Pressure Control Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
The oil field equipment is witnessing substantial growth in technological advancements. Further, the growing investments in E&P (exploration and production) and increased production of unconventional hydrocarbon are boosting growth in the pressure control equipment market. North America is one of the leading regions from the pressure control equipment market to contribute with a major portion in the industry growth.
Moreover, the rising demand for tools and equipment and advanced technology for efficient exploration and production activities across the world is driving the pressure control equipment market. The continuously changing oil prices due to the gap in geopolitics, supply and demand, and some other factors are putting restrictions on the growth in the pressure control equipment market.
The U.S. is leading in the pressure control equipment market with the increased ratio of oil production in the country. Further, fracking is receiving enormous support from the U.S. government that will accelerate the production of oil in the country. Similar to the oil & gas industry, fracking actions also need pressure control equipment to ensure safety and transportation facilities, and it further bolsters industry requirements in the pressure control equipment market.
The manufacturers from fracking industries are taking initiatives for the development of cost-effective and durable equipment for optimization, and it leads to growth in the pressure control equipment market. Further, an increasing number of research and development activities in this field are anticipated to drive the pressure control equipment market.
The excessive use of pressure control equipment for shale oil extraction is putting an adverse impact on the groundwater reserves. It will adversely affect the human race. The increasing community efforts to restrict these activities may curtail growth in the pressure control equipment market. Further, growing campaigns for the promotion of renewable sources of energy and government support to these initiatives can stifle pressure on the pressure control equipment market.
Pressure Control Equipment Market – Introduction
Pressure control equipment is a range of products that aid in maintaining optimal pressure inside wells and through transportation systems to ensure a steady flow of material feed throughout the system. Pressure control devices are generally used in oil and gas exploration activities, where maintaining effective pressure is essential for safety as well as preserving the quality of crude oil.
Various types of pressure control equipment which can be found in the market are wireline pressure control equipment, control head, flow tree, hand unions, tool catcher, wellhead swedges, stuffing box, a fluid chamber, hydraulic wireline valve, coiled tubing pressure control equipment, manual wireline valve, and dual wireline valve. The pressure control equipment market is expected to register robust growth during the forecast period with the market generating revenues of approximately US$ 6 billion in 2018.
Pressure Control Equipment Market – Dynamics
Burgeoning Demand for Energy to Underpin Pressure Control Equipment Market Growth
Demand for energy has been increasing continuously in recent years with a report from the International Energy Agency suggesting a 2.3% rise in the global energy demand in 2018. Fluctuations in global temperature and intensifying industrial development in regions around the world is creating a surge in the demand for integration of sophisticated heating and ventilation systems in production chains. The report from the International Energy Agency also revealed that natural gas was the most in-demand fuel during 2018. Additionally, a significant surge in the fuel prices around the world has helped oil and gas companies to increasingly invest in infrastructure for streamlining the production process. Pressure control equipment is integral to maintaining safety and quality of crude oil. Bolstering demand for oil and gas in the foreseeable future is driving companies into increasingly intensifying their onshore and offshore exploration activities to gain maximum profitability in the market. The accelerating rate of oil and gas exploration is expected to fuel pressure control equipment market growth.
Intensifying Fracking Activities to Open Lucrative Opportunities in the Market
The recent discovery of new shale oil reserves is being exploited by countries to meet the energy demands of the world. The US is at the forefront of this pervasive trend with the International Energy Agency predicting a 30% increase in oil production in the country owing to the ongoing fracking activities in West Texas. Additionally, fracking has received extended support from the Trump administration, a move which is further estimated to accelerate oil production in the US. Like the oil and gas industry, fracking activities require pressure control equipment for safety and transportation of the oil. Intensifying fracking activities is prompting manufacturers in the pressure control equipment market to funnel investments into the development of durable and cost-effective equipment specifically to aid in optimizing the process of fracking. Increased research and developmental activities in the area are expected to bolster pressure control equipment market growth.
Technological Innovations Aiding in Improving Product Quality and Maintenance
Advancements in Industrial Internet of Things (IIoT) in addition to the development of sophisticated data analytics platforms and simulation software is expected to aid in pressure control equipment market proliferation. Manufacturers in the pressure control equipment market are increasingly relying on digital tools for testing the reliability of equipment. Data analytics is increasingly growing popular among companies for assessing the design of pressure control equipment and streamline the process of production to minimize costs and maximize profitability. In addition, remote monitoring of pressure control equipment is allowing oil and gas companies in cost-effective maintenance of the equipment. These factors are likely to contribute significantly to the pressure control equipment market proliferation.
Environmental Concerns Surrounding Oil and Gas Exploration to Hamper Market Growth
Accelerating oil and gas exploration activities are putting excessive pressure on the environment. Onshore and offshore drilling disturb marine and land ecosystems disturbing the balance and can potentially degrade environmental conditions. Additionally, exploration activities such as fracking use an excessive amount of water while injecting toxic chemicals into the earth’s surface for extraction of shale oil. This can contaminate groundwater reserves and eventually impact human health. Growing community efforts towards restricting the activities are expected to dent sales of pressure control equipment. In addition, intensifying campaigns to promote renewable sources of energy and increasing governmental investments in such projects is a vital factor which is likely to stifle pressure control equipment market growth.
Pressure Control Equipment Market – Notable Highlights
Some of the most prominent competitors operating in the competitive landscape of global pressure control equipment market include –
Pressure Control Equipment Market – Segmentation
On the basis of components, the pressure control equipment market can be segmented into:
Based on the type, the pressure control equipment market can be segmented into:
On the basis of application, the pressure control equipment market can be segmented into:
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