Wellhead Equipment Market: Overview
Wellhead equipment is generally used to connect the casing and tubing to a gas or oil pipeline. This pipe casing is a permanent installation. The wellhead is a device with rim that attaches to the casing and is used to seal the well and suspend the casing strings. There are multiple components of wellhead equipment such as crosses, tees, tubing head spools, casing spools, and casing heads among others. Usually, these multiple pieces are integrated together to form a wellhead equipment assembly called as ‘Christmas tree’
The report on the global wellhead equipment market provides insightful information for the forecast period of 2019 to 2027. This report tries to cover all the important trends, drivers, technologies, and developments that are influencing the growth of the wellhead equipment market.
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Global Wellhead Equipment Market: Notable Developments
- In 2016, Ramboll did an intensive research for the Norwegian Petroleum Directorate. The focus of the study was the development of unmanned wellhead platform. Such platform is currently in use in the North Sea while several others are under consideration for different licenses on the Norwegian costal shelf. Ramboll’s research provide both pros and cons of the concept and concluded that unmanned wellhead platforms may offer more efficient development solutions with regards to production and overall expense.
- In February 2018, Subsea 7 and Schlumberger Ltd sat together to with a motive to form a joint venture. The idea was to build upon the brand name of Subsea Integration Alliance that was set up in 2015. Currently, the Subsea Intelligence Alliance combines the subsea umbilical, riser, and flowline systems (SURF) provided by Subsea 7 with the subsurface expertise, processing systems, and production systems provide by OneSubsea.
- In 2019, Bake Hughes heavily invested in enhancing their current digital prowess. Their main focus on building credible and reliable technologies powered with AI, machine learning, and IoT. With this investment the company is planning to give an extra edge to its existing expertise in oil and gas industry.
Some of the key players in the global wellhead equipment market include names such as Cactus Wellhead LLC, Performance Wellhead & Frac Components Inc., Great Lakes Wellhead Inc., National Oildwell Varco Inc., and Weatherford International Ltd among others.
Global Wellhead Equipment Market: Drivers and Restraints
The driving factors for the growth of the global wellhead equipment market are given below:
- Increasing oil prices: Constant fluctuation in the prices of gas and oil is expected to propel the production and exploration activity across the globe. This will thus create several business opportunities for the companies engaged in the sales and manufacturing of oilfield equipment.
- Increasing demand for wellhead equipment: In the year 2018, recovery in the gas and oil prices led to a considerable rise in the drilling activities across the globe. This has opened up considerable opportunities for long-suppressed drilling equipment and in turn drive the overall growth of the wellhead equipment market.
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There are still some challenges that may slow down the growth of the global wellhead equipment market in the coming years of the forecast period. One of the key restraining factors is the price fluctuations of crude oil market has delayed several sanctioned gas and oil projects across the globe. This has led to several project sites facing work backlog and rise in budget. Such delays are expected to slow down the market in the near future. However, increasing demand for wellhead equipment in harsher and unmanned project sites coupled with technological advancements are likely to have a positive influence on the growth of wellhead equipment market.
Global Wellhead Equipment Market: Regional Outlook
The wellhead equipment market is primarily segmented into five key regions namely Asia Pacific, North America, Latin America, Middle East and Africa, and Europe.
In terms of regional developments, the global market is expected to be dominated by North America owing to their increased drilling activities. The US, Gulf of Mexico, and Canada are leading the market in terms of number of oil rig projects. Europe and Asia Pacific regions are also projected to show considerable growth in coming years.
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?
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.