Global Wellhead Equipment Market is expected to grow due to discovery of new oil and gas fields & growth in exploration and drilling activities during the forecast period of 2024-2028.
According to TechSci Research report, Wellhead Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028F, the global wellhead equipment market is anticipated to register robust growth during the forecast period 2024 – 2028, Wellheads are used to connect tubes and casings to oil or gas pipelines. A casing is a stationary pipe used to line a wellbore to contain pressure and prevent collapse. A wellhead is a flanged device that attaches to the casing and is used for hanging casing strings and sealing wellbore.
Downhole equipment includes components such as casing heads, casing coils, and cloths. The casing head is part of the connection between the casing and the wellhead itself, usually with some wellhead equipment integrating into a wellhead assembly called a “Christmas tree”. This wellhead assembly allows piping to be routed down the well while valves and chokes are used to control surface oil and/or gas flow.
Wells and well equipment may be installed on offshore platforms, on the seabed, or on land. Wellheads are cemented in place and are usually held in place. However, exploration drilling can recover wellhead equipment for later reuse. Wellheads are used to support strings of casing and tubing and can also be hung on a Christmas tree. In this way, a well-head provides a seal between the various strings and allows access to the annulus between them. Key components of wellhead systems include casing heads, casing coils, casing hangers, sealing and isolation seals, bowl protectors, test plugs, mudline hanger systems, casing heads, pipe hangers and casing adapters.
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GlobalWellhead Equipment Marketis segmentedon the basis of type, application and region. Based on application, the market is further bifurcated into on-shore and off-shore. During the projected period, On-Shore segment is expected to be the dominating segment during the forecast period. The market growth is attributed to the increasing demand for energy from developing countries around the world. This increased energy demand is expected to increase exploration and production activity. In addition, unconventional resources are expected to increase the demand for wellheads. As of 2020, the United States, with its extensive drilling of shale reserves, is the leader in onshore oil and gas production, leading to an increase in global oil and gas production.
The increase in oil production in watershed regions is due to two main factors: lower operating costs and a low oil price regime. Lower operating costs make it more profitable to produce oil in these regions, and the low oil price regime has made marginal projects economically viable. Activities in other countries, such as Argentina, Colombia, India, and Indonesia, have been driven by recent policy and regulatory changes, government efforts to increase domestic production (mainly to meet increased consumption), and domestic demand driven by addressing these challenges through well decommissioning activities. Such efforts are expected to increase demand for wellhead equipment due to increased onshore exploration and production activity. India planned to cut crude oil imports by 10% from 2018 levels, by 2022.
In addition, the government has made it relatively easy for foreign companies to enter the market with a new licensing policy. This factor is expected to boost domestic onshore E&P activity, boosting the market. In November 2021, Abu Dhabi National Oil Company (ADNOC) announced investment of approximately USD6 billion to enable drilling expansion and increase crude oil production capacity to 5 million barrels per day (mbpd), by 2030. Hence, the onshore segment is expected to dominate the market during the forecast period due to increasing land development in North America and Asia Pacific.
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, on-shore segment is expected to be the dominating segment during the forecast period. The market growth is attributed to the increasing demand for energy from developing countries around the world. This increased energy demand is expected to increase exploration and production activity due to policy and regulatory changes and government efforts to increase domestic production.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Wellhead Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F, Segmented By Type (Casing Heads, Casing Spools, Christmas Trees, Tubing Adapters, and Others) and By Application (On-Shore and Off-Shore), By Region” has evaluated the future growth potential of wellhead equipment market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global wellhead equipment market.