The Global Wellhead Equipment Market is estimated to grow at a CAGR of 5% during the forecast period 2019-2026. As per the detailed market study, the global market size was valued at $5,320.0 million in the year 2018 and is anticipated to reach $7,991.8 million by the end of the year 2026.
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The wellhead equipment is a line of wellhead components and parts that are used for production and specifically for drilling purpose of oil and gas. These equipment are majorly used to drill the surface of oil and gas well; and are designed and manufactured to fulfil the application specific service type and requirements. The wellhead equipment can be refurbished and re-used for other drilling operations.
The global wellhead equipment market is driven by various growth factors such as heavy investments in oil and gas exploration activities, growth in exploration and drilling activities for oil, oil price recovery and growth in redevelopment of mature oil wells. Whereas, rise in prices of raw materials may impede the market growth over the forecast period. Furthermore, technological advancements in wellhead system will offer lucrative growth opportunities for the market the players in wellhead equipment industry during forecast period.
Segmentation Overview of the Global Wellhead Equipment Market
The global wellhead equipment market is segmented on the basis of type and application. These major market segments are further categorized into various sub-segments to study the market in detail.
The Type Segment of the Global Wellhead Equipment Market is Sub-Segmented into:
The Application Segment of the Global Wellhead Equipment Market is Sub-Segmented into:
Geographical Overview of the Global Wellhead Equipment Market
The global wellhead equipment market is segmented on the basis of various geographical regions, such as:
As per the regional study, the North America wellhead equipment market is accounted as the largest market share in the global market in terms of revenue share in the year 2018. The regional dominance is attributed to major contribution of developed economies such as the U.S. and others. Also, the market expansion is due to increase demand for oil and gas.
Market Competition Insights
Weir Group, Sunnda Corporation, Uztel S.A, Msp/drilex, Inc., JMP Petroleum Technologies, Inc., Jiangsu Sanyi Petroleum Equipment Co., Ltd., Jereh Oilfield Equipment, Integrated Equipment, EthosEnergy Group Limited and Delta Corporation are some major key players included in the research study of the global wellhead equipment market. Market players are adopting various competitive strategies to withhold the majority of market share during the forecast period. For instance: in November 2019, KCA Deutag received a contract related to exploration and drilling operations of ~$460 million in Middle East & Africa and Europe. Similarly, in May 2019, KBR, Inc. signed an agreement with Cepsa for redevelopment of oil fields in the Hassi Messaound, Algeria.
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