Wellhead Equipment Market Size is Projected to Surpass US$ 10.0 Billion By 2028 | CAGR of 5.2%

The latest report by IMARC Group, titled “Wellhead Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on wellhead equipment market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global wellhead equipment market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Wellhead equipment are permanently installed at the surface of an oil or gas well. They consist of various components, such as tees, tubing, head spools, crosses, casing spools, heads, valves, flanges, and chokes. Wellhead equipment are established where casings are terminated by hanging them with the aid of casing hangers and seals. In addition, these tools provide ancillary support as they comprise a rim that is attached to the casings to ensure safe drilling and completion by keeping the pressure in the well under control. As a result, wellhead equipment control pressure, serve as the endpoint of the casing and tubing strings, and provide access to the main casing.

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Market Trends:

The expanding oil and gas industry and the increasing number of deep and ultra-deep water drilling projects are among the primary factors driving the wellhead equipment market. Besides this, the growing exploration of unconventional resources, including shale oil and coal bed methane (CBM), has led to the extensive utilization of long-suppressed oilfield devices, which is further augmenting the market growth. Moreover, several technological advancements in wellhead equipment, such as the introduction of nested hanger configuration and the ability to drill without dismantling blowout preventers (BOP), are also catalyzing the global market. Apart from this, the development of innovative product variants by the leading manufacturers to support the need for harsher and manually unapproachable drilling environments is acting as another significant growth-inducing factor. Furthermore, the launch of various policies by the government bodies to explore sustainable options for oil extraction is anticipated to propel the wellhead equipment market over the forecasted period.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Aker Solutions ASA
• Baker Hughes
• Cameron International Corporation
• Forum Energy Technologies Inc.
• Nabors Industries Ltd.
• National Oilwell Varco Inc.
• Oil States International Inc

Wellhead Equipment Market Segmentation:

Our report has categorized the market based on region, component, application and sector.

Breakup by Component:

• Hangers
• Flanges
• Master Valve
• Choke
• Others

Breakup by Application:

• Onshore
• Offshore

Breakup by Sector:

• OEM
• Aftermarket

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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