The global pressure control equipment market is projected 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. Factors such as technological advancement in oilfield equipment, increase in global investment in exploration and production (E&P), and rise in unconventional hydrocarbon production in North America are driving the growth of the pressure control equipment market.
The pressure control equipment market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global pressure control equipment market include SLB (US), Weatherford (US), NOV Inc (US), Baker Hughes Company (US), and The Weir Group PLC (UK). Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to increase their market share.
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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 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.
The majority of the company’s facilities are in the US, Canada, Brazil, Argentina, Mexico, Colombia, the UK, Norway, Germany, Kazakhstan, Russia, Algeria, Egypt, Iraq, Kuwait, Pakistan, Saudi Arabia, the UAE, India, China, and Australia.
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.
NOV Inc operates in North America, South America, Asia Pacific, Europe, and the Middle East. Its training centers are located in Houston, Norway, Brazil, Dubai, Singapore, and Scotland.
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
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