The Global Pressure Control Equipment Market was valued at US$ 5.4 Bn in 2017 and is expected to reach US$ 8.5 Bn by 2026 at CARR of 5.83 % during the forecast period.
Pressure Control Equipment is that equipment that supports in maintaining the ideal pressure levels inside a wellbore when any healthy intervention actions are accomplished by an operator in any easy or arduous situation. Pressure control is the simplest and most instant method of dropping leakage. But, without electronic control, a PRV (Pressure Reducing Valve) must be set up to confirm a guaranteed minimum pressure to the dangerous (usually highest) point in the network below worst-case maximum flow conditions.
Pressure control equipment is used for limiting the pressure and monitoring the flow of healthy fluids during the drilling and manufacture phase. This equipment limits the healthy fluids and gasses within the well and it’s pressure mass so that the break out of possibly dangerous wellbore fluids and gases is prohibited.
The growth of this market is being powered by the technological advancement in oil field equipment, rise in global investments in examination and production (E&P), an increase in unconventional hydrocarbon production in North America. Refactoring activities in the US, besides with growing actions in the offshore segment, produce new openings for pressure control equipment companies.
The pressure control equipment is contrived by following the API standard to endure high-pressure conditions. As companies are aiming at high-pressure drilling, the market for high-pressure control equipment is anticipated to grow at the highest CAGR in the forecast period.
Deficiency of expertise and limited exposure to technologies are the major issues of unease in the market. But, factors such as adapted demands by drillers, failure in drilling activities and rig total delay the market progress. Also, High pressure and high-temperature shafts need special tools and materials. They also want extra preventive measures and knowledge as they are measured unstable reservoir environments.
The market for offshore applications is projected to grow at a higher CAGR during the forecast period due to the demand for pressure control equipment for offshore applications is anticipated to increase. Offshore activities want progressive technology. The South China Sea, the West Australian Coast, and the Gulf of Thailand are the main hubs for offshore E&P actions in APAC.
Onshore application segment is expected to dominate in forecast period because the occurrence of vast onshore shale investments in the US and Australia is expected to boost the demand for onshore oil fields. In 2018, the onshore rig count in North America was nearly 92%, in the Middle East it was almost 85%, and the inclination was similar for other regions as well. This has led the employment of pressure control equipment for onshore applications, and this trend is anticipated to continue during the forecast period.
North America is expected to continue to hold the largest share of the pressure control equipment market, in terms of value. The region is the new swing manufacturer in the global oil markets owing to the efficiency in production from both shale operation and deep-water examination and invention in the Gulf of Mexico.
Key players operating in the global pressure control equipment market include Schlumberger, National Oilwell Varco, Baker Hughes, Lee Specialties, Control Flow, Brace Tool and FHE USA are the major key players in the region. These companies adopt various growth strategies to strengthen their position in the pressure control equipment market. Other players in the market are GKD Industries, Hunting, Integrated Equipment, IoT Group, Lee specialties, The IKM Group, The Weir Group, TIS manufacturing, and Weatherford International.
In June 2018, Baker Hughes, a GE company, was awarded a united well services agreement to support a huge proportion of Equinox’s drilling and healthy construction activities in the Norwegian sector of the North Sea for an unusual period of 4 years with options to spread up to 10 years. In March 2017, Schlumberger and Weatherford International, PLC (Switzerland) entered into a contract to form a joint venture called OneStim. This joint scheme will offer customers in the US and Canada with products and services for progressive resource plays.
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