Pressure Control Equipment Market
Pressure control equipment is a set of tools and device that are generally used to maintain the optimal pressure levels inside a wellbore during well intervention or workover operations. The pressure control equipment can withstand arduous conditions which ensure safety and quality, and minimize risks during drilling. It is used in number of applications where the pressure needs to be measured, monitored, and controlled. Rapid implementation of advanced technology in oilfield equipment on the account of growing global investment in exploration and production (E&P) is considered to be key factors influencing the development of pressure control equipment market.
Pressure Control Equipment Market – Notable Developments
Some of the leading players operating in the pressure control equipment market are Schlumberger, GKD Industries, Integrated Equipment, Brace Tool, Hunting, TIS Manufacturing, Baker Hughes, a GE company (BHGE), National Oilwell Varco, Weatherford International, The IKM Group, FHE USA, Control Flow, Lee Specialties, The Weir Group, IoT Group, and others.
In February 2019, Schlumberger and Rockwell Automation, one of the largest companies dedicated to industrial automation and information, entered into an agreement to form a joint venture called Sensia, the first fully-integrated provider of digital oilfield automation solutions. Additionally, it created a JV – OneStim with Weatherford International, PLC in March 2017 to offer unconventional resource plays’ products and services to their customers in the U.S. and Canada.
In September 2018, Baker Hughes, a GE company (BHGE), a key player of pressure control equipment market, was awarded an integrated services contract by Saudi Aramco for its Marjan Oilfield. Under the contract’s terms the company provided drilling services, drilling fluids engineering services, and coiled tubing services in Marjan. BHGE also received a similar contract from Equinor in June 2018 to support the petroleum company’s large proportion of drilling and well construction activities in the North Sea’s Norwegian sector.
Pressure Control Equipment Market Dynamics
Increasing demand for hydrocarbons, which serve as a key source of global energy supply, has brought a significant transformation in oil and industry in various regions across the globe. Such transformation has led to advances in well drilling technologies and adoption of a variety of equipment including pressure control equipment which measures, monitor, and control the fluid pressure.
Surging demand for oil and gas equipment along with the rising need for higher safety norms by well drilling contractors is expected to accelerate the growth of slikline pressure control equipment market. In addition, increasing requirements of special instruments and materials in high pressure and high temperature wells will possibly push the demand for pressure control equipment.
North America to Contribute Substantial Growth to Pressure Control Equipment Market
Leading players foresee North America as a lucrative region for pressure control equipment market, due to increase in deepwater drilling activities in the region. Continued focus on unconventional sources and shale plays on the coattails of various technological innovations and developments is anticipated to drive the pressure control equipment market in the developed countries of North America such as the U.S. and Canada. Further, surge in unconventional hydrocarbon production in the region has been envisaged to complement the future expansion of pressure control equipment market.
While increasing capital spending by leading companies in North America will continue to propel the market growth, factors such as lack of expertise, failure in drilling rig activities, and limited exposure to technologies may influence passive growth of pressure control equipment market.