Market Analysis
Market Research Future (MRFR) predicts the pressure control equipment market size to reach USD 6.63 billion at a CAGR of 6.45% from 2020 to 2027 (forecast period).
Multiple Factors to Bolster Market Growth
Rising investment in global exploration and production, as well as advancements in well-drilling technologies, are driving the market for pressure control equipment. Using pressure control equipment during drilling helps to reduce hazards, improve safety, and improve quality. The oil and gas industry is increasingly embracing digital transformation in order to reduce risk and increase efficiency. The expanding demand for hydrocarbons, which serve as a significant source of global energy supply, and the increasing need for greater safety standards by drilling contractors are likely to be some of the major drivers for the pressure control equipment market. Furthermore, increased deepwater drilling activity in the United States is offering profitable prospects for the oil and gas equipment industry, which is favorably boosting the growth of the pressure control equipment market.
Get Free Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/7288
Market Segmentation
The global Pressure Control Equipment market Share has been segmented into type, component, and application.
By type, the global pressure control equipment market has been segmented into high pressure (above 10,000 PSI) and low pressure (below 10,000 PSI).
By component, the global pressure control equipment market has been bifurcated into valves, control head, wellhead flange, christmas tree (flow tree), adapter flange, quick unions, and others.
By application, the global pressure control equipment market has been segmented into onshore and offshore.
Regional Analysis
North America to Dominate the Global Market
The market is likely to be dominated by North America. The United States dominates the market among North American countries. A variety of reasons, including an increased emphasis on shale plays and unconventional sources as a result of technological breakthroughs in the region, are driving market expansion. Due to increased exploration and production (E&P) operations, other regions such as the Middle East and Africa, and Latin America contribute a major part of the pressure control equipment market. For example, Liza, a deepwater field development in Latin America, has received approval. Exxon Mobil Corporation and Hess Corporation reached the final investment decision (FID) to proceed with the first phase of development. The Asia Pacific area is also predicted to grow rapidly due to high energy consumption in China, Japan, and India.
Key Players
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), Integrated Equipment (US), The IKM Group (Norway), GKD Industries (Canada), IoT Group (Australia), and others.
Get Complete Report @ https://www.marketresearchfuture.com/reports/pressure-control-equipment-market-7288
Related Reports:
https://www.marketresearchfuture.com/reports/wearable-payment-device-market-10623
https://www.marketresearchfuture.com/reports/electronic-weighing-scale-market-7604
https://www.marketresearchfuture.com/reports/industrial-safety-market-7965
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.