Wellhead Equipment Manufacturers
The global wellhead equipment market is expected to grow at a CAGR of more than 4.5% over the period of 2020-2025. Factors such as meeting the increasing oil and gas demand in the coming years for which opportunities lie in offshore deep-sea beds, where oil & gas operators continue to discover new reserves is expected to drive the market studied. Adding to this, increasing rig count, well completion and drilling activities, coupled with increasing crude oil production is anticipated to augment the wellhead equipment market growth. However, the delay in oil and gas projects due to volatile crude oil prices is expected to curtail the growth of global wellhead equipment market during the forecast period.
The onshore sector has accounted for around 70% of the global crude oil production and is the largest segment as of 2018. The demand for oil and gas is increasing which has led to increased exploration and production (E&P) activities and the increasing popularity of unconventional reserves such as shale and tight oil and gas formations. With the increase in E&P activity increases in onshore sector, wellhead equipment market is expected to get larger.
The development of deepwater and ultra-deepwater reserves are likely to act as an opportunity in the near future.
North America is one of the largest markets for the wellhead equipment led by the United States mainly due to increased exploitation of its shale reserve to meet the demand and for economical production.
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