Market Synopsis
Pressure control equipment is helpful in maintaining the optimal pressure levels inside a wellbore during well intervention operations irrespective of easy or arduous conditions. Market Research Future (MRFR) has published a research report on the global pressure control equipment market that considers enlargement for this market at 6.45% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 6.63 bn by the end of the forecast period.
The biggest factor for global pressure control equipment market growth is the growing demand for pressure equipment due to rising investment in global exploration and production as well as advancements in well drilling technologies. The second factor helping the market growth is the need to enhance safety, minimize risks, and increasing quality during drilling. Other factors setting to the market growth in motion include the growth of the oil & gas industry due to the rising demand of hydrocarbons and increasing digital transformation for risk mitigation as well as improved efficiency oil & gas industry.
Get Free Sample Copy of Pressure Control Equipment Market @ https://www.marketresearchfuture.com/sample_request/7288
Key Players
The key players in the global pressure control equipment market include Baker Hughes (USA), Brace Tool (Canada), Control Flow (USA), GKD Industries (Canada), Hunting (USA), The IKM Group (Norway), Integrated Equipment (USA), IoT Group (Australia), Lee Specialties (Canada), National Oilwell Varco (USA), Schlumberger (USA), Tis Manufacturing (UK), Weatherford International (USA), and The Weir Group (UK).
Segmentation
The global Pressure Control Equipment Market segmentation segments the market into application, component, type, and lastly, region. The application-based segmentation segments this market into onshore applications and offshore applications. Based on components, the market can be segmented into adapter flange, Christmas tree (flow tree), control head, quick unions, valves, wellhead flange, and others. By type, the market gets segmented into high pressure {above 10,000 Pound per Square Inch (PSI)} and low pressure (below 10,000 PSI).
Regional Analysis
The regional segmentation of the global pressure control equipment market segments the market into regional markets known as Europe, Asia Pacific, North America, and rest of the world (RoW). North America is expected to be the topmost regional market due to market due to an increasing focus on shale plays and technological innovations. In the USA, the biggest country-specific market in this region, the market is growing due to rising activities of deepwater drilling, the presence of key market players, and increase in investment for advanced technologies in oil & gas equipment industry. Canada and Mexico are the other important country-specific markets in this region.
Europe is another important regional market due to technological advancement and investment by European companies in drilling technologies. The significant country-specific markets in this region are France, Germany, and the UK, followed by the remaining countries of Europe.
During the forecast period, the market in the Asia Pacific region can grow at a significant rate due to high-energy consumption in China, India, and Japan. Australia (followed by the remaining countries of the Asia Pacific region) may not be as big market as these three countries but it is a significant market because like the USA, it has a large presence of huge onshore shale reserves that can boost demand for pressure control equipment that is supposed to be used in onshore oil fields.
The RoW segment covers the countries of Latin America and the Middle East & Africa (MEA). In both regions, the market is growing due to due to rising exploration and production (E&P) activities. With the sanction being passed for deepwater field development in Latin America, the market is expected to grow in this region even though in terms of technological advancement, Latin America is lagging behind North America. In the MEA region, the market can grow because a huge amount of oil reserves are available in this region. However, the growth is slow due to lack of awareness, lack of education, lack of right infrastructure, lack of skilled professionals and lack of technological advancement.
Get Complete Report @ https://www.marketresearchfuture.com/reports/pressure-control-equipment-market-7288
Latest Industry News
- High Arctic Energy Services Inc. signed an agreement to acquire the assets of Precision Drilling‘s snubbing services equipment. This acquisition will provide High Arctic with additional quality snubbing equipment and access to experienced personnel as well as crews. 4 APR 2019
- UK-based flow control equipment manufacturer Oxford Flow has signed a distributor agreement with turnkey solutions provider GCG Engineering Service. According to the agreement, Oxford Flow will supply pressure reducing valves and gas pressure regulators to oil, gas and water industries in the various countries of the Middle East. 28 MAR 2019
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/pressure-control-equipment-market-7288