What is Wellhead Products Market?
Wellhead products are the components at the surface of an oil or gas well that provides the structural and pressure-containing interface for the drilling and production equipment. These products are designed to operate reliably to make operations more efficient. They are installed where casings are terminated by hanging the casings using casing hanger and seals. They are of numerous types including casing head, casing pools, casing hangers, test plugs, tubing head, tubing hangers and others for various purposes.
The market study is being classified by Type (Casing Head, Casing Spools, Casing Hangers, Packoff Seals, Test Plugs, Mudline Suspension System, Tubing Head, Tubing Hangers and Tubing Head Adapter), by Application (On-Shore and Off-Shore) and major geographies with country level break-up.
Weatherford International (United States), The Weir Group plc (United Kingdom), Baker Hughes Inc. (United States), Weir Group Plc. (United Kingdom), Nabors Industries Limited (United States), National Oilwell Varco (United States), Aker Solutions (Norway), Oil States International, Inc. (United States), Forum Energy Technologies (United States and Cameron International Corporation (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Edgen Murray Corporation (United States), Apache Pressure Products (United States), Taurus Engineering (India) and SKF (Sweden).
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Wellhead Products market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Wellhead Products market by Type, Application and Region.
On the basis of geography, the market of Wellhead Products has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increased Demand for Wellhead Products
- Increased Redevelopment of Mature Oil Wells
- Robust Increase in the Distribution Channels
Market Trend
- Technological Developments in Oil and Gas Industry
- The Emergence of Clean Technology
Restraints
- Increased Raw Material Prices
Opportunities
- New Investments in the Oil and Gas Industry
- Increasing Interest in Exploration of Unconventional Resources such as Coal Bed Methane, Shale Oil and others
Challenges
- Fluctuations in the Foreign Currencies may Affect the Market
Market Leaders and some development strategies
Recently, Aker Solutions has completed the acquisition of oil-services provider Reinertsen, building on its position as a leading maintenance and modifications supplier offshore Norway.
In January 2018, Oil States International, Inc., a global oilfield products and services company serving the drilling, completions, subsea, production and infrastructure sectors of the oil and gas industry has announced that it has completed its acquisition of GEODynamics, Inc.
Key Target Audience
Wellhead Products Manufacturers, Raw Material Suppliers, Distributors, Emerging Companies, Research Professionals and End-users