Pressure Control Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
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:
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report