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Changing Demand-Supply Scenario to Influence Expansion of Wellhead System Market During 2017-2027

07-25-2018 08:42 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

Changing Demand-Supply Scenario to Influence Expansion

Wellhead systems are components installed at the external opening of a gas or oil drilling well. The chief function of a wellhead system is to provide a structural pressure enclosing interface for production and drilling equipment. A wellhead system is also used for proper pressure sealing and to deliver the exact suspension point for the total casing utilized in operation – from the bottom of the well to the surface control equipment. When an oil well is drilled on land, an interface is essential between the Blowout Preventer (BOP) stack and the distinct casing strings. This interface is imperative to permit the suspension of casing strings in such a manner that no weight is shifted to the drilling rig. It also plays an important role in providing annulus access to the production casing string and each intermediate casing string. Lastly, the interface permits the making of seals on the exterior of each casing string to seal off the specific annulus and hold the pressure through the interface with the BOP stack.

The complete assembly of the wellhead system plays a fundamental role in day-to-day production and distribution of oil or gas. Moreover, if the wellhead system develops a fault or leakage, the whole plant has to be instantly stopped and immediate maintenance has to be carried out. Thus, it is of utmost importance to carryout regular maintenance of these wellhead systems for the effective and efficient working of the overall production plant or unit.

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Wellhead System Market: Dynamics

Large scale research and development divisions have invested in wellhead system technology in oil & gas industries; thus, making wellhead systems noteworthy in the petrochemical sector. Another essential factor facilitating growth of the wellhead system technology is the rising use of electronics and automatic sensors in the operation, which monitor and control operating conditions and hence, reduce damage from internal factors, such as stress, corrosion, and extensive pressure. The wellhead system market has evolved over the years to feature a multitude of advantages, such as enhanced reliability, ease in maintenance, cost effectiveness and longevity. The current market condition reveals fluctuation in operating oil and gas rigs, which is estimated to be a key trend for the market to grow in the coming future. The current decline in crude oil prices in the oil and gas sector has affected ongoing drilling and growth of exploration projects globally. Therefore, growth in demand for oil and gas will be a prominent driver for the wellhead system market in the near future. The market for oil and gas industries is growing, and particularly the gas segment is flourishing, owing to its low emission of harmful gases and low air pollution properties. Additionally, growth of oil and gas exploration and production will drive the wellhead system market across the globe over the forecast period.

Wellhead System Market: Segmentation

The wellhead system market can be segmented by components and well location.

Segmentation of the wellhead system market on the basis of pipe type:

Hangers

Flanges

Master valve

Choke

Others

Segmentation of the wellhead system market on the basis of well location:

Land

Surface locations offshore (jackup or platform)

Subsea

Wellhead System Market: Regional Outlook

MEA, North America, and Europe have enormous oil fields and abundance of petrochemical industries, thus there is continuous production and exploration of oil and gas in these regions. Attributing to this, the wellhead systems market is forecasted to grow in all the above regions. In the Asia-Pacific region, countries, such as India and China have surged the use of wellhead system technology in the petrochemical industry to increase production and exploration of oil and gas resources. The never-ending demand for oil and gas resources by various end use industries is also expected to drive the global wellhead system market over the forecasted period. Based on the above factors, the wellhead system market is forecasted to grow with a prominent CAGR over the forecast period.

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Wellhead System Market: Market Participants

Examples of some of the market participants in the wellhead system market, identified across the value chain include:

Wellhead Systems, Inc.

FMC Technologies

GE Grid Solutions

Baker Hughes Inc.

Stream-Flo Industries Ltd.

Aker Solutions

National Oilwell Varco

Nabors Industries Ltd.

Shanghai Wellhead Equipment Manufacture Co. Ltd.

Oil States International, Inc.

Forum Energy Technologies

Cameron-Schlumberger Ltd.

ABOUT US:
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

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