Pressure Control Equipment Market: A Snapshot
Pressure control equipment is widely used in industrial settings. The system regulates pressure during mechanical ventilation with the help of volume control or pressure control features. The system helps in maintaining optical pressure levels inside a wellbore. These systems also ensure safety for operators in extreme conditions and undergo stringent quality regulations to do so.
There are various types of pressure control equipment available in the market today. This includes manual wireline valve, wireline pressure control equipment, wellhead flange, hydraulic wireline valve, tool catcher, and stuffing box among others.
These systems are widely used during a well makeover and intervention processes. For the purpose of mining, it is important that the pressure is controlled at its optimum level during these operations. The variosus equipment mentioned above is collectively referred to as pressure control equipment because many of its mentioned components form a pressure control equipment system. These help in controlling the fluid pressure inside the wellbore.
The equipment is often manufactured according to international standards in line with specifications such as API 6A. the different equipment also comes with a different pressure rating depending on its end-use. The pressure rating can vary widely between 3000 psi to 20,000 psi.
The importance of pressure control equipment continues to rise in the market thanks to rising oil and gas exploratory activity both onshore and offshore. The equipment is critical to meeting goals of efficient drilling, safer operations, and production. The products can also be suited for a wide variety of industrial sectors depending on the need.
The major competitive challenges for players in the pressure control equipment market remains reducing costs, increasing production, and minimizing risks associated with it. The promise of a reduction in maintence costs also promise to boost opportunities for players in the pressure control equipment market.
Global Pressure Control Equipment Market: Introduction
Pressure control equipment are used to maintain optimal pressure level inside wellbore when the well intervention operation is performed by the operator in easy or adverse conditions. All pressure control equipment are manufactured with the intent to work optimally in adverse condition and to obtain such optimal equipment, manufacturers adhere to stringent quality standards. Thus, majority of pressure control equipment are available with enhanced safety feature to perform intervention operation. Pressure control equipment consist of several components such as wireline valves, wellhead flanges, adapter flanges, control heads, quick unions, and flow tree. Pressure control equipment are primarily used in mining and oil and gas industries for onshore and offshore applications.
Planning to lay down future strategy? Perfect your plan with our report brochure
Global Pressure Control Equipment Market: Competition Landscape
Baker Hughes is headquartered in London, the U.K. The company provides products and services for oil and gas exploration and drilling operations. In June 2018, the company engaged in a contract with Equinor ASA, located in Stavanger, Norway to support its drilling and well construction activities in the Norwegian sector of the North Sea for four years which later on is expected to be extended up to 10 years.
Pressure Control Systems Ltd.
Founded in 2002, Pressure Control Systems Ltd. is headquartered in Aberdeen, the U.K. The company manufacture, and supply pressure control equipment, components, and spare parts across the globe. The company provide high quality pressure control equipment with the help of its in-house engineering evaluation process. The company engaged in agreements with other major US and UK based manufacturers to manufacture and supply equipment to oil and gas industry worldwide.
Some of the key players operating in the global pressure control equipment market are Pressure Control Systems Ltd., Baker Hughes, Schlumberger Limited, National Oilwell Varco, The Weir Group PLC, Lee Specialties, Brace Tool, and FHE USA LLC.
Expanding operations in future? To get the perfect launch ask for a custom report
Global Pressure Control Equipment Market: Dynamics
Increasing Use of Pressure Control Equipment for Drilling Operation in the Oil & Gas Industry
Growing adoption of pressure control equipment in the oil & gas industry for drilling operation is one of the major driving factors for the global pressure control equipment market. The demand for pressure control equipment for onshore operation is primarily dominated by North America, Middle East, and Asia owing to rising demand for oil & gas. Pressure control equipment are used in onshore field for well intervention operation for excavation of oil and gas products, as pressure control equipment are helpful to achieve safe and more efficient drilling operation at lower cost.
Furthermore, pressure control equipment are used in onshore applications to perform drilling operation safely under the earth surface. Operation conditions under the earth surface are considered as volatile due to which these equipment are manufactured with stringent industry standards to avoid accident. In oil and gas industry, control heads are used to divert the flow form the wellhead through the surface operation facility. The main use of control heads in drilling application is to offer enhanced personnel safety and environment protection. Thus, considering the above mentioned benefits offered by pressure control equipment in onshore applications, the PCE market is anticipated to boost during the forecast period.
Global Pressure Control Equipment Market: Segmentation
The global pressure control equipment market can be segmented based on:
Global Pressure Control Equipment Market, by Component
Based on component, the global pressure control equipment market can be segmented into:
- Wireline Valves
- Control Heads
- Quick Unions
- Flow Tree
- Wellhead Flanges
- Adapter Flanges
Global Pressure Control Equipment Market, by Type
Based on type, the global pressure control equipment market can be segmented into:
- High Pressure
- Low Pressure
Global Pressure Control Equipment Market, by Application
Based on application, the global pressure control equipment market can be categorized into:
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.