Global Wellhead Equipment Market Size study & Forecast, by Component (Hangers, Flanges, Master valve, Choke, Others), by Application (Onshore, Offshore) and Regional Analysis, 2023-2030

Global Wellhead Equipment Market Size study & Forecast, by Component (Hangers, Flanges, Master valve, Choke, Others), by Application (Onshore, Offshore) and Regional Analysis, 2023-2030

Global Wellhead Equipment Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Wellhead equipment refers to a set of components and devices used in the oil and gas industry to control the flow of fluids (oil and natural gas) from a wellbore. It is installed at the surface of an oil or gas well and serves as the primary interface between the subsurface reservoir and the surface production facilities. The wellhead equipment plays a crucial role in ensuring the safe and efficient extraction of hydrocarbons from the well. The Wellhead Equipment market is expanding because of factors such as rising oil exploration and drilling activities across the globe, growing global energy demand, and rising government investment.

The increasing demand for oil and gas has led to higher E&P activities globally. Wellhead equipment is essential in the drilling and extraction processes, which drives the demand for such equipment. According to the International Energy Agency, total oil demand across the globe was 91 million barrels per day in 2020, climbed to 99.4 million barrels per day in 2022, and is expected to reach 104.1 million barrels per day by 2026. Furthermore, The Abu Dhabi National Oil Company (ADNOC) planned investments in November 2021 that could total up to about USD 6 billion (AED 22 billion) in order to support increased drilling as it increases its ability to produce crude oil to 5 million barrels per day (mmbpd) by 2030. Similarly, in January 2023, the Uganda government announced its plans to develop oil rigs and production with an investment of USD 2 billion and the start of drilling the first production well, a key milestone as the country races to meet its target of first oil output in 2025 after a long delay. Thus, rising oil exploration and drilling activities are driving the market growth. In addition, technological developments in wellhead systems and the rise in the redevelopment of mature oil wells are some factors creating new opportunities for market growth. However, the high cost of wellhead equipment stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Wellhead Equipment Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising oil demand, rising government investment in the development of various oil drilling and exploration projects, and rising production innovation activities in wellhead equipment. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising oil demand, rising development of new oil production projects, and rising investment in the industry.

Major market player included in this report are:
Baker Hughes Company
Weatherford International PLC
TechnipFMC PLC
Schlumberger Limited
NOV Inc.
Weir Group PLC
Oil States International Inc.
Forum Energy Technologies Inc.
Great Lakes Wellhead Inc.
Cactus Wellhead LLC

Recent Developments in the Market:
In February 2021, PETRONAS Carigali Sdn Bhd granted a sizable contract to TechnipFMC subsidiary FMC Wellhead Equipment Sdn Bhd for the Limbayong deepwater development project offshore Malaysia. The development of 10 deepwater wells under this contract will be tied back to Malaysia's Limbayong Floating Production Storage and Offloading (FPSO) unit.

In May 2022, Baker Hughes unveiled a new subsea wellhead technology called the MS-2 Annulus Seal to drastically lower operational rig costs. The MS-2 Annulus Seal interfaces with Baker Hughes' current MS-800 wellhead system to minimise well construction and intervention costs, increase intervention possibilities, and assure security and confidence in the well's integrity under difficult conditions.

Global Wellhead Equipment Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Component, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Component:
Hangers
Flanges
Master valve
Choke
Others

By Application:
Onshore
Offshore

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Baker Hughes Company
Weatherford International PLC
TechnipFMC PLC
Schlumberger Limited
NOV Inc.
Weir Group PLC
Oil States International Inc.
Forum Energy Technologies Inc.
Great Lakes Wellhead Inc.
Cactus Wellhead LLC

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