The Global Pressure Control Equipment Market size was worth US$ 5.1 billion in 2022, and it is estimated to reach a valuation of US$ 7.4 billion by the end of 2028, expanding at an annual growth rate of 6.2% between 2023 and 2028.
Pressure control equipment is the equipment that is used to maintain the optimal pressure level inside the wellbore. The reservoir has a volatile environment where pressure control equipment is used while drilling to reduce the risk while drilling the surface. The pressure control equipment includes various components such as valves, control heads, quick unions, Christmas trees, wellhead flanges, and adapter flanges. Control heads are expected to dominate the market during the forecast period. It diverts the flow from the wellhead through an open-pit mining facility and increases personnel safety and environmental protection. It is anticipated that high-pressure control equipment will dominate the market in the projected period as it has rated working pressure more than 10,000psi and is much more efficient in controlling the high pressure of the reservoir. The demand for pressure control equipment is increasing in onshore applications.
North America is expected to become the largest market due to increasing onshore activities for shale gas production. At the same time, the North Sea and South & Central America contribute to offshore oil and gas production. The increasing onshore and offshore oil and gas drilling and production activities will increase the demand for pressure control equipment, which will boost the market's growth between 2022 and 2027.
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
6.2% |
Segments Covered |
By Components, Type, Application, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
TIS Manufacturing, Ltd,Allied Valves, Inc.,Lee Specialties, Inc.,Baker Hughes,Kirloskar Brothers, Ltd,Brace Tool Inc,National Oilwell Varco, Inc,Emerson Electric, Co,Weatherford International, PLC,FHE USA, LLC,Schlumberger, Ltd,GKD Industries, Ltd and Others. |
The driving force of the Pressure Control Equipment Market is increasing production and exploration activities of oil and gas. The increasing adoption of pressure control equipment as prevention for controlling the pressure of oil and gas is driving the market's growth. The pressure under the reservoir is much high, for the demand for technologically advanced pressure control equipment is increasing for safe and quality drilling. The control heads component plays a vital role in pressure control because it helps divert the flow from the wellhead through the surface operation facility. Therefore, high-pressure control equipment is highly used in oil and gas exploration activities. The pressure inside the reservoir is much high due to the presence of various oil and gases; for that, high control pressure valves are used to control the high pressure of the reservoir to avoid risk. Therefore, high-pressure control equipment drives the growth of the market due to its ability to control the pressure of the reservoir while drilling.
Additionally, the increasing number of onshore drilling activities in North America and offshore in the North Sea and South & Central America is driving the demand for pressure control equipment in the near future. As a result, the key players are bringing more technological innovation in this equipment to enhance its pressure control efficiency, which will boost the growth of the PCE in the forecasted period between 2022 and 2027.
The lack of expertise and limited availability of advanced technology are some factors that will restrict the market's growth shortly.
Based on Components, the Global Pressure Control Equipment Market is segmented into Valves, Control Heads, Quick Unions, Christmas tree, WellHead Flanges, and Adapter Flanges. In the Component segment Control Head is expected to dominate the market in revenue generation. In the oil and gas sector, the control head is used to divert the flow from the wellhead through the surface operation facility. Control head helps enhance environmental protection, and personal safety is the key factor supporting the growth of this segment in the market.
Based on Types, the Global Pressure Control Equipment Market is segmented into High Pressure and Low Pressure. The high-pressure control equipment is dominating the market as high-pressure control equipment has a rated working pressure of more than 10,000psi. The pressure control equipment in high-pressure wells requires special instruments for pressure suction and high temperature. In addition, extra preventive measures are considered with high-pressure wells as these reservoirs have a volatile environment. The growing focus of companies on high-pressure drilling drives the demand for high-pressure control equipment in the market.
The Global Pressure Control Equipment Market is segmented into Onshore and Offshore based on application. The onshore segment is expected to dominate the market in the forecast period due to the high use of pressure control equipment in onshore applications. The pressure control equipment is used in the onshore field for good intervention for excavation of oil and gas products; the pressure control equipment is very helpful to perform drilling operations efficiently and safely.
North America is expected to account for the largest share of the pressure control equipment market during the forecast period between 2022 and 2027. The increasing number of drilling activities of shale reservoirs is a key factor for driving the growth pressure control equipment market, especially in the United States. In addition, North America's onshore drilling activities for oil and gas exploration are increasing, increasing the demand for pressure control equipment for onshore drilling activities to control the reservoir's pressure. According to BP, plc, North America is expected to account for about 77% and 84% of the global shale gas and tight oil output by 2035, respectively. Owing to this reason, the demand for pressure control equipment will increase in the forecasted period between 2022 and 2027.
The North Sea and South & Central America have an increasing number of offshore drilling activities, which drives the demand for pressure control equipment in the projected period.
The COVID-19 outbreak has significantly impacted the Global Pressure Control Equipment Market. During a pandemic, the energy demand has decreased, affecting the oil and gas production industry. Due to decreasing energy, the demand for new pressure control equipment and its components has also decreased, affecting the market growth. New projects have been put on hold due to declined demand for crude oil. Moreover, due to pandemics, operators are now more focused on better utilization of their existing oil and gas assets instead of exploring the new reserves to minimize operational expenditure. Thus, the demand for pressure control equipment has decreased due to pandemic. But now the oil and gas
industrial activities have started gaining momentum, which will increase the demand for pressure control equipment in the projected period.
National Oilwell Varco holds the largest market world's pressure control equipment market because NOV is a major supplier of drilling equipment around the globe and alone generates large sales revenue.
Key Players in the Market:
Major Key Players in the Global Pressure Control Equipment Market are
Frequently Asked Questions
By 2028, it is predicted that the global Pressure Control Equipment market can reach a valuation of US$ 7.4 billion.
The Global Pressure Control Equipment market can expand with a CAGR of 6.2% during the forecast period.
TIS Manufacturing, Ltd, Allied Valves, Inc., Lee Specialties, Inc., Baker Hughes, Kirloskar Brothers, Ltd, Brace Tool Inc, National Oilwell Varco, Inc, Emerson Electric, Co, Weatherford International and Others.
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