Pressure Control Equipment Market Overview, Cost Structure Analysis, Growth Opportunities, and Forecast until 2029 | SLB (US), Weatherford (US), NOV Inc (US), Baker Hughes (US), and The Weir Group PLC (UK)

"The pressure control equipment market is projected to grow at a CAGR of 5.4% from 2022 to 2027"

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The pressure control equipment market is dominated by a few major players that have a wide regional presence. The leading players in the pressure control equipment market are SLB (US), Weatherford (US), NOV Inc (US), Baker Hughes (US), and The Weir Group PLC (UK)

The global pressure control equipment market is estimated to grow from USD 6.8 Billion in 2022 to USD 8.9 Billion by 2027; it is expected to record a CAGR of 5.4% during the forecast period. Emerging offshore opportunities and rising exploration and production of unconventional oil & gas resources, especially in North American region are the major driving factor for pressure control equipment market.

"High Pressure (Above 10,000 psi): The largest segment of the pressure control equipment market, by pressure "

Based on pressure, the pressure control equipment market has been split into low pressure (below 10,000 psi), and high pressure (above 10,000 psi). High pressure (above 10,000 psi) were estimated to account for a larger share of the pressure control equipment market in 2021. Advantages like low maintenance and high power, making high pressure control equipment ideal for such applications.

"Services segment is expected to emerge as the fastest segment based on sales type"

By sales type, the pressure control equipment market has been segmented into new purchase, rental, services, and spares. Services segment is expected to be the fastest segment during the forecast period due to increased use of pressure control equipment in the drilling application.

"Asia Pacific is expected to be the second largest market during the forecast period."

Asia Pacific is expected to be the second-fastest growing market due to the advancements in drilling operations and industrial equipment and their increased deployment in the oil & gas industry are expected to drive the growth of the pressure control equipment market in Asia Pacific.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1-65%, Tier 2-24%and Tier 3-11%
By Designation: C-Level- 30%, Managers- 25%, and Others- 45%
By Region: North America-27%, Europe- 20%, Asia Pacific- 33%, the Middle East& Africa-8%, and South America-12%
Note: Others includes product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1:>USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:< USD 500 million

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Key Benefits of Buying the Report

The report identifies and addresses the key markets for pressure control equipment, which would help equipment manufacturers review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

Research Coverage:

The report defines, describes, and forecasts the global pressure control equipment market, by type, component, application, sales type, pressure and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the pressure control equipment market.

This release was published on openPR.