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2020

Wellhead Equipment Market

Wellhead Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and Application : Global Opportunity Analysis and Industry Forecast, 2019-2026

CM : Engineering, Equipment and Machinery

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Author's: Amar Chinchane | Sonia Mutreja
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Wellhead Equipment Market Outlook - 2026

The global wellhead equipment market size was valued at $5,320.0 million in 2018, and is projected to reach $7,991.8 million by 2026, growing at a CAGR of 5.0% from 2019 to 2026. The wellhead equipment is the component at the surface of an oil or gas well, which offers the pressure-containing and structural interface for the drilling equipment. It provides pressure seals and suspension point for the casing strings. It forms an integral structure of the well. The wellheads are welded onto the string of casing, during drilling operations. The wellhead equipment can be re-used and refurbished for other well and drilling operations.

The primary components of a wellhead system include tubing head adapter, tubing hangers, tubing heads, mudline suspension systems, test plugs, seals, choke manifold, casing hangers, casing spools, and casing head. The wellhead serves numerous functions such as casing suspension, tubing suspension, pressure monitoring and pumping access, means of attaching a well pump, and reliable means of accessing a well.

In addition, these components are utilized to control oil flow rates by reducing the respective pressure to protect equipment and guide the refining process of oil. The new heavy investments in oil & gas exploration activities and refineries and pipelines in the Middle East & Africa, Americas, and Asia are the major factors that fuel the growth of wellhead equipment market. For instance, in November 2019, KCA Deutag, an oil & gas services company got contracts of approximately $460 m for drilling and exploration operations in Europe and the Middle East & Africa.

Wellhead Equipment Market

Rise in redevelopment of mature oil wells drives the wellhead equipment market. For instance, in May 2019, KBR, Inc., the U.S.-based engineering and construction company signed an agreement with Cepsa, a Spanish oil & gas firm and Sonatrach, an Algerian government-owned company, for redevelopment of oil fields located in the Hassi Messaoud, Algeria. The redevelopment includes establishment of central processing facilities with associated structures. However, fluctuations in foreign currencies and increase in prices of raw materials are expected to hamper the wellhead equipment market growth.

Furthermore, technological developments in wellhead system is expected to fuel its demand and offer growth opportunities for the market during the forecast period. For instance, in March 2019, ABB, a Swiss-Swedish multinational corporation launched ABB Ability Wellhead Manager, a versatile new cloud-based visualization system for oil & gas operators. Similarly, in August 2017, Australia-based KINETIC and WEFIC collaborated to launch high-end wellheads in Australia. The new feature of wellheads includes nested hanger configurations. The new wellheads has ability to drill without dismantling blowout preventer (BOP).

The global wellhead equipment market is segmented on the basis of type, application, and region. By type, the market is divided into casing heads, casing spools, Christmas trees, tubing adapters, and others. Others segment includes casing hangers, tubing hangers, tree caps, and gate valves.

Wellhead Equipment Market
By Component
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Tubing Adapters segment is projected to grow at a significant CAGR

By type, casing spools segment garner largest share in terms of revenue and tubing adapters segment is expected to grow during the forecast period. Rise in oil well exploration projects is expected to provide lucrative opportunities for tubing adapters for market expansion.

Wellhead Equipment Market
By Application
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On-shore segment holds dominant position in 2018

By application, the wellhead equipment market is bifurcated into on-shore and off-shore. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2018, by application, the on-shore segment accounted for the largest share in the global market in terms of revenue. Furthermore, increase in number of oil refinery projects drives the market growth. North America accounted for the largest share in the global market in terms of revenue in 2018. Developed economies such as the U.S. and others are expected to support market expansion due to increase in demand for oil & gas.

Wellhead Equipment Market
By Region
2026
North America 
Europe
Asia-Pacific
LAMEA

North America holds a dominant position in 2018 and is expected to grow at a highest rate during the forecast period.

Competition Analysis

The key market players profiled in the wellhead equipment market report include Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Jiangsu Sanyi Petroleum Equipment Co., Ltd, JMP Petroleum Technologies, Inc., Msp/drilex, Inc., Uztel S.A, Sunnda Corporation, and Weir Group.

The major players operating in the global market have adopted key strategies such as acquisitions and business expansion to strengthen their market outreach and sustain the stiff competition in the wellhead equipment market. For instance, in April 2019, Weir Group opened a new 92,000 square-foot customer service center at David Mims Business Park in New Mexico, U.S. to fulfil the rise in customer demand. Moreover, in February 2019, Integrated Equipment, Inc., a manufacturer of oilfield equipment received $9 million from Veritas Financial Partners for future growth and improve its supply chain by establishing a global support network. In July 2018, Weir Group, a Scottish engineering firm acquired ESCO Corporation. The ESCO Corporation is merged with Weir Group to operate as a new division. It deals with oil & gas drilling tools, and accessories & parts.

