December 02, 2019
According to the latest study titled ‘Global Well Head Equipment Market: By Equipment (Master Valve, Hanger, Flanges, Others), By Application (Offshore, Onshore), By Market Type (OEM, Aftermarket), By Region, By Country: Opportunities and Forecast (2018-2023) - By Region (North America, Europe, Asia Pacific, LAMEA), By Country (USA, Canada, Norway, UK, Rest of Europe, China, India, Indonesia, Rest of Asia, Mexico, Saudi Arabia, Oman, Rest of LAMEA)’ available at MarketStudyReport.com, the global well head equipment market is estimated to grow with a CAGR of 4.55% through the year 2023.
Well head equipment is a device used to connect the casing and tubing to an oil or gas pipeline. Factors such as increasing number of well completions, rig counts, and drilling activities are driving the growth of the well head equipment market. Moreover, increasing price of crude oil, in tandem with its higher production will continue to augment the industry growth.
The study encompasses details about market size based on revenue shares and growth opportunities for individual segments. It analyzes the competitive landscape of well head equipment market using SWOT analysis and Porter’s Five Force analysis methods. Information about the market dynamics covering drivers and restraints is also outlined in the report.
Based on application spectrum, the industry is divided into offshore and onshore. In terms of equipment, well head equipment market is split into hanger, master valve, choke, flanges, and others. While as per distribution channel, the market is categorized as aftermarket and OEM.
Considering the geographical landscape, the global well head equipment market is bifurcated into four major regions as Europe, North America, Asia Pacific, and LAMEA. The report cited that North America well head equipment market was the largest revenue generator in 2018, owing to the extensive production of shale oil and numerous deep drilling exploration activities across the region.
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Additionally, APAC well head equipment market is slated to expand significantly in the upcoming years, owing to the rising E&P activities in emerging economies, and increasing development of crude oil wells supported by investment in upstream and exploration segment.
Some of the vendors that operate in well head equipment market are Weir Group Plc., GE Baker Hughes, Inc., Aker Solutions, National Oil Well Varco, Inc., Oil States International, Inc., Schlumberger, FMC Technologies, and Forum Energy Technologies.
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