Changing Demand-Supply Scenario to Influence Expansion of Wellhead System Market During 2017-2027
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:
Segmentation of the wellhead system market on the basis of well location:
Surface locations offshore (jackup or platform)
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.
GE Grid Solutions
Baker Hughes Inc.
Stream-Flo Industries Ltd.
National Oilwell Varco
Nabors Industries Ltd.
Shanghai Wellhead Equipment Manufacture Co. Ltd.
Oil States International, Inc.
Forum Energy Technologies
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