The pressure control equipment market is estimated to grow from USD 5.7 billion in 2018 to USD 7.4 billion by 2023, at a CAGR of 5.6% from 2018 to 2023
NEW YORK, Jan. 16, 2019 /PRNewswire/ -- Pressure control equipment market to grow at CAGR of 5.6% from 2018 to 2023
The pressure control equipment market is estimated to grow from USD 5.7 billion in 2018 to USD 7.4 billion by 2023, at a CAGR of 5.6% from 2018 to 2023. The growth of the pressure control equipment market is driven by the technological advancement in oil field equipment, increase in global investments in exploration and production (E&P), and rise in unconventional hydrocarbon production in North America. Refracturing activities in the US, along with rising activities in the offshore segment, create new opportunities for pressure control equipment companies. However, factors such as customized demands by drillers and decline in drilling activities and rig count hinder the market growth.
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Market for high pressure to witness highest CAGR during forecast period
The market for high pressure is estimated to grow at a higher CAGR during the forecast period.High pressure and high temperature wells require special instruments and materials.
They also require extra preventive measures and experience as they are considered volatile reservoir environments.Thus, the need for instruments for high pressure environments provides companies the opportunity to customize pressure control equipment using special materials.
The customization and other factors mentioned above lead to an increase in the cost of equipment.
Ongoing offshore exploration activities to drive offshore pressure control equipment applications with higher CAGR from 2018 to 2023
The market for offshore applications is estimated to grow at a higher CAGR during the forecast period.Offshore activities require advanced technology, making the offshore market a capital intense one.
The South China Sea, the West Australian Coast, and the Gulf of Thailand are the major hubs for offshore E&P activities in APAC.Other significant areas include the Caspian Sea and the Bay of Bengal.
West Africa, Malaysia, and offshore regions of Venezuela and Brazil are the emerging market for pressure control equipment in the offshore application to gain the momentum during the forecast period.
Increased investment expenditure in Mexico to drive North American pressure control equipment market and is expected to witness highest CAGR from 2018 to 2023
The market in North America is estimated to grow at the highest CAGR during the forecast period.Increased capital spending by major oil companies and boom in production from shale operation and deepwater E&P activities in the Gulf of Mexico resulted in the growth of pressure control equipment market in North America.
Also, the liberalization of Mexico's oil & gas industry has led several entries into domestic E&P activities. As a result, exploration and extraction contracts have been awarded for offshore and onshore oil & gas fields by the Mexico's National Hydrocarbon Commission.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
-- By Company Type: Tier 1 - 55%, Tier 2 - 20%, and Tier 3 - 25%
-- By Designation: - C-Level Executives - 44%, Directors - 38%, and Others - 18%
-- By Region: North America - 20%, Europe - 40%, APAC - 30%, and RoW - 10%
Schlumberger (US), Weatherford (Switzerland), National Oilwell Varco (US), Baker Hughes (US), The Weir Group (UK), TIS Manufacturing (UK), Lee Specialties (Canada), Hunting (UK), and Brace Tool (Canada) are among the few leading players in the pressure control equipment market.
Research Coverage:
-- Major components in pressure control equipment are wellhead flange and christmas tree.
-- By type, the pressure control equipment market has been segmented into high pressure and low pressure.
-- By application, the pressure control equipment market has been segmented into onshore and offshore.
-- The geographic analysis is done with regard to 6 major regions, namely, North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa.
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis--industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape, emerging and high-growth segments of pressure control equipment market, and high-growth regions; and drivers, restraints, challenges, and opportunities pertaining to pressure control equipment market.
The report provides insights on the following pointers:
-- Market penetration: Comprehensive information on pressure control equipment offered by top players in the overall pressure control equipment market
-- Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and product launches in the pressure control equipment market
-- Market development: Comprehensive information about lucrative emerging markets--the report analyzes the markets for pressure control equipment across regions
-- Market diversification: Exhaustive information about untapped geographies, recent developments, and investments in the overall pressure control equipment market
-- Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of leading players in the pressure control equipment market
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