CHICAGO, Feb. 17, 2023 /PRNewswire/ -- Pressure Control Equipment Market is projected to reach USD 8.9 billion in 2027 from USD 6.8 billion in 2022 at a CAGR of 5.4% according to a new report by MarketsandMarkets. Pressure control equipment helps in maintaining the required pressure levels inside a wellbore while performing well intervention operation in easy and arduous conditions. Stringent standards are followed in the manufacturing of pressure control equipment, with intent to withstand harsh conditions. Factors such as technological advancement in oilfield equipment, increase in global investment in exploration and production (E&P), and rise in unconventional hydrocarbon production in North America are driving the growth of the Pressure Control Equipment Market. However, customized demand from drillers and declining drilling activities and rig count are hindering the market growth.
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Browse in-depth TOC on "Pressure Control Equipment Market"
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Pressure Control Equipment Market Scope:
Report Coverage | Details |
Market Size | USD 8.9 billion in 2027 |
Growth Rate | 5.4% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2022-2027 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | by type, component, application, sales type, pressure and region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging offshore opportunities |
Key Market Drivers | Rising exploration and production of unconventional oil & gas resources, especially in North America |
The Onshore segment, by Application, is expected to be the most significant application market during the forecast period.
Onshore drilling rigs are the more classic drilling equipment and come in different sizes and strengths. They are generally classified by their maximum drilling depth and their mobility. While, offshore drilling rigs are classified differently, mainly based on their portability and functioning in the deep sea bed. There are 2 types of offshore drilling rigs, namely, bottom-supported units and floating units. The onshore application has a major share as compared with offshore application in the Pressure Control Equipment Market
Coiled tubing pressure control equipment, by type, is expected to grow at the highest CAGR during the forecast period
During well intervention and workover operations, two types of pressure control equipment are used, they are wireline pressure control equipment and coiled tubing pressure control equipment. Coiled tubing pressure control equipment is a collection of various pieces of equipment designed to reduce the tremendous amount of pressure generated by high vibrations caused by fluids, back pressure, or kicks, among other things. The increase in horizontal drilling, especially for unconventional reserves such as tight oil and shale gas, is primarily driving the demand for coiled tubing pressure control equipment.
North America is expected to be the fastest-growing region in the Pressure Control Equipment Market
North America is expected to be the fastest-growing Pressure Control Equipment Market during the forecast period. The region is the new swing producer in the global oil markets owing to the boom in production from both shale operations and deepwater exploration and production in the Gulf of Mexico. According to BP plc., North America is expected to account for 77% and 84% of the global shale gas and tight oil output by 2035, respectively. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies
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Pressure Control Equipment Market Dynamics:
Drivers:
- Rising exploration and production of unconventional oil & gas resources
- Increasing global oil demand
Restraints:
- Decline in capital expenditure of oilfield operators and service providers
- Introduction of stringent government regulations on upstream activities
Opportunities:
- Growth in oilfield discoveries
- Emerging offshore opportunities
Challenges:
- Transition toward adoption of renewable energy sources
- Lesser success rate of exploration
Key Market Players:
Some of the major players in the Pressure Control Equipment Market are SLB (US), Weatherford (US), NOV Inc (US), Baker Hughes Company (US), and The Weir Group PLC (UK). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
Recent Developments:
- In October 2022, Weatherford received a five-year contract exceeding $500 million from Petroleum Development Oman (PDO) to deliver Integrated Drilling Services in the Marmul and Grater Saqar fields. As a part of this contract Weatherford will deliver drilling solutions to 700+ wells in the Marmul and Grater Saqar fields in the next years.
- In October 2022, SLB has entered into an agreement to acquire Gyrodata Incorporated, a global company specializing in gyroscopic wellbore positioning and survey technology. This combination will improve wellbore quality and reduce drilling risk to unlock even the most remote and complex reservoirs.
- In May 2022, Baker Hughes has launched a new subsea wellhead technology, the MS-2 Annulus Seal, to save substantial operational rig costs by helping lower overall wellhead installation costs due to reduced rig trips.
- In October 2020, NOV Inc signed a contract for Joint Industry Project (JIP) with Equinor and TotalEnergies for 2 years. This contract focuses on research and developments for deepwater projects.
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