Pressure Control Equipment Market

Key Revenue Pockets - Pressure Control Equipment Market

Pressure control equipment helps in maintaining the optimal pressure level inside a wellbore in easy or arduous condition. Stringent standards are followed in the manufacturing of pressure control equipment, with intent to withstand harsh conditions. The manufacturing of pressure control equipment is done as per the international recommended standards and must meet certain specifications such as API 6A. Similarly, the pressure rating for all products varies and ranges from 3,000 psi to 20,000 psi. The growth of the pressure control equipment market is driven by the technological advancement in oilfield equipment, increase in global investments in exploration & production (E&P), and rise in unconventional hydrocarbon production in North America. Refracturing activities in the US, along with rising activities in the offshore segment, create new opportunities for pressure control equipment companies. However, factors such as customized demands by drillers and decline in drilling activities and rig count hinder the market growth. The pressure control equipment market is estimated to grow from USD 5.7 billion in 2018 to USD 7.4 billion by 2023, at a CAGR of 5.6% from 2018 to 2023.

In the equipment segment, wellhead flange accounted for the largest share of the pressure control equipment market in 2017. The wellhead flange provides a means of connecting the wireline valve and lubricator assembly to the wellhead in a safe and secure manner. The lower end of the wellhead flange is designed to match the particular configuration of the wellhead. The upper end of the flange is compatible with the bottom hand union of the wireline valve or flow sub. Wellhead flanges are typically used in high pressure or H2S condition, resulting into the largest share in the global pressure control equipment market.

The pressure control equipment market for high pressure is expected to grow at the highest CAGR from 2018 to 2023. High pressure and high temperature wells require special instruments and materials. They also require extra preventive measures and experience as they are considered volatile reservoir environments. Thus, the need for instruments for high pressure environments provides companies the opportunity to customize pressure control equipment using special materials.

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The market for offshore application is expected to grow at the highest CAGR from 2018 to 2023. Offshore activities require advanced technology, making the offshore market a capital intense one. West Africa, and Malaysia, as well as offshore regions of Venezuela and Brazil, are the emerging markets for pressure control equipment in the offshore application to gain the momentum during the forecast period.

The pressure control equipment market in North America is expected to grow at the highest CAGR during the forecast period. North America is the new swing producer in the global oil markets owing to the boom in production from both shale operation and deepwater exploration and production in the Gulf of Mexico. According to BP, North America is expected to account for 77% and 84% of the global shale gas and tight oil output by 2035, respectively. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies. In 2018, at Offshore Technology Conference (OTC), Baker Hughes, a GE company, and W&T Offshore Inc. entered into a strategic partnership related to W&T’s joint exploration and development program, which includes 14 drilling projects, most of which are operated by W&T in the Gulf of Mexico. Similarly in 2017, Schlumberger and Weatherford International entered into an agreement to form a joint venture called OneStim. This joint venture will provide customers in the US and Canada with products and services for unconventional resource plays. The joint venture is expected to consist of multistage completion portfolios and the largest fracturing fleet.

Related Reports:

Pressure Control Equipment Market by Component (Valves, Control Heads, Quick Unions, Wellhead Flanges, Christmas Trees, and Adapter Flanges), Type (High and Low), Application (Onshore and Offshore), and Region - Global Forecast to 2023

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Report Code
SE 6826
RI Published ON
1/2/2019
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