PUBLISHER: IMARC | PRODUCT CODE: 1468599
PUBLISHER: IMARC | PRODUCT CODE: 1468599
The global wellhead equipment market size reached US$ 7.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.9 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032.
Wellhead equipment refers to a device that is permanently installed at the surface of an oil and gas well. It provides a structural and pressure interface for the drilling and production equipment and acts as a connection between the tubing and casings of the pipeline. The equipment primarily consists of casing spools, isolation seals, test plugs, mudline suspension system, tubing head, hanger and tubing head adapter. These devices are used to seal the well and suspend the casings and can be configured according to the pressure, temperature, location, well size and drilling method.
Steady growth in the oil and gas industry, along with the increasing number of deep and ultra-deep-water drilling projects, represent as the key factors driving the market growth. Furthermore, growing exploration of unconventional resources like shale oil and coal bed methane (CBM) has led to the increasing utilization of long-suppressed oilfield devices, including wellhead systems, thereby providing a boost to the market growth. Additionally, manufacturers are creating innovative product variants to support the demand for harsher and manually unapproachable drilling environments. For instance, unmanned wellhead platforms are being used as a resting facility on the seabed, where the wells are placed on the platform deck. This acts as an effective alternative to subsea wells and a cost-efficient solution for shallow water developments. Other factors, including the implementation of favourable government initiatives to explore sustainable options for oil extraction, are projected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global wellhead equipment market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, application and sector.
Hangers
Flanges
Master Valve
Choke
Others
Onshore
Offshore
OEM
Aftermarket
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Aker Solutions ASA, Baker Hughes, Cameron International Corporation, Forum Energy Technologies Inc., Nabors Industries Ltd., National Oilwell Varco Inc., Oil States International Inc., TechnipFMC PLC, Weatherford International PLC, Weir Group PLC, etc.