Wellhead Equipment Market - Segmented by Location, and Geography - Growth, Trends, and Forecast (2019 - 2024)

Wellhead Equipment Market - Segmented by Location, and Geography - Growth, Trends, and Forecast (2019 - 2024)

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Wellhead Equipment Market

The wellhead equipment market is expected to witness a slightly higher growth rate between 2018 and 2023, owing to the resurgence of oil & gas industry. In May 2018, the Brent Crude and WTI Crude prices reached USD 77.21 per bbl and USD 71.14 per bbl, respectively. The rising oil prices are expected to boost the oil & gas exploration and production activities across the globe, while creating opportunities for companies engaged in manufacturing and sales of oilfield equipment. The recovery in oil & gas prices in 2018 has led to a decent surge in drilling activities across the world and is expected to open up the long-suppressed oilfield equipment, such as wellhead systems. Further, as drilling moves to harsher and manually unapproachable environment, wellhead makers are continually innovating to meet the new demands. One such development in wellhead system is the unmanned wellhead platform, which is currently deployed in the North Sea and several under consideration for other licenses on the Norwegian continental shelf. In 2016, Ramboll carried out a study for The Norwegian Petroleum Directorate pointing out pros and cons of the concept. The conclusion is that unmanned platforms may provide efficient development solutions concerning costs and production for shallow water developments on the Norwegian shelf. Furthermore, factors, such as rising exploration and production activities across the world and increasing demand for efficient well control & development system, are expected to drive the global wellhead equipment market. However, repercussions of 2014 - 2017 global downturn in oil & gas industry, including a delay of major oil & gas projects may restrain the market in a short-term scenario.

Delay in Oil & Gas Projects - Slowing the Market Growth in Short-term

The downturn in crude oil price has caused a delay in several oil and gas upstream projects globally. Delay in projects sanctioned during 2017 was more than double over the cumulative count in 2015 and 2016. As of January 2018, there are still more than 100 projects in the pre-FID backlogs. The estimated reserve of these projects is expected to be more than 90,000 mmboe. The annual budget for these projects is also likely to be higher than earlier expected. Further, Deepwater projects are expensive and challenging and have suffered the most due to the crude oil price downturn. A large number of oil and gas projects got delayed in the North Sea and is expected to cost more than planned budgets. Between 2011 and 2016, less than 25% of the 58 major upstream oil and gas projects executed in the United Kingdom Continental Shelf (UKCS) were delivered on time. The average delay in time was ten months. Although the surge in oil & gas prices may help the project to get off the ground, it is unlikely to happen coming five years. Hence, delaying projects may curtail the growth of global wellhead equipment market during the forecast period.

North America to Witness High Growth Rate in Wellhead Equipment Market

Drilling activities in North America have been increasing amidst rising oil & gas prices. The North American rig count reached 1118 in the first week of May 2018. The United States accounted for 1032 rigs while Canada and Gulf of Mexico had 86 rigs and 19 rigs operating, respectively. The figure was up by 114 from the 974 rig counts recorded in the first week of May 2017. This surge in drilling activities has created optimism in the North American oil & gas market and hence, may be considered as a good sign for wellhead equipment providers.

US Set to Maintain High Demand

The total oil production in the United States reached 6837000 bbl per day in April 2018, while the gas production touched 65,829 million cft per day. Moreover, the United States rig count reached 1032 in the first week of May 2018 from 665 in the first week of January 2017. Further, ongoing investments by oil & gas in deep water and ultra-deepwater drilling activities, like the one by Shell Offshore for Vito, a deep-water development in the United States Gulf of Mexico in April of 2018, are expected to create new avenues for wellhead companies in the region.

                                               Wellhead Equipment Market

Wellhead Equipment Market Key Developments

  • February 2018: Schlumberger Ltd. and Subsea 7, have entered into exclusive negotiations to form a joint venture that builds on the success of Subsea Integration Alliance, which was established in 2015. Subsea Integration Alliance currently combines the subsurface expertise, subsea production systems (SPS) and subsea processing systems of OneSubsea with the subsea umbilical, riser and flowline systems (SURF) capability of Subsea 7.

Major Players in Wellhead Equipment Market

  • Baker Hughes - a GE Co.
  • Schlumberger Ltd.
  •  Weatherford International Ltd.
  •  National Oilwell Varco Inc.,
  • Great Lakes Wellhead, Inc.
  •  Performance Wellhead & Frac Components Inc.
  •  Cactus Wellhead, LLC.

Reasons to Purchase Wellhead Equipment MarketReport

  • Current and future wellhead equipment market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

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1. Executive Summary

2. Research Methodology

                2.1 Scope of Study

                2.2 Market Definition

                2.3 Study Assumptions

                2.4 Study Deliverables

                2.5 Research Phases

3. Wellhead Equipment Market Overview

                3.1 Introduction

                3.2 Global Oil & Gas Production & Consumption and Forecast until 2023 (in mtoe)

                3.3 Upstream CAPEX Analysis

                3.4 Recent Trends and Developments

                3.5 Investment Opportunities

                3.6 Government Policies and Regulations

4. Market Dynamics

                4.1 Wellhead Equipment Market Drivers

                4.2 Wellhead Equipment Market Restraints

                4.3 Wellhead Equipment Market Opportunities

5. Wellhead Equipment Market Supply Chain Analysis

6. Cost Analysis

7. Industry Attractiveness - Porter’s Five Forces Analysis        

                7.1 Bargaining Power of Suppliers

                7.2 Bargaining Power of Consumers

                7.3 Threat of New Entrants

                7.4 Threat of Substitute Products & Services

                7.5 Intensity of Competitive Rivalry

8. Market Segmentation and Analysis by Wellhead Components

                8.1 Casing Heads

                8.2 Casing Spools

                8.3 Tubing Heads

                8.4 Casing Hangers

                8.5 Secondary Seals

                8.6 Tubing Hangers

                8.7 Tubing Head Adapters

                8.8 Other Components

9. Wellhead Equipment Market Segmentation and Analysis by Location (Overview, Market Size and Demand Forecast until 2023)

                9.1 Onshore

                9.2 Offshore

10. Wellhead Equipment Market Segmentation and Analysis by Application (Overview, Market Size and Demand Forecast until 2023)

                10.1 Oil & Gas

                10.2 Geothermal

11. Wellhead Equipment Market Regional Analysis (Overview, Market Size, and Demand Forecast until 2023)

                11.1 US

                11.2 Canada

                11.3 UK

                11.4 Russia

                11.5 Saudi Arabia

                11.6 Iran

                11.7 Iraq

                11.8 China

                11.9 Brazil

12. Wellhead Equipment Market Key Company Analysis (Overview, Products & Services, Financial Analysis**, Recent Developments, and Analyst View)

                12.1 Baker Hughes - a GE Co.

                12.2 Schlumberger Ltd.

                12.3 Weatherford International Ltd.

                12.4 Cactus Wellhead, LLC

                12.5 National Oilwell Varco Inc.

                12.6 Great Lakes Wellhead, Inc

                12.7 Performance Wellhead & Frac Components Inc

                *list not exhaustive

13. Wellhead Equipment Market Competitive Landscape

                13.1 Mergers & Acquisitions

                13.2 Joint Ventures, Collaborations and Agreements

                13.3 Market Share Analysis

                13.4 Strategies Adopted by Leading Players

14. Appendix

                14.1 Contact Us

                14.2 Disclaimer

                *let us know if you are interested in any specific company profile

                **Subject to availability on public domain

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