Rise in exploration and drilling activities for oil around the globe, oil price recovery, and increase in redevelopment of mature oil wells fuel the global wellhead equipment market
PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Wellhead Equipment Market by Type (Casing Heads, Casing Spools, Christmas Trees, Tubing Adapters, and Others) and Application (On-Shore and Off-Shore): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global wellhead equipment industry was estimated at $5.32 billion in 2018, and is anticipated to hit $7.99 billion by 2026, registering a CAGR of 5.0% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in exploration and drilling activities for oil around the globe, oil price recovery, and increase in redevelopment of mature oil wells fuel the global wellhead equipment market. On the other hand, surge in prices of raw materials and fluctuations in foreign currencies impede the growth to some extent. However, high-end technological developments in wellhead system are expected to pave the way for lucrative opportunities in the industry.
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The casing pools segment to dominate by 2026-
Based on type, the casing spools segment is accounted for nearly one-third of the global wellhead equipment market revenue in 2018 and is expected to lead the trail by the end of 2026. Technological advancements to improve drilling efficiency in the oil & gas industry is expected to drive the segment growth. The tubing adapters segment, on the other hand, would manifest the fastest CAGR of 6.7% throughout the forecast period. Ongoing expansion of the oil & gas industries around the globe fuels the growth of the segment.
The onshore segment to maintain the dominant share-
Based on application, the onshore segment contributed to more than two-thirds of the global wellhead equipment market share in 2018 and is anticipated to maintain its top status by 2026. The same segment is also projected to register the fastest CAGR of 5.5% during the study period, owing to rise in investments in the onshore oil & gas exploration activities.
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North America garnered the major share in 2018-
Based on geography, North America garnered the major share in 2018, generating around two-fifths of the global wellhead equipment market. The same region would also portray the fastest CAGR of 5.8% from 2019 to 2026. The growing number of petrochemical companies in the region propels the market growth.
Key players in the industry-
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