Pressure Control Equipment Market -
Overview
The
global pressure control equipment market was valued at USD 4.61 billion in 2017
and is expected to reach USD 6.63 billion by the end of forecast period with a
CAGR of 6.45%.
Rise
in investment for global exploration and production activities along with
technological advances in well drilling equipment is creating the demand for
pressure control equipment market. Pressure control equipment enhances safety
improves efficiency during drilling. Growing demand for safety norms for oil
and gas industry is also an important factor for the growth of pressure control
equipment market. 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 is the major driver for boosting up the demand for pressure control
equipment market.
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Key players
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). These players contribute a major share in the
growth of pressure control equipment market.
Apart
from the top key players, there are other players that contribute to the market
growth. These include Integrated Equipment (US), The IKM Group (Norway), GKD
Industries (Canada), IoT Group (Australia), and others.
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Regional analysis
The
global market for pressure control equipment is estimated to grow at a steady
rate during the forecast period from 2018 to 2023. The geographical analysis of
pressure control equipment market is studied for North America, Europe,
Asia-Pacific, and the rest of the world (including the Middle East, Africa, and
Latin America). Among the regions mentioned, North America is expected to
dominate the pressure control equipment market. Among the North American
countries, US dominates pressure control equipment market. A number of factors
such as increasing focus on shale plays and unconventional sources due to
technological innovations in the region is driving the growth of pressure
control equipment market. Other regions such as Middle East & Africa and
Latin America also contribute to a significant share of the pressure control
equipment market due to rising exploration and production (E&P) activities.
For instance, sanction has been passed for a deepwater field development in
Latin America, named Liza. The final investment decision (FID) to proceed for
the first phase of development was made by Exxon Mobil Corporation and Hess
Corporation. Asia-Pacific region is also expected to grow at a significant rate
due to high-energy consumption in China, Japan and India.
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