Pressure Control Equipment market is commonly used in integrated drilling method, a technique for management of wellbore pressure. This method uses a special drilling system developed to overcome the excessive costs of non-productive time as a result of near vicinity within the fracture and pore pressures in both onshore and offshore drilling.
According to a recent study analysis published by Market Research Future (MRFR), the global pressure control equipment market is poised to reach the valuation of USD 6.63 BN by 2023 registering a CAGR of 6.45% throughout the forecast period (2017 – 2023). The success of this equipment in fields that were earlier considered uneconomical to drill would provide an impetus to market growth.
Pressure Control Equipment Market is used for precisely controlled drilling with BHP to avoid fluid loss, or borehole instability and influx. The pressure profile is managed by the addition of surface pressure or by changing hydrostatics or friction pressure. Thus, the pressure control equipment eases the difficulties of significant losses related in drilling fractured zone, and karstic reservoir, minimizing the additional cost of casings string needed to get the total depth.
Pressure control equipment market is preferred more in offshore drilling than onshore due to the high cost associated with managed pressure drilling. The offshore application of the pressure control equipment is growing at a rapid pace led by the augmented offshore exploration activities and recent discoveries in countries like Saudi Arabia, Angola, and Nigeria, to name a few. Resultantly, the market for pressure control equipment has been witnessing rapid growth in terms of revenue generation.
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The ever-increasing demand for energy and power has resulted in increasing exploration activities, both onshore and offshore. Exploration has resulted in increasing drilling activities, which is pushing the demand in the pressure control equipment market. Increasing exploration activities in Deepwater and ultra-deep water will significantly contribute towards the growth and development of the pressure control equipment market. The growing energy demand alongside the maturing onshore oilfields generates the demand for new oil & gas discoveries.
Key players leading the global pressure control equipment market include Weatherford International (the US), Schlumberger (the US), Control Flow( the US), Baker Hughes (US), National Oilwell Varco (the US), Lee Specialties (Canada), Hunting (the US), The Weir Group (the UK), Brace Tool (Canada), Tis Manufacturing (the UK), Integrated Equipment (the US), GKD Industries (Canada), IoT Group (Australia), and The IKM Group (Norway) among others.
Global Pressure Control Equipment Market – Segments
For a better understanding of the market, the analysis is segmented into four key dynamics:
By Type: High Pressure (above 10,000 PSI) and Low Pressure (below 10,000 PSI).
By Component: Valves, Control Head, Wellhead Flange, Adapter Flange, Christmas Tree (Flow Tree), and Quick Unions among others.
By Application: Onshore and Offshore.
By Regions: North America, Europe, Asia Pacific, and Rest-of-the-World.
Pressure Control Equipment Market – Regional Analysis
North American region heading with the significant onshore and offshore exploration activities would retain its dominance over the global pressure control equipment market. Moreover, factors such as increasing demand for budget drilling techniques is increasing the size of the regional market. Technological advancements and deployment of advanced drilling techniques in complex formations such as tar sands, tight oil, etc. in the US and Canada are some of the key driving forces behind the high industry penetration in the region.
The US backed by the technological innovations and increasing focus on shale plants and unconventional sources accounts for the key contributor to the growth of pressure control equipment market in the region.
Regions such as the Middle East & Africa and Latin America have emerged as attractive prospects for offshore E&P activities, due to their vast unexplored hydrocarbons reserves. Resultantly, these regions are expected to contribute significantly to the pressure control equipment market.
The pressure control equipment market in the Middle East & Africa (MEA) region accounts for the second-largest market, globally. Saudi Arabia and UAE are two of the largest exporters of oil and gas, globally, which are planning to expand their O&G production infrastructure further which, as a result, is expected to provide impetus to the growth of the market. Besides, the presence of well-established hydrocarbon reserves in the middle eastern region, which witnesses substantial investments into discoveries of potential (new) reserves is expected to drive the growth of the market, commutatively.
Recent discoveries of oil and gas reservoirs in the offshore regions of Rio de Janeiro, Perla Field in the Gulf of Venezuela and the Gulf of Mexico regions are driving the market growth in Latin America.
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Global Pressure Control Equipment Market – Competitive Analysis
Highly competitive, the pressure control equipment market appears fragmented with the presence of several well-established and small-scale players. These players incorporate strategic initiatives such as the acquisition, partnership, collaboration, product launch, and expansion to gain a competitive advantage in this market.
Industry/ Innovation/ Related News
May 21, 2019 — Two equity firms in the US form a partnership to fund Series A investment round for the growth of Commando Pressure Control (the US), a leading innovator of technology solutions for zipper manifolds and hydraulic fracturing equipment.
These equity firms are SCF Ventures focusing on building energy services, equipment, and technology companies and B-29 Investments, a firm focused on making investments in the energy space announce their partnership
Together with its investment partners, Commando will bring to market a variety of innovative pressure control products for upstream completions operations. The collaboration with SCFV and B-29 provides Commando with the support to bring next-gen frac technology to market.
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