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Wellhead equipment is essential equipment in oil or gas well that provides the structural and pressure-containing interface for the drilling and production equipment. It provides casing and tubing suspension, pressure sealing, and isolation between casing at surfaces, pressure monitoring, and pumping, and a reliable means of well access. The main components of wellhead equipment include casing head, casing spools, casing hangers, pack-offs and isolation seals, bowl protectors, test plugs, mud-line suspension systems, tubing heads, tubing hangers tubing head adapters and among others equipment. The energy demand is increasing highly across the globe. Developing economies such as China and India capture the largest market share of fuel and downstream companies like refineries and the oil companies, which are increasing its revenue during the low crude oil price. Increasing oil and gas consumption all over the world is the primary factor attributed to the growth of the wellhead equipment market in the coming forthcoming years.
The wellhead equipment market is segmented into components and applications. The component segment is further divided into the hanger, flange, casing heads, casing spools, master valve, and others. Casing spools segment contributes to the largest market share in the global market owing to increasing oil well exploration projects. On the basis application segment, the market is categorized into onshore and offshore segments. The onshore segment dominates the market due to the increasing demand for energy, which increases exploration and production activities in onshore locations. Moreover, oil well exploration projects offer lucrative growth opportunities for the wellhead equipment market during the projected period.
Increasing production and exploration activities in the oil & gas industry, coupled with increasing rig count, drive the demand for wellhead equipment in the global market. As per the Baker Hughes rig count data, the global rig count increased from 2,175 rigs in January 2018 to 2,265 rigs in January 2019. However, the high cost of equipment and fluctuation in demand and supply of oil & gas brings volatility in oil prices, which restraints the market growth.
Key Market Driver -
Increasing Actvities in Oil & Gas Industry
Key Market Restraint -
High Equipment Cost and Volatility in Oil Prices
The wellhead equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific holds the largest market share in the global market, which is anticipated to play a key role in shaping market dynamics owing to rising investment in the oil & gas industry and growing oil refinery projects. North America is also projected to increase its market revenue in the coming years due to the rise in the redevelopment of mature oil wells, and increasing demand for energy has led to exploration and production activities. Europe is experiencing growth on account of growing exploration and production in the oil & gas industry. The Middle East & Africa is growing its market share owing to increasing oil rig count and several deepwater exploration projects. Hence, increasing investments in the oil & gas industry and growing exploration projects in the oil & gas industry drives the demand for wellhead equipment in the global market.
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