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.
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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.
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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:
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