The global wellhead equipment market size reached US$ 7.5 Billion in 2023. Looking forward, the market is projected to reach US$ 11.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.26% during 2023-2032.
Wellhead equipment refers to a device that is permanently installed at the surface of an oil and gas well. It provides a structural and pressure interface for the drilling and production equipment and acts as a connection between the tubing and casings of the pipeline. The equipment primarily consists of casing spools, isolation seals, test plugs, mudline suspension system, tubing head, hanger and tubing head adapter. These devices are used to seal the well and suspend the casings and can be configured according to the pressure, temperature, location, well size and drilling method.
Steady growth in the oil and gas industry, along with the increasing number of deep and ultra-deep-water drilling projects, represent as the key factors driving the market growth. Furthermore, growing exploration of unconventional resources like shale oil and coal bed methane (CBM) has led to the increasing utilization of long-suppressed oilfield devices, including wellhead systems, thereby providing a boost to the market growth. Additionally, manufacturers are creating innovative product variants to support the demand for harsher and manually unapproachable drilling environments.
For instance, unmanned wellhead platforms are being used as a resting facility on the seabed, where the wells are placed on the platform deck. This acts as an effective alternative to subsea wells and a cost-efficient solution for shallow water developments. Other factors, including the implementation of favourable government initiatives to explore sustainable options for oil extraction, are projected to drive the market further.
2. What is the expected growth rate of the global wellhead equipment market during 2024-2032?
3. What has been the impact of COVID-19 on the global wellhead equipment market?
4. What are the key factors driving the global wellhead equipment market?
5. What is the breakup of the global wellhead equipment market based on the component?
6. What is the breakup of the global wellhead equipment market based on the application?
7. What are the key regions in the global wellhead equipment market?
8. Who are the key players/companies in the global wellhead equipment market?
Wellhead equipment refers to a device that is permanently installed at the surface of an oil and gas well. It provides a structural and pressure interface for the drilling and production equipment and acts as a connection between the tubing and casings of the pipeline. The equipment primarily consists of casing spools, isolation seals, test plugs, mudline suspension system, tubing head, hanger and tubing head adapter. These devices are used to seal the well and suspend the casings and can be configured according to the pressure, temperature, location, well size and drilling method.
Steady growth in the oil and gas industry, along with the increasing number of deep and ultra-deep-water drilling projects, represent as the key factors driving the market growth. Furthermore, growing exploration of unconventional resources like shale oil and coal bed methane (CBM) has led to the increasing utilization of long-suppressed oilfield devices, including wellhead systems, thereby providing a boost to the market growth. Additionally, manufacturers are creating innovative product variants to support the demand for harsher and manually unapproachable drilling environments.
For instance, unmanned wellhead platforms are being used as a resting facility on the seabed, where the wells are placed on the platform deck. This acts as an effective alternative to subsea wells and a cost-efficient solution for shallow water developments. Other factors, including the implementation of favourable government initiatives to explore sustainable options for oil extraction, are projected to drive the market further.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global wellhead equipment market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on component, application and sector.Breakup by Component:
- Hangers
- Flanges
- Master Valve
- Choke
- Others
Breakup by Application:
- Onshore
- Offshore
Breakup by Sector:
- OEM
- Aftermarket
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined with some of the key players being Aker Solutions ASA, Baker Hughes, Cameron International Corporation, Forum Energy Technologies Inc., Nabors Industries Ltd., National Oilwell Varco Inc., Oil States International Inc., TechnipFMC PLC, Weatherford International PLC, Weir Group PLC, etc.Key Questions Answered in This Report
1. What was the size of the global wellhead equipment market in 2023?2. What is the expected growth rate of the global wellhead equipment market during 2024-2032?
3. What has been the impact of COVID-19 on the global wellhead equipment market?
4. What are the key factors driving the global wellhead equipment market?
5. What is the breakup of the global wellhead equipment market based on the component?
6. What is the breakup of the global wellhead equipment market based on the application?
7. What are the key regions in the global wellhead equipment market?
8. Who are the key players/companies in the global wellhead equipment market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Indicators
2 Scope and Methodology
4 Introduction
5 Global Wellhead Equipment Market
6 Market Breakup by Component
7 Market Breakup by Application
8 Market Breakup by Sector
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Aker Solutions ASA
- Baker Hughes
- Cameron International Corporation
- Forum Energy Technologies Inc.
- Nabors Industries Ltd.
- National Oilwell Varco Inc.
- Oil States International Inc.
- TechnipFMC PLC
- Weatherford International PLC
- Weir Group PLC
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 7.5 Billion |
| Forecasted Market Value ( USD | $ 11.9 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
