CHICAGO, Feb. 17, /PRNewswire/ -- Pressure Control Equipment Market is projected to reach USD 8.9 billion in from USD 6.8 billion in 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"
218 - Tables
58 - Figures
228 - Pages
Pressure Control Equipment Market Scope:
Report Coverage
Details
Market Size
USD 8.9 billion in
Growth Rate
5.4% of CAGR
Largest Market
North America
Market Dynamics
Drivers, Restraints, Opportunities & Challenges
Forecast Period
-
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 , 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:
Restraints:
Opportunities:
Challenges:
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:
October
, 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.October
, 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.May
, 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.October
, 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.Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=
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Wireless inventory is like wireline inventory in one main respect. It&#;s important for your wireless expense management (WEM) organization because it serves as the bedrock of data quality for your expense management program.
All other expense management services will base their analytics on the integrity of this data so getting this right matters a great deal.
Yet it is something that is often overlooked when enterprise expense management leaders start evaluating how to improve their expense management programs.
Wireless expense management leaders often don&#;t give inventory the thought they should at the beginning of their WEM discovery process because it&#;s more boring than, say, audit or optimization analyses that can capture the lion&#;s share of attention with potential eye-catching savings figures.
It&#;s these flashier services that often get more discussion time in Sales pitches.
Wireless Inventory &#; Foundation of WEM
As noted, a comprehensive and accurate TEM inventory serves as a strong foundation for all the enterprise expense management analytical work that will need to be performed in all aspects of a healthy and sustainable TEM or WEM program.
So, naturally, inferior data from sub-par inventories (e.g., invoice detail-built) will yield poorer TEM program results while far more comprehensive and clean data inventories (e.g., CSR- attribute-built detail) will properly support all aspects of a TEM or WEM program in this case.
Of course, it&#;s needed for both wireline inventories and wireless inventories, but we&#;ll focus on the benefits of a strong wireless inventory in this article.
Be sure any TEM or wireless expense management provider you choose to partner with in the future values the importance of a highly detailed and accurate wireless inventory seriously.
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