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IN THE NEWSSeptember, 2021: NOV’s subsidiary ReedHycalog launched a new second-generation wellbore conditioning equipment, Boomerang reamer for improving drilling and tripping performance.
May, 2021: Nippon Steel received the Eco Leaf Environmental Product Declaration (EPD) certification for its OCTG steel pipe products.
The global wellhead equipment market is estimated to grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to increasing number of oil wells across the world, backed by rising investment in the oil & gas sector. Wellhead is made up of spools, valves and adapters to provide pressure control of the oil well. The growing application of wellheads to ensure safe operation of oil wells, is estimated to boost the market growth. The growing construction of onshore as well as offshore oil wells, to meet the growing demand for oil petroleum, is further expected to fuel the market growth significantly. According to the data by the International Energy Agency (IEA), the oil production touched 98.3 million barrel per day in 2018. Furthermore, global oil consumption is projected to touch 104.1 million barrel per day by 2026, registering an increase of 4.4 million barrel per day from 2019.
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The market is segmented by application into onshore, offshore, and others, out of which, the offshore segment is anticipated to hold the notable share in the global wellhead equipment market over the forecast period on account of higher potential for oil and gas generation in offshore sites, along with rising investment in offshore oil fields. As per the data by the IEA, the offshore gas production is estimated to increase by 700 billion cubic meters (bcm) by 2040. Moreover, the growing unmet demand for oil and gas, is estimated to fuel the segment growth.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global wellhead equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing demand for crude oil, along with high production of oil and gas, backed by the presence of large number of oil reserves in Canada, and the US. Canada is one of the largest producers and exporters of crude oil, producing over 15,500 barrels per day in 2019.
The market in Middle East and Africa region witnessed noteworthy growth by the end of 2021, on the back of owing to the large number of oil reserves, increasing global demand of crude oil, along with rising investment from western countries.
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The global wellhead equipment market is further classified on the basis of region as follows:
Our in-depth analysis of the global wellhead equipment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing construction of new oil wells to meet the mounting demand of petroleum product is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
Growing adoption of green energy, and depleting oil reserves are estimated to hamper the market growth.
The market in the North America region will provide more business opportunities for growth over the forecast period, owing to the increasing production of oil and gas in the region.
The major players in the market are General Electric Company, Aker Solutions ASA, Schlumberger Limited, Trican Well Service Ltd., Oil States International, Inc, Forum Energy Technologies Inc., Cameron International Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, component, application, and by region.
The offshore segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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