Wellhead Equipment Market 2022 COVID-19 Impact, Growth, Demands, Trends, Size, Share, Key Players and Forecast to 2030
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.
Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/7747
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.
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.
Request For Customization @ https://www.marketresearchfuture.com/ask_for_customize/7747
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.
Browse Full Report @ https://www.marketresearchfuture.com/reports/wellhead-equipment-market-7747
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
+1 628 258 0071(US)
+44 2035 002 764(UK)
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Wellhead Equipment Market 2022 COVID-19 Impact, Growth, Demands, Trends, Size, Share, Key Players and Forecast to 2030 here
News-ID: 2518729 • Views: 715
More Releases from Market Research Future - MRFR
Low-Pressure Liquid Chromatography Market Report Growth, Size, Demand, Trends an …
Market Highlights According to MRFR analysis, the global low-pressure liquid chromatography market is expected to register a CAGR of ~3.6% from 2020 to 2027. The global low-pressure liquid chromatography market is driven by the expansion of research facilities across the globe, increasing government funding in the healthcare sector, and the rising population diagnosed with hereditary disorders such as Parkinson's disease, sickle cell disease, and Alzheimer's disease. In addition, increasing demand for DNA-based,
Emergency Medical Service Market Size, Share, Top Players, Demands, Overview, Co …
Overview: The report on the market for global emergency medical services is revealing opportunities that can take the market beyond an expected valuation of USD 32.95 billion by 2025 by noting a 6.9% CAGR over the forecast period encompassing 2019 to 2025. Market Research Future (MRFR) revealed that this market could benefit from increasing investment in the sector from government and private organizations, various mergers and collaborations, better technological support, and
Radiopharmaceuticals Market Share, Size, Key Players, Trends, Demand, Competitiv …
The increasing use of radioisotopes in mainstream medical treatment is estimated to boost the Radiopharmaceuticals Market in 2020. The pharmaceutical reports are made by Market Research Future, which includes market options for development. A CAGR of 8.10 % is estimated to carve out income worth USD 15,060.87 Million by 2025. The increase in the number of therapeutic and diagnostic applications is estimated to have a conducive effect on the radiopharmaceuticals market
Battery Analyzer Market 2022 Growth Factors, Applications, Regional Analysis, To …
Market Highlights The global battery analyzer market is expected to be valued at USD 546 million by 2026, with ~4% CAGR during the forecast period, 2020–2026. Battery Analyzer are used to measure the voltage, capacity, and other technical specifications of batteries. In 2019, Asia-Pacific dominated the global battery analyzer market share: MRFR The global battery tester market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America,