The latest report by IMARC Group, titled “Wellhead Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global wellhead equipment market reached a value of US$ 6.2 Billion during 2015-2020. Wellhead equipment is permanently installed at the surface of an oil or gas well. It consists of various components, including crosses, tees, tubing, head spools, casing spools, heads, valves, flanges, and chokes. Wellhead equipment is installed where casings are terminated by hanging them with the help of casing hangers and seals. In addition, wellhead equipment provides ancillary support as it consists of a rim that is attached to the casings to ensure safe drilling and completion by keeping the pressure in the well under control. It also serves as the endpoint of the casing and tubing strings, control pressure, and provide access to the main casing.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wellhead Equipment Market Trends:
The global wellhead equipment market is driven by the increasing redevelopment of mature oil and gas wells. Wellhead equipment is utilized to control oil flow rates, which reduce the pressure to protect the equipment and also guides the refining process of oil. In addition to this, the growing demand for oil and gas is creating opportunities in offshore deep-sea beds, thus facilitating the demand for wellhead equipment. Furthermore, technological development in wellhead equipment, such as the introduction of nested hanger configuration and the ability to drill without dismantling blowout preventer (BOP), is also fueling the market growth. For instance, ABB Inc., a Swiss-Swedish MNC, has launched ABB ability wellhead manager equipped with a versatile new cloud-based visualization system for oil and gas operators. On account of these factors, the market value is expected to reach US$ 7.7 Billion during the forecast period (2021-2026).
- Based on the component, the market has been segmented into hangers, flanges, master valve, choke, and others.
- On the basis of the application, the market has been classified into onshore and offshore.
- The market has been categorized based on the sector into OEM and aftermarket.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Aker Solutions ASA, Baker Hughes Company, Cameron International Corporation, Forum Energy Technologies Inc., Nabors Industries Limited, National Oilwell Varco Inc., Oil States International Inc., TechnipFMC PLC, Weatherford International PLC, and Weir Group PLC.
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