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3. Pressure Control Equipment Market Size & Share - Future Growth Expectations

The global pressure control equipment market size is expected to reach USD 8.9 billion by 2027 from an estimated USD 6.8 billion in 2022, at a CAGR of 5.4% during the forecast period. The major factors driving the growth of this market include technological advancement in oilfield equipment, increase in global investment in exploration and production (E&P), and rise in unconventional hydrocarbon production in North America.

The pressure control equipment market has been experiencing growth due to several key factors.

• Expansion of Oil and Gas Activities
• Safety and Regulatory Compliance
• Increase in Deepwater and Ultra-Deepwater Exploration
• Upgradation of Aging Infrastructure
• Demand from Shale Gas and Unconventional Resource Development
• Emerging Markets and Infrastructure Development

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Expansion of Oil and Gas Activities:

• Pressure control equipment is essential in oil and gas exploration, production, refining, and transportation operations. With the global demand for oil and gas remaining high, especially in emerging economies, the need for pressure control equipment continues to grow, driving market expansion.

Safety and Regulatory Compliance:

• Stringent safety regulations and standards mandate the use of pressure control equipment to ensure the safe operation of oil and gas facilities. Compliance with regulations such as API standards, ASME codes, and international safety guidelines requires the installation and maintenance of pressure control equipment, fostering market growth.

Increase in Deepwater and Ultra-Deepwater Exploration:

• The exploration and production of hydrocarbons from deepwater and ultra-deepwater fields require specialized pressure control equipment capable of withstanding high pressures and harsh operating conditions. As offshore exploration activities expand to deeper waters, the demand for advanced pressure control solutions grows, driving market growth.

Upgradation of Aging Infrastructure:

• Aging oil and gas infrastructure in mature fields requires replacement and modernization of pressure control equipment to maintain operational efficiency and safety standards. Investments in asset integrity management, equipment upgrades, and decommissioning activities contribute to market growth as operators prioritize asset reliability and regulatory compliance.

Demand from Shale Gas and Unconventional Resource Development:

• The growth of shale gas production and unconventional resource development has increased the demand for pressure control equipment in hydraulic fracturing (fracking), well stimulation, and production operations. Pressure control equipment plays a critical role in managing well pressures, controlling fluid flow, and ensuring the success of unconventional drilling projects.

Emerging Markets and Infrastructure Development:

• Emerging economies, particularly in Asia-Pacific, Latin America, and Africa, are investing in oil and gas infrastructure to meet growing energy demand and support economic development. Pressure control equipment manufacturers benefit from increased demand for drilling, production, and processing equipment in these markets, driving market growth.

The pressure control equipment market is expected to continue growing as the global energy landscape evolves, driven by factors such as increasing oil and gas activities, safety regulations, technological advancements, and infrastructure development initiatives. Continued innovation, focus on safety and reliability, and adaptation to changing market dynamics will be key drivers of market expansion in the pressure control equipment segment.

Pressure Control Equipment Market Share - Global Industry Landscape

The pressure control equipment market is characterized by the presence of several key players competing for market share. Some of the leading companies in the pressure control equipment industry include:

• SLB (US)
• Weatherford (US)
• NOV Inc (US)
• Baker Hughes Company (US)

These companies, along with other specialized manufacturers and service providers, contribute to the pressure control equipment market by offering a wide range of products, technologies, and services to meet the diverse needs of customers in different industries. Market share within the pressure control equipment industry may evolve based on factors such as technological advancements, product innovation, regulatory requirements, and industry consolidation.

SLB (US)

• SLB offers various products, services, technologies, information solutions, and integrated project management solutions to the oil & gas industry. It specializes in reservoir characterization, drilling, production, and processing, and its primary business activities include research and engineering, manufacturing, operations, maintenance, and resource planning. The well construction segment also offers drilling fluids, drill bits, drilling tools, well cementing, integrated well construction, rigs, and equipment, and also supplies individually engineered drilling fluid systems that improve drilling performance and maintain well control and wellbore stability throughout the drilling operation SLB has a global presence, including North America, Latin America, Europe/Africa/Commonwealth of Independent States (CIS), the Middle East, and Asia. Its executive offices are located in Paris, Houston, London, and The Hague. The company has more than 90 technology centers globally and conducts business in more than 120 countries.

Weatherford (US)

• Weatherford is among the leading multinational oilfield service companies that deliver technologies, solutions, and services for upstream activities in the oil & gas industry. It offers equipment and services for both onshore and offshore operations. The Drilling and Evaluation offer services including managed pressure drilling, drilling services, wireline, and drilling fluids. Managed Pressure Drilling helps to manage wellbore pressures to optimize drilling performance. It incorporates various technologies, including rotating control devices and advanced automated control systems, as well as, several drilling techniques, such as closed-loop drilling, air drilling, managed-pressure drilling, and underbalanced drilling.

NOV Inc (US)

• NOV Inc manufactures, designs, and sells oilfield equipment and components for the upstream exploration and production segments of the oil & gas industry. The company operates through three divisions, namely, Wellbore Technologies, Completion & Production Solutions, and Rig Technologies The Wellbore Technologies segment also provide the critical technologies, equipment, and services required to maximize oil and gas drilling efficiencies and economics. The Wellbore Technologies segment contains the following business units: Downhole, Tuboscope, Grant Prideco, IntelliServ, Directional Drilling Technologies, Wellsite Services, ReedHycalog, and M/D Totco.

Baker Hughes Company (US)

• Baker Hughes is an energy technology company that offers products and services for the oil and gas industry. The company provides pressure control equipment, such as BOPs, wellheads, and control systems, designed to enhance safety and efficiency in drilling and production operations.

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Pressure Control Equipment Market by Type (Wireline Pressure Control Equipment, Coiled Tubing Pressure Control Equipment), Component, Sales Type (New Purchase, Rental, Services, Spares), Application, Pressure and Region - Global Forecast to 2027