Wellhead Equipment Market to Surpass $7.2 Bn by 2024

Overview:

Increasing drilling activity is playing a crucial role in transforming the global wellhead equipment market. This is getting boosted by oil exploration activities in both onshore and offshore cases.

The global wellhead equipment market is deemed to surpass a valuation worth USD 7.20 billion by 2024 during the forecast period of 2019 to 2024, all the while recording a CAGR of 3.25%. Market Research Future (MRFR) studied the market well to understand trends and factors that can promise a proper growth in the coming years.

Segmentation:

The report on the global wellhead equipment market includes a proper analysis based on segmentation. This segmentation encompasses components and applications. Data collected from this will help in forming a proper route to increase the profit margin.

• By component, the report on the wellhead equipment market includes segments like flange, hanger, choke, master valve, and others. The hanger segment has the lead as it is fetching the maximum amount of revenue. This is due to its use as an essential component for the wellhead equipment system and it also finds substantial application in the multi-bowl wellheads. The hanger system includes segments like slip and seal casing hanger assembly and mandrel style casing hanger. 
• By application, the report on the global wellhead equipment market has been segmented into onshore and offshore. The onshore segment is expected to register a better growth rate during the forecast period.  

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Regional Analysis:

North America is expected to profit from the regional exploration activities, mostly taking place in the US Gulf of Mexico. Several companies involved in the market are also from the region, which boosts the end revenue amount. 

Competitive Landscape:

• Weir (UK)
• Aker Solutions (Norway)
• FMC Technologies (US)
• Baker Hughes (US)
• Stream-Flo Industries Ltd (Canada)
• Cameron International Corporation (US)
• Oil States International Inc. (US)
• Wellhead Systems Inc. (US)
• Forum Energy Technologies (US)
• Shanghai Elim Petroleum Machinery (China)
• National Oilwell Varco (US)
• Brace Tool (Canada)

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Strategic moves deployed by these companies try to ensure better growth for the market. Moves like merger, innovation, branding, tie-up, research-related investment, acquisition, development, and others are expected to transform the global market in the coming years.

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