Market Research Future (MRFR) expects the global wellhead equipment market to reach USD 7.20 billion at a 3.25% CAGR from 2018 to 2024 (forecast period).
A wellhead is a vital component used in the oil and gas industry positioned at the surface of a well to provide a pressure-containing interface for drilling and production equipment. It is generally used to connect tubing and casing to an oil and gas pipeline. Casing heads, tubing head spools, casing spools, and crosses are some of the components of wellhead equipment. The shift toward implementing an environmentally safe approach in oil gas recovery would positively impact the wellhead equipment market.
The increasing drilling activity is a significant driver for the global wellhead equipment market. Due to high oil prices, the US Energy Information Agency (EIA) announced a rise in oil production in the US in 2017, contributing to an increase in drilling activity. Similarly, Shell (Netherlands) is investing heavily in drilling activities in deepwater areas of the US Gulf of Mexico, which would create new opportunities for wellhead equipment companies in North America.
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The global wellhead equipment market is estimated to grow at a high rate during the assessment period due to the increasing oil rig count. As per the Baker Hughes rig count data, the US accounted for 924 rigs in January 2018 and reached 1,075 rigs in January 2019. Likewise, the global rig count rose from 2,175 in January 2018 to 2,265 in January 2019. This increase in drilling activity, coupled with increased rig counts, has provided opportunities for the wellhead equipment market to expand.
COVID-19 Impact on the Global Wellhead Equipment Market
Implementation of a set of regulations by governments of different nations to deal with the COVID-19 crisis, such as a full shutdown of manufacturing units, is found to have an impact on the growth of the global wellhead equipment industry.
The global wellhead equipment market has been segmented based on components and application.
By component, the global wellhead equipment market has been classified into hanger, flange, master valve, choke, and others. The hanger segment is leading the global market and has the largest market share as it is an essential component of the wellhead equipment system and is used in multi-bowl wellheads. The hanger system is common of two types, namely, a slip and seal casing hanger assembly and mandrel style casing hanger.
By application, the global wellhead equipment market has been classified into onshore and offshore. The onshore segment is projected to register the highest growth rate during the forecast period.
Region-wise, the global wellhead equipment market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
Because of the growing importance of unconventional oil and gas reserves in countries such as the United States, Canada, and Mexico, North America holds the largest share of the wellhead equipment market.
The key players operating in the global wellhead equipment market are FMC Technologies (US), Cameron International Corporation (US), Baker Hughes (US), Weir (UK), Aker Solutions (Norway), Stream-Flo Industries Ltd (Canada), Wellhead Systems, Inc. (US), National Oilwell Varco (US),Oil States International, Inc. (US), Forum Energy Technologies (US), Shanghai Elim Petroleum Machinery (China), and Brace Tool (Canada).
The global wellhead equipment market is predicted to reach USD 7.20 billion at a CAGR of 3.25% from 2018 to 2024 (forecast period). Factors such as meeting rising oil and gas demand in the coming years, for which prospects exist in offshore deep-sea beds where oil and gas operators continue to discover new reserves, are expected to propel the market. Furthermore, increasing rig count, well completion, and drilling activities, as well as rising crude oil production, are predicted to spur the growth of the wellhead equipment market.
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