Wellhead Equipment Market Size and Forecast 2028, growing With High CAGR - Analysis by TechSci Research
The Global Wellhead Equipment Market is set to expand due to the discovery of new oil and gas fields and increased exploration and drilling activities from 2024 to 2028.
According to a report by
TechSci Research "Wellhead
Equipment Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2028F," the market is expected to experience significant
growth during this period. Wellheads play a crucial role in connecting tubes
and casings to oil or gas pipelines. They are essential for maintaining
pressure and preventing collapse in wellbores.
Downhole equipment, including
casing heads, casing coils, and cloths, is integral to the wellhead assembly.
These components, along with Christmas trees, control the flow of oil and gas
at the surface. Wellheads can be installed on offshore platforms, the seabed,
or on land, providing support for casing and tubing strings. Key components of
wellhead systems include casing heads, hangers, seals, protectors, and
adapters.
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The Global Wellhead Equipment
Market is segmented by type, application, and region, with applications further
categorized into on-shore and off-shore. During the forecast period, the
on-shore segment is projected to dominate, driven by rising energy demand in
developing nations, leading to increased exploration and production activity.
Additionally, the demand for wellheads is expected to surge due to
unconventional resource exploration.
The United States, with its
extensive shale drilling, leads global onshore oil and gas production. Lower
operating costs and a favorable oil price environment have further boosted
production in these regions. Policy changes and government initiatives in countries
like Argentina, Colombia, India, and Indonesia aim to enhance domestic
production to meet growing consumption needs, driving demand for wellhead
equipment.
India's plan to reduce crude
oil imports by 10% by 2022 and its new licensing policy facilitating foreign
market entry are expected to spur domestic onshore exploration and production
activity. Abu Dhabi National Oil Company's USD 6 billion investment to expand
drilling capacity and increase crude oil production also contributes to market
growth.
With increasing land
development in North America and Asia-Pacific, the onshore segment is poised to
maintain market dominance during the forecast period.
Key market players in the Global Wellhead Equipment
Market are:
- General
Electric (GE)
- NOV
Inc.
- Great
Lakes Wellhead Inc.
- Cactus
Wellhead LLC
- Technip
FMC PLC
- Weatherford
International PLC
- Baker
Hughes Company
- Aker
Solutions ASA
- Schlumberger
Limited
- Weir Group PLC
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"During
the forecast period, the on-shore segment is expected to dominate the market,
driven by increasing energy demand in developing countries. Policy changes and
government initiatives aimed at boosting domestic production are anticipated to
spur exploration and production activities," stated Mr. Karan Chechi,
Research Director at TechSci Research.
The report, "Wellhead
Equipment Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018–2028F," assesses the future growth potential of
the wellhead equipment market, offering insights into market size, structure,
and growth prospects. It aims to provide valuable market intelligence to
decision-makers, identifying emerging trends, drivers, challenges, and
opportunities in the global wellhead equipment market.
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