The global wellhead equipment market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Wellhead equipment refers to a device that is permanently installed at the surface of an oil and gas well. It provides a structural and pressure interface for the drilling and production equipment and acts as a connection between the tubing and casings of the pipeline. The equipment primarily consists of casing spools, isolation seals, test plugs, mudline suspension system, tubing head, hanger and tubing head adapter. These devices are used to seal the well and suspend the casings and can be configured according to the pressure, temperature, location, well size and drilling method.
Steady growth in the oil and gas industry, along with the increasing number of deep and ultra-deep-water drilling projects, represent as the key factors driving the market growth. Furthermore, growing exploration of unconventional resources like shale oil and coal bed methane (CBM) has led to the increasing utilization of long-suppressed oilfield devices, including wellhead systems, thereby providing a boost to the market growth. Additionally, manufacturers are creating innovative product variants to support the demand for harsher and manually unapproachable drilling environments. For instance, unmanned wellhead platforms are being used as a resting facility on the seabed, where the wells are placed on the platform deck. This acts as an effective alternative to subsea wells and a cost-efficient solution for shallow water developments. Other factors, including the implementation of favourable government initiatives to explore sustainable options for oil extraction, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global wellhead equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, application and sector.
Breakup by Component:
Breakup by Application:
Breakup by Sector:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Aker Solutions ASA, Baker Hughes, Cameron International Corporation, Forum Energy Technologies Inc., Nabors Industries Ltd., National Oilwell Varco Inc., Oil States International Inc., TechnipFMC PLC, Weatherford International PLC, Weir Group PLC, etc.
Base Year of the Analysis
Component, Application, Sector, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Aker Solutions ASA, Baker Hughes, Cameron International Corporation, Forum Energy Technologies Inc., Nabors Industries Ltd., National Oilwell Varco Inc., Oil States International Inc., TechnipFMC PLC, Weatherford International PLC and Weir Group PLC
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Key Questions Answered in This Report
The global wellhead equipment market was valued at US$ 7.1 Billion in 2022.
We expect the global wellhead equipment market to exhibit a CAGR of 5.2% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous installation activities for wellhead equipment devices.
The increasing application of long-suppressed oilfield devices, including wellhead systems, owing to the growing exploration of unconventional resources, is primarily driving the global wellhead equipment market.
Based on the component, the global wellhead equipment market has been segregated into hangers, flanges, master valve, choke, and others. Among these, hangers currently hold the largest market share.
Based on the application, the global wellhead equipment market can be bifurcated into onshore and offshore. Currently, onshore segment exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global wellhead equipment market include Aker Solutions ASA, Baker Hughes, Cameron International Corporation, Forum Energy Technologies Inc., Nabors Industries Ltd., National Oilwell Varco Inc., Oil States International Inc., TechnipFMC PLC, Weatherford International PLC, Weir Group PLC, etc.
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