Key Benefits for Stakeholders:

  • The report provides an extensive analysis of the current and emerging wellhead equipment market trends and dynamics.  
  • In-depth wellhead equipment market analysis is conducted by constructing estimations for the key segments between 2018 and 2026. 
  • Extensive analysis of the wellhead equipment market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global wellhead equipment market forecast analysis from 2018 to 2026 is included in the report.
  • The key market players operating in the global wellhead equipment market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the wellhead equipment industry. 

Global Wellhead Equipment Market Segments:

By Type

  • Casing Heads
  • Casing Spools
  • Christmas Trees
  • Tubing Adapters
  • Others

By Application

  • On-shore
  • Off-shore

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Thailand
    • Australia 
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East 
    • Africa

Key Players

  • Delta Corporation
  • EthosEnergy Group Limited
  • Integrated Equipment
  • Jereh Oilfield Equipment
  • Jiangsu Sanyi Petroleum Equipment Co., Ltd
  • JMP Petroleum Technologies, Inc.
  • MSP/Drilex, Inc.
  • Sunnda Corporation
  • Uztel S.A 
  • Weir Group

Wellhead Equipment Market Report Highlights

Aspects Details
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By TYPE
  • Casing Heads
  • Casing Spools
  • Christmas Trees
  • Tubing Adapters
  • Others
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By APPLICATION
  • Onshore
  • Offshore
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

JMP Petroleum Technologies, Inc., The Weir Group PLC, Delta US Corporation LLC, Jiangsu Sanyi Petroleum Equipment Co., Ltd., UZTEL S.A., Integrated Equipment, Inc., Sunnda Corporation, Yantai Jereh Oilfield Services Group Co., Ltd., . EthosEnergy Group Limited, MSP/DRILEX, (Shanghai) Co., Ltd.

Analyst Review

The wellhead equipment market holds high growth potential in the oil & gas industry, owing to growing investment for oil & gas exploration. For instance, in November 2018, PetroChina, a China-based oil & gas company is aiming to raise the oil output in 2021 at Northwestern Xinjiang region. The site is newly discovered oilfield. In addition, PetroChina and Sinopec, the China-based top oil companies have collaborated to explore and produce crude oil in the Western regions of China to increase the domestic output. Similarly, in February 2019, Saudi Aramco planned to expand the oil & gas exploration internationally. It aims to compete with the major competitors such as Royal Dutch Shell and Exxon Mobil to expand into overseas drilling.

The market has witnessed significant growth over the past decade, owing to increase in demand for wellhead equipment due to rise in redevelopment of mature oil wells. For instance, in May 2019, KBR, Inc., the U.S.-based engineering and construction company signed an agreement with Cepsa, a Spanish oil and gas firm and Sonatrach, an Algerian government-owned company, for redevelopment of oil fields located in the Hassi Messaoud, Algeria. The redevelopment includes establishment of central processing facilities with associated structures.

The market players are also expanding their companies and enhancing their product portfolios to increase their market potential in terms of geographic and customer base expansion. Moreover, the leading players in the market are producing affordable and efficient wellhead equipment to cater to a large customer base. For instance, in February 2019, Integrated Equipment, Inc., a manufacturer of oilfield equipment, received $9 million from Veritas Financial Partners for future growth and improve its supply chain by establishing a global support network.

Among the analyzed geographical regions, North America is expected to account for the highest CAGR in the global market throughout the forecast period.

 

Author Name(s) : Amar Chinchane | Sonia Mutreja
Frequently Asked Questions?

The wellhead equipment market is projected to reach $7,991.8 million by 2026.

The rise in redevelopment of mature oil wells, and oil price recovery are the key drivers of the wellhead equipment industry.

The report sample for wellhead equipment market report can be obtained on demand from the website.

The technological developments in wellhead system is the emerging trend in the wellhead equipment market.

Acquisition is the key growth strategy of wellhead equipment market players.

The statistical data of the top market players of wellhead equipment market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the wellhead equipment industry.

North America region will provide more business opportunities for wellhead equipment market in coming years.

Based on application, the onshore segment holds the maximum share of the wellhead equipment market.

Delta Corporation, EthosEnergy Group Limited, Integrated Equipment, Jereh Oilfield Equipment, Jiangsu Sanyi Petroleum Equipment Co., Ltd, JMP Petroleum Technologies, Inc., Msp/drilex, Inc., Uztel S.A, Sunnda Corporation, and Weir Group.

Latin America, China, and Germany are the potential customers of wellhead equipment industry.

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Wellhead Equipment Market

Global Opportunity Analysis and Industry Forecast, 2019-2026