Market Overview
The global wellhead equipment market is expected to grow USD 7.20 billion by 2024, at a CAGR of 3.25% during the forecast period. The market growth is attributed to the following factors:
· Increasing demand for energy from developing countries
· Rising oil and gas exploration and production activities
· Growing demand for unconventional oil and gas resources
· Increasing investments in the oil and gas industry
The wellhead equipment is primarily used in the oil and gas industry to provide a pressure-containing interface to the drill and production equipment. It is chiefly used for connecting the tubing and casing to the oil and gas pipeline. The major components of the wellhead equipment are casing heads, tubing head spools, casing spools, and crosses.
This equipment is operated to control the oil flow rates by reducing respective pressure. This further ensures the protection of the equipment and guides in the oil refining process. The huge investments in oil and gas exploration activities in the Middle East and Africa, the Americas, and the APAC region are the major growth factors propelling the growth of the Wellhead Equipment Market.
The increased rate of drilling activity is acting as a key driver for the market. Shell (Netherlands) are highly investing in drilling activities in deepwater areas in the regions of the US Gulf of Mexico. The rise in the development of mature oil wells is accelerating the market’s demand. The establishment of central processing facilities with related structures is another factor propelling the demand for the equipment.
The Wellhead Equipment Market is estimated to reach USD 7.20 billion by 2024 and a CAGR of 3.25 % between 2023 to 2030 during the forecast period.
Market Segmentation
The Wellhead Equipment Market is segmented based on components and application.
The market is classified under the component segment into the hanger, master valve, flange, choke, and others. The hanger segment is considered the chief segment is dominating the market as it holds a huge market share. This component wellhead equipment system is used in multi-bowl wellheads. It is significantly of two types slip and seal casing hanger assembly and mandrel style casing hanger.
The application section of the global market is classified into onshore and offshore. The onshore segment is expected to register the highest growth rate in the forecast period.
Regional Analysis
According to the regional status, the Wellhead Equipment Market is distributed into prominent regions such as North America, Asia-Pacific, Europe, South America, and other countries.
The rising interest in the exploration of unconventional resources like shale oil coal bed methane contributes to the global level growth of the market. Among the prominent regions, the North American region is capturing the maximum market share due to the growing importance of unconventional oil and gas reserves in developed countries like the US, Canada, and Mexico. The other regions of the Wellhead systems also show a significant growth rate and contribute to the growth of the global market.
Industry News
Invictus Energy is awarded an integrated well service contract to Baker Hughes for its 80%-owning and operating Cabora Bassa project in Zimbabwe. The contract is based on the installation of wellhead equipment, cementing, drilling fluids, tubular running, mudlogging, directional drilling and logging, and project management.
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