Global Pressure Control Equipment Market considered being worth US $ 6.63 bn due to rising investment in drill technologies
Pressure control equipment is helpful in maintaining the optimal pressure levels inside a wellbore during well intervention operations irrespective of easy or arduous conditions. Market Research Future (MRFR) has published a research report on the global pressure control equipment market that considers enlargement for this market at 6.45% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 6.63 bn by the end of the forecast period.
The biggest factor for global pressure control equipment market growth is the growing demand for pressure equipment due to rising investment in global exploration and production as well as advancements in well drilling technologies. The second factor helping the market growth is the need to enhance safety, minimize risks, and increasing quality during drilling. Other factors setting to the market growth in motion include the growth of the oil & gas industry due to the rising demand of hydrocarbons and increasing digital transformation for risk mitigation as well as improved efficiency oil & gas industry.
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The global pressure control equipment market segmentation segments the market into application, component, type, and lastly, region. The application-based segmentation segments this market into onshore applications and offshore applications. Based on components, the market can be segmented into adapter flange, Christmas tree (flow tree), control head, quick unions, valves, wellhead flange, and others. By type, the market gets segmented into high pressure {above 10,000 Pound per Square Inch (PSI)} and low pressure (below 10,000 PSI).
The regional segmentation of the Global pressure control equipment industry segments the market into regional markets known as Europe, Asia Pacific, North America, and rest of the world (RoW). North America is expected to be the topmost regional market due to market due to an increasing focus on shale plays and technological innovations. In the USA, the biggest country-specific market in this region, the market is growing due to rising activities of deepwater drilling, the presence of key market players, and increase in investment for advanced technologies in oil & gas equipment industry. Canada and Mexico are the other important country-specific markets in this region.
Europe is another important regional market due to technological advancement and investment by European companies in drilling technologies. The significant country-specific markets in this region are France, Germany, and the UK, followed by the remaining countries of Europe.
During the forecast period, the market in the Asia Pacific region can grow at a significant rate due to high-energy consumption in China, India, and Japan. Australia (followed by the remaining countries of the Asia Pacific region) may not be as big market as these three countries but it is a significant market because like the USA, it has a large presence of huge onshore shale reserves that can boost demand for pressure control equipment that is supposed to be used in onshore oil fields.
The RoW segment covers the countries of Latin America and the Middle East & Africa (MEA). In both regions, the market is growing due to due to rising exploration and production (E&P) activities. With the sanction being passed for deepwater field development in Latin America, the market is expected to grow in this region even though in terms of technological advancement, Latin America is lagging behind North America. In the MEA region, the market can grow because a huge amount of oil reserves are available in this region. However, the growth is slow due to lack of awareness, lack of education, lack of right infrastructure, lack of skilled professionals and lack of technological advancement.
Key Players
The key players in the global pressure control equipment market include Baker Hughes (USA), Brace Tool (Canada), Control Flow (USA), GKD Industries (Canada), Hunting (USA), The IKM Group (Norway), Integrated Equipment (USA), IoT Group (Australia), Lee Specialties (Canada), National Oilwell Varco (USA), Schlumberger (USA), Tis Manufacturing (UK), Weatherford International (USA), and The Weir Group (UK).
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The Pressure Control Equipment Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global pressure control equipment market are Baker Hughes, Brace Tool, Control Flow, FHE USA Hubbell Inc., GKD Industries, Hunting, Integrated Equipment, IoT Group, Lee Specialties, National Oilwell Varco, Schlumberger, The IKM Group, The Weir Group, TIS Manufacturing, and Weatherford International.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global Pressure Control Equipment Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/pressure-control-equipment-market/download-sampleMarket DynamicsThe increasing technological advancements in the oil field, as pressure control equipment are used in such sector, is propelling the market growth.
Moreover, increasing global investments in exploration are further fueling market growth.
However, deficient expertise and limited exposure to technologies prevent market growth.The report has been created by using crucial tools such as Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis to help businesses around the globe navigate opportunities and challenges in the rapidly evolving marketplace with clarity.
Recently published a report entitled Pressure Control Equipment Market projected till 2026, added by Value Market Research, covers key players along with their market share and strategic development adopted by them.
Further, the report provides market size, share, trends, outlook and forecast based on historical data coupled with drivers, restraints, and opportunities.The study offers a decisive view of the global pressure control equipment market by segmenting it in terms of component, type, and application.
The report analyzes these subsets with respect to the regional segmentation.
This research study will prepare marketers for the evolving needs of their customers.Request a FREE Sample Copy of Pressure Control Equipment Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/pressure-control-equipment-market/download-sampleBy ComponentValvesControl HeadsQuick UnionsWellhead FlangesChristmas TreesAdapter FlangesBy TypeHigh PressureLow PressureBy ApplicationOnshoreOffshoreThis research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global pressure control equipment market are Baker Hughes, Brace Tool, Control Flow, FHE USA Hubbell Inc., GKD Industries, Hunting, Integrated Equipment, IoT Group, Lee Specialties, National Oilwell Varco, Schlumberger, The IKM Group, The Weir Group, TIS Manufacturing, and Weatherford International.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.This section covers pressure control equipment market for the regions North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
