Global Pressure Control Equipment Market:Market Worth $9.9 Billion by 2027|The rising investment in global exploration and production and advances in well drilling technologies creating demand for pressure control equipment market.

Published Date: 11/05/2021

The Global Pressure Control Equipment market valued at USD 6.43 billion by 2020 and is expected to reach $9.9 billion by 2027 growing at a CAGR of 6.6% during the forecast period. Pressure control equipment are used to maintain optimal pressure level inside wellbore when the well intervention operation is performed by the operator in easy or adverse conditions. All pressure control equipment are manufactured with the intent to work optimally in adverse condition and to obtain such optimal equipment, manufacturers adhere to stringent quality standards. Thus, majority of pressure control equipment are available with enhanced safety feature to perform intervention operation. Pressure control equipment consist of several components such as wireline valves, wellhead flanges, adapter flanges, control heads, quick unions, and flow tree. Pressure control equipment are primarily used in mining and oil and gas industries for onshore and offshore applications.

The rising investment in global exploration and production and advances in well drilling technologies is creating the demand for pressure control equipment market. Pressure control equipment helps to minimize risks, enhancing safety and increasing quality during drilling. The oil and gas industry is rapidly adopting digital transformation for risk mitigation and improved efficiency.

The oil and gas industry is expected to grow with the rising demand of hydrocarbons, which serve as an important source of global energy supply and increasing need for higher safety norms by drilling contractors are expected to be some of the major drivers for pressure control equipment market. Furthermore, rising activities of deepwater drilling in US is creating lucrative opportunities for oil and gas equipment market, thus positively impacting the growth of pressure control equipment market.

The market vendors are entering into collaborations to expand their geographical presence, focusing on regions with increased onshore drilling activities. For instance, in March 2017, Schlumberger and Weatherford International, formed a joint venture called OneStim. This joint venture aims at providing products and services for unconventional resource plays for customers in the US and Canada. Also, there has been an increase in investment for advanced technologies in oil and gas equipment industry. For instance, in July 2018, SCF Ventures announced a growth equity investment in Kinetic Pressure Control, which is a designer and manufacturer of innovative wellhead and pressure control equipment.

The key players in the pressure control equipment market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are - Schlumberger (US), Weatherford International (US), Control Flow (US), National Oilwell Varco (US), Baker Hughes (US), Lee Specialties (Canada), The Weir Group (UK), Hunting (US), Tis Manufacturing (UK), and Brace Tool (Canada).
North America is expected to continue to account for the largest share of the pressure control equipment market, in terms of value. According to BP plc, North America is expected to account for 77% and 84% of the global shale gas and tight oil output by 2035, respectively. The region is the new swing producer in the global oil markets owing to the boom in production from both shale operation and Deepwater exploration and production in the Gulf of Mexico. Increase in drilling activities in key tight and shale basins and inception of several new projects in the federal offshore—Gulf of Mexico—are expected to drive the demand for pressure control equipment in the region.