iCrowdNewswire Jan 13, 2021 2:00 PM ET
Rise in investment for global exploration and production activities along with technological advances in well drilling equipment is creating the demand for Pressure Control Equipment Market. Pressure control equipment enhances safety improves efficiency during drilling. Growing demand for safety norms for oil and gas industry is also an important factor for the growth of pressure control equipment market. The oil and gas industry is expected to grow with the rising demand of hydrocarbons, which serve as an important source of global energy supply is the major driver for boosting up the demand for pressure control equipment market.
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The key players in the pressure control equipment market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are – Schlumberger (US), Weatherford International (US), Control Flow (US), National Oilwell Varco (US), Baker Hughes (US), Lee Specialties (Canada), The Weir Group (UK), Hunting (US), Tis Manufacturing (UK), and Brace Tool (Canada). These players contribute a major share in the growth of pressure control equipment market.
Apart from the top key players, there are other players that contribute to the market growth. These include Integrated Equipment (US), The IKM Group (Norway), GKD Industries (Canada), IoT Group (Australia), and others.
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The pressure control equipment market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of pressure control equipment market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America). North America is the largest revenue generating segment and is expected to continue its dominance during the forecast period. Rising activities of deepwater drilling in US is creating lucrative opportunities for oil and gas equipment market, thus positively impacting the growth of pressure control equipment market. Among the North American countries, US dominates pressure control equipment market. A number of factors such as increasing focus on shale plays and unconventional sources due to technological innovations in the region is driving the growth of pressure control equipment market. US and Australia have a large presence of huge onshore shale reserves which is likely to boost the demand for pressure control equipment for onshore oil fields. Other regions such as Middle East & Africa and Latin America also contribute to a significant share of the pressure control equipment market due to rising exploration and production (E&P) activities.
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