The Global Wellhead Equipment Market is set to expand due to the discovery of new oil and gas fields and increased exploration and drilling activities from 2024 to 2028.
According to a report by TechSci Research “Wellhead Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028F,” the market is expected to experience significant growth during this period. Wellheads play a crucial role in connecting tubes and casings to oil or gas pipelines. They are essential for maintaining pressure and preventing collapse in wellbores.
Downhole equipment, including casing heads, casing coils, and cloths, is integral to the wellhead assembly. These components, along with Christmas trees, control the flow of oil and gas at the surface. Wellheads can be installed on offshore platforms, the seabed, or on land, providing support for casing and tubing strings. Key components of wellhead systems include casing heads, hangers, seals, protectors, and adapters.
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The Global Wellhead Equipment Market is segmented by type, application, and region, with applications further categorized into on-shore and off-shore. During the forecast period, the on-shore segment is projected to dominate, driven by rising energy demand in developing nations, leading to increased exploration and production activity. Additionally, the demand for wellheads is expected to surge due to unconventional resource exploration.
The United States, with its extensive shale drilling, leads global onshore oil and gas production. Lower operating costs and a favorable oil price environment have further boosted production in these regions. Policy changes and government initiatives in countries like Argentina, Colombia, India, and Indonesia aim to enhance domestic production to meet growing consumption needs, driving demand for wellhead equipment.
India’s plan to reduce crude oil imports by 10% by 2022 and its new licensing policy facilitating foreign market entry are expected to spur domestic onshore exploration and production activity. Abu Dhabi National Oil Company’s USD 6 billion investment to expand drilling capacity and increase crude oil production also contributes to market growth.
With increasing land development in North America and Asia-Pacific, the onshore segment is poised to maintain market dominance during the forecast period.
Key market players in the Global Wellhead Equipment Market are:
- General Electric (GE)
- NOV Inc.
- Great Lakes Wellhead Inc.
- Cactus Wellhead LLC
- Technip FMC PLC
- Weatherford International PLC
- Baker Hughes Company
- Aker Solutions ASA
- Schlumberger Limited
- Weir Group PLC
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“During the forecast period, the on-shore segment is expected to dominate the market, driven by increasing energy demand in developing countries. Policy changes and government initiatives aimed at boosting domestic production are anticipated to spur exploration and production activities,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report, “Wellhead Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F,” assesses the future growth potential of the wellhead equipment market, offering insights into market size, structure, and growth prospects. It aims to provide valuable market intelligence to decision-makers, identifying emerging trends, drivers, challenges, and opportunities in the global wellhead equipment market.
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