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.
Is something restraining your company’s growth in the Wellhead Equipment Market? Ask for the report brochure here
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.
Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Wellhead Equipment Market here
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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.