Pressure Control Equipment Market estimated to be worth $7.4 billion by 2023

(IT-NEWSWIRE.COM, November 09, 2021 ) According to the new market research report "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", the overall pressure control equipment market is expected to grow from USD 5. 7 billion in 2018 to USD 7.4 billion by 2023, at a CAGR of 5.6% during the forecast period. 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.

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Wellhead flange held largest size of pressure control equipment between 2017 and 2023

Wellhead flange held the largest size, in terms of value, of the pressure control equipment market between 2017 and 2023. Wellhead flanges are designed to be installed on to wellheads and provide a transition between the christmas tree and the well intervention pressure control equipment. Wellhead flange serves as the termination point of casing and tubing strings. It provides access to the main bore of the casing and control pressure inside the bore. Wellhead flange allows drilling and completion activities to take place safely with minimal environmental risk.

High pressure to grow at highest CAGR during forecast period

High pressure segment is expected to grow at the highest CAGR from 2018 to 2023. 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.

North America held largest size of pressure control equipment market during forecast period

North America held the largest size of pressure control equipment market during forecast period. Increase in drilling activities in key tight and shale basins and inception of several new projects in the federal offshore Gulf of Mexico are expected to drive the demand for pressure control equipment in the region. There are a significant number of hydrocarbon reserves located near British Columbia and the Newfoundland region. To determine the potential presence of hydrocarbons at distinct locations in the country, ExxonMobil Canada Ltd. is planning to conduct a program for petroleum exploration drilling and association activities in the eastern portions of Canada, i.e., Newfoundland and Labrador offshore area, during 2018–2030. These continued E&P activities in these regions are expected to create further demand for pressure control equipment during the forecast period.

Major players operating in the pressure control equipment market include Schlumberger (US), Weatherford International (Switzerland), National Oilwell Varco (US), Baker Hughes, a GE company (US), The Weir Group (UK), TIS Manufacturing (UK), Lee Specialties (Canada), Hunting (UK), Control Flow (US), Brace Tool (Canada), FHE USA (US), Integrated Equipment (US), The IKM Group (Norway), and GKD Industries (Canada).

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Pressure Control Equipment Market estimated to be worth $7.4 billion by 2023