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$7.4 Bn Pressure Control Equipment Market - Global Forecast to 2023

/EIN News/ -- Dublin, Jan. 11, 2019 (GLOBE NEWSWIRE) -- The "Pressure Control Equipment Market by Component (Valves, Control Heads, Quick Unions, Wellhead Flanges, Christmas Trees, and Adapter Flanges), Type (High and Low), Application (Onshore and Offshore), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The pressure control equipment market is estimated to grow from USD 5.7 billion in 2018 to USD 7.4 billion by 2023, at a CAGR of 5.6% from 2018 to 2023.

The growth of the pressure control equipment market is driven by the technological advancement in oil field equipment, increase in global investments in exploration and production (E&P), and rise in unconventional hydrocarbon production in North America. Refracturing activities in the US, along with rising activities in the offshore segment, create new opportunities for pressure control equipment companies. However, factors such as customized demands by drillers and decline in drilling activities and rig count hinder the market growth.

Market for high pressure to witness highest CAGR during forecast period

The market for high pressure is estimated to grow at a higher CAGR during the forecast period. High pressure and high-temperature wells require special instruments and materials. They also require extra preventive measures and experience as they are considered volatile reservoir environments. Thus, the need for instruments for high-pressure environments provides companies the opportunity to customize pressure control equipment using special materials. The customization and other factors mentioned above lead to an increase in the cost of equipment.

Ongoing offshore exploration activities to drive offshore pressure control equipment applications with higher CAGR from 2018 to 2023

The market for offshore applications is estimated to grow at a higher CAGR during the forecast period. Offshore activities require advanced technology, making the offshore market a capital-intense one. The South China Sea, the West Australian Coast, and the Gulf of Thailand are the major hubs for offshore E&P activities in APAC. Other significant areas include the Caspian Sea and the Bay of Bengal. West Africa, Malaysia, and offshore regions of Venezuela and Brazil are the emerging market for pressure control equipment in the offshore application to gain the momentum during the forecast period.

Increased investment expenditure in Mexico to drive North American pressure control equipment market and is expected to witness highest CAGR from 2018 to 2023

The market in North America is estimated to grow at the highest CAGR during the forecast period. Increased capital spending by major oil companies and a boom in production from shale operation and deepwater E&P activities in the Gulf of Mexico resulted in the growth of pressure control equipment market in North America. Also, the liberalization of Mexico's oil & gas industry has led several entries into domestic E&P activities. As a result, exploration and extraction contracts have been awarded for offshore and onshore oil & gas fields by Mexico's National Hydrocarbon Commission.

Schlumberger (US), Weatherford (Switzerland), National Oilwell Varco (US), Baker Hughes (US), The Weir Group (UK), TIS Manufacturing (UK), Lee Specialties (Canada), Hunting (UK), and Brace Tool (Canada) are among the few leading players in the pressure control equipment market.

Key Topics Covered:

1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Scope of the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumption

3 Executive Summary

4 Premium Insights
4.1 Pressure Control Equipment Market Opportunities
4.2 Pressure Control Equipment Market, By Component
4.3 Pressure Control Equipment Market, By Type
4.4 Pressure Control Equipment Market, By Application
4.5 Pressure Control Equipment Market in North America, By Component and Country (2018)
4.6 Pressure Control Equipment Market, By Geography

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Technological Advancement in Oilfield Equipment
5.2.1.2 Increase in Global Investments in Exploration & Production (E&P)
5.2.1.3 Rise in Unconventional Hydrocarbon Production in North America
5.2.2 Restraints
5.2.2.1 Customized Demands By Drillers
5.2.2.2 Decline in Drilling Activities and Rig Counts
5.2.3 Opportunities
5.2.3.1 Refracturing Activities in the Us
5.2.3.2 Emerging Offshore Opportunities
5.2.4 Challenges
5.2.4.1 Lesser Success Rate of Exploration

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Regulatory Standards
6.3.1 American Petroleum Institute (API)
6.3.1.1 API SPEC 6a
6.3.1.2 API RP 53
6.3.1.3 API SPEC 17d

7 Pressure Control Equipment Market, By Component
7.1 Introduction
7.2 Valves
7.2.1 Valves - Major Pressure Control Equipment Used for Isolation and Throttling Services
7.3 Control Head
7.3.1 Helps in Lowering Drilling Cost and Increasing Well Productivity
7.4 Wellhead Flange
7.4.1 Holds Largest Share of Pressure Control Equipment Market
7.5 Christmas Tree (Flow Tee)
7.5.1 Main Purpose - To Control Flow of Well Fluids Or Gas During Production
7.6 Adapter Flange
7.6.1 North America to Hold Largest Share of Pressure Control Market for Adapter Flange During Forecast Period
7.7 Quick Unions
7.7.1 Market for Quick Unions in Africa to Grow at Highest CAGR During Forecast Period
7.8 Others
7.8.1 Market in Middle East to Witness Highest CAGR From 2018 to 2023

8 Pressure Control Equipment Market, By Type
8.1 Introduction
8.2 High Pressure (Above 10,000 PSI)
8.2.1 Market for High Pressure to Grow at Higher CAGR During Forecast Period
8.3 Low Pressure (Below 10,000 PSI)
8.3.1 New Oil Field Development in African and European Economies Contribute to Growth of Low Pressure Control Equipment

9 Pressure Control Equipment Market, By Application
9.1 Introduction
9.2 Onshore
9.2.1 Onshore Application to Hold Major Share in Pressure Control Equipment Market
9.3 Offshore
9.3.1 Offshore Application to Grow at Higher CAGR During Forecast Period

10 Geographic Analysis

11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis: Pressure Control Equipment Market
11.3 Competitive Situation & Trends
11.3.1 Partnerships, Agreements, and Contracts
11.3.2 Product Launches
11.3.3 Expansions
11.3.4 Acquisitions, Mergers, and Joint Ventures

12 Company Profiles
12.1 Key Players
12.1.1 Schlumberger
12.1.2 Weatherford International
12.1.3 National Oilwell Varco
12.1.4 Baker Hughes, A Ge Company
12.1.5 The Weir Group
12.1.6 Tis Manufacturing
12.1.7 Lee SPECialties
12.1.8 Hunting
12.1.9 Control Flow
12.1.10 Brace Tool
12.2 Other Prominent Players
12.2.1 Fhe
12.2.2 Integrated Equipment
12.2.3 The Ikm Group
12.2.4 GKD Industries
12.2.5 IoT Group

For more information about this report visit https://www.researchandmarkets.com/research/drjsxl/7_4_bn_pressure?w=12

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