May 26, 2020 1:15 PM ET
iCrowd Newswire – May 26, 2020
The Global Wellhead Equipment Market is estimated to grow at a CAGR of 5% during the forecast period 2019-2026. As per the detailed market study, the global market size was valued at $5,320.0 million in the year 2018 and is anticipated to reach $7,991.8 million by the end of the year 2026.
GET FREE SAMPLE COPY @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR592
The wellhead equipment is a line of wellhead components and parts that are used for production and specifically for drilling purpose of oil and gas. These equipment are majorly used to drill the surface of oil and gas well; and are designed and manufactured to fulfil the application specific service type and requirements. The wellhead equipment can be refurbished and re-used for other drilling operations.
The global wellhead equipment market is driven by various growth factors such as heavy investments in oil and gas exploration activities, growth in exploration and drilling activities for oil, oil price recovery and growth in redevelopment of mature oil wells. Whereas, rise in prices of raw materials may impede the market growth over the forecast period. Furthermore, technological advancements in wellhead system will offer lucrative growth opportunities for the market the players in wellhead equipment industry during forecast period.
Segmentation Overview of the Global Wellhead Equipment Market
The global wellhead equipment market is segmented on the basis of type and application. These major market segments are further categorized into various sub-segments to study the market in detail.
The Type Segment of the Global Wellhead Equipment Market is Sub-Segmented into:
- Tubing Adapters
- Christmas Trees
- Casing Spools
- Casing Heads
- Gate Valves
- Tree Caps
- Tubing Hangers
- Casing Hangers
The Application Segment of the Global Wellhead Equipment Market is Sub-Segmented into:
Geographical Overview of the Global Wellhead Equipment Market
The global wellhead equipment market is segmented on the basis of various geographical regions, such as:
- North America (Canada and U.S.)
- Europe (Germany, France, UK, Italy, Spain, the Netherlands and Rest of Europe)
- Asia Pacific (Japan, China, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the North America wellhead equipment market is accounted as the largest market share in the global market in terms of revenue share in the year 2018. The regional dominance is attributed to major contribution of developed economies such as the U.S. and others. Also, the market expansion is due to increase demand for oil and gas.
Market Competition Insights
Weir Group, Sunnda Corporation, Uztel S.A, Msp/drilex, Inc., JMP Petroleum Technologies, Inc., Jiangsu Sanyi Petroleum Equipment Co., Ltd., Jereh Oilfield Equipment, Integrated Equipment, EthosEnergy Group Limited and Delta Corporation are some major key players included in the research study of the global wellhead equipment market. Market players are adopting various competitive strategies to withhold the majority of market share during the forecast period. For instance: in November 2019, KCA Deutag received a contract related to exploration and drilling operations of ~$460 million in Middle East & Africa and Europe. Similarly, in May 2019, KBR, Inc. signed an agreement with Cepsa for redevelopment of oil fields in the Hassi Messaound, Algeria.
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is “one-stop solution” for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Name: Pragya Niranjan
Email: [email protected]
Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 – UNITED STATES
Tel: +1 888 212 3539 (US – TOLL FREE)
+1 888 212 3539
Keywords: Wellhead Equipment Market