The wellhead equipment market size has the potential to grow by USD 0.61 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Aker Solutions ASA, Baker Hughes Co., Dril-Quip Inc., Forum Energy Technologies Inc., Nabors Industries Ltd., National Oilwell Varco Inc., Oil States International, Inc., TechnipFMC Plc, The Weir Group Plc, and Wellhead Systems Inc.
Market Overview
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Market Competitive Analysis
The wellhead equipment market is fragmented. Vendors focus on R&D, technology, labor, and branding to compete in the market. Aker Solutions ASA, Baker Hughes Co., and Dril-Quip Inc. are some of the major market participants. Although the rising oil and gas consumption will offer immense growth opportunities, environmental risks, and strict government regulations will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this wellhead equipment market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this wellhead equipment market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Aker Solutions ASA
- Baker Hughes Co.
- Dril-Quip Inc.
- Forum Energy Technologies Inc.
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Oil States International, Inc.
- TechnipFMC Plc
- The Weir Group Plc
- Wellhead Systems Inc.
Wellhead Equipment Market: Segmentation by Geography
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North America was the largest wellhead equipment market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
36% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for wellhead equipment in North America. Market growth in this region will be faster than the growth of the market in Europe.
Wellhead Equipment Market: Segmentation by Application
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Onshore wells account for a major share of global oil production. The increasing energy demand from developing economies has resulted in new E&P activities. This is increasing the number of investments in the oil and gas sector due to the stabilizing oil prices, thereby increasing the demand for wellhead equipment. Therefore, wellhead equipment companies are increasing their investments in onshore E&P projects to gain profit margins.
However, market growth in this segment will be slower than the growth of the market in the offshore segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the wellhead equipment market size.
Wellhead Equipment Market: Key Drivers and Trends
The demand for energy is increasing highly across the world. Developing economies such as China and India are the highest consumers of fuel, and the downstream companies like refineries and the OMCs were profitable during the low crude oil price. The rising oil and gas consumption is one of the significant factors that will drive wellhead equipment market growth. Owing to the fast-paced industrialization and urbanization in developing countries, the use of diesel and petrol is also increasing. It is expected that the demand for crude oil and natural gas will increase due to the increasing consumption of fuel. Oil and gas projects will benefit as they will receive investments, and this will trigger the growth of the wellhead equipment market.
Increasing oil rig count is one of the vital wellhead equipment market trends driving the market growth. Several deepwater exploration missions were stopped, which resulted in a decline in the number of active rigs. This led to a decline in rig oil prices. However, in recent years, oil rig prices have started stabilizing due to the substantial increase in the onshore and offshore drilling projects, and the oil rig count started increasing. It is estimated that the rise in the oil rig count will drive the wellhead components market. Such factors will drive wellhead equipment market growth at a CAGR of over 2% during the forecast period.
Wellhead Equipment Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive wellhead equipment market growth during the next five years
- Precise estimation of the wellhead equipment market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the wellhead equipment industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of wellhead equipment market vendors
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