019. Wellhead equipment provides ancillary support to oil and gas exploration and production activities.

Wellheads systems serve as the end point of casing and tubing strings. These equipment control pressure and provide access to the main casing /tubing. Wellhead equipment ensures safe drilling and completion by keeping the pressure in well under control. Various components such as hangers, flanges, valves, choke, and other equipment form wellhead equipment.

Declining oil prices have temporarily impacted the market but rising demand is expected to invite fresh investments in the oil and gas exploration. Increasing interest in exploration of unconventional resources such as shale oil, coal bed methane etc. will also drive the global wellhead equipment market. The global wellhead equipment market is segmented on the basis of components into hangers, flanges, valves, choke and others. By application the global wellhead equipment market is segmented into Onshore and Offshore applications.
Some of the key companies in the global wellhead equipment market are Baker Hughes Inc., Weir Group Plc., Nabors Industries Limited, National Oil well Varco Inc., GE Energy, Aker Solutions, Oil States International, Inc., Forum Energy Technologies, and Cameron International Corporation

North America held the largest market share and dominates the wellhead equipment systems market in 2013. Developed markets of Asia Pacific and Europe, also contribute a fair share of the global wellhead equipment market. Changing oil and gas sector scenario with increasing importance towards unconventional oil and gas reserves is one of the important factors boosting the wellhead equipment market. The major challenge for the growth of wellhead equipment market is its high cost of equipment�s.