The "Pressure Control Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The pressure control equipment market is expected to grow at a CAGR of over 6.1% during the forecast period of 2021-2026.
Companies Mentioned
- Allied Valves, Inc.
- Baker Hughes (A GE Company)
- Brace Tool, Inc.
- Emerson Electric, Co.
- FHE USA, LLC
- GKD Industries, Ltd.
- Hunting PLC
- IKM Pressure Control AS
- Schlumberger, Ltd.
- Weatherford International, PLC
- National Oilwell Varco, Inc.
- Kirloskar Brothers, Ltd.
- Lee Specialties, Inc.
- TIS Manufacturing, Ltd
Key Market Trends
Onshore Applications are Expected to Witness Significant Growth
- The steel manufacturing industry has also been on a rise in recent years, with China, Japan, and India holding top three positions in steel manufacturing. Pressure control equipment is used for controlling water pressure or water flow to a mold and other times for controlling the amount of air to a casting process to maintain a specific temperature.
- Because most easily discoverable oil has been obtained, more complex wells are now being drilled deeper than before, with deep and ultra-deep-water operations also on the rise. Both factors have led to a growth in demand for the oilfield services market.
- Pipelines stand to be one of the most integral arrangements in various industries, such as oil and gas, refineries, and power generation, to transport media from its source to the place where it is to be used or transformed into final products. There are thousands of miles of crucial pipelines running across the world for transportation of oil and gas, LNG, etc. Such pipelines run in onshore locations.
- In such industries, valves are used in the upstream, midstream, and downstream sectors for application in piping, where they help to optimize the operating conditions of pipelines. Countries such as Kuwait, Saudi Arabia, Algeria, and Oman have been witnessing greenfield investments and expansions in pipeline projects. With this, the demand for valves is also expected to increase, therefore boosting the growth of pressure control equipment.
Asia-Pacific to Drive The Market Growth
- Demand for oil in the developing world, which is expected to overtake that of industrialized countries in the future, is particularly driven by China, India, and other developing nations across Asia with continued strong economic growth. The market is expected to grow, as the number of wells being drilled is increasing as a result of increased search activities for coal seam gas and shale gas and lucrative oil and gas prices.
- India's investment in the refining and petrochemicals industry is expected to pave the way for the high pressure control equipment market in India. India's refining capacity grew to 22495.43 TMT in March 2019, an increase of 6.51% from March 2018. China's refining capacity is also on the rise, with a recent contract for 1 MTA ethylene and refinery expansion project of Sinochem Quanzhou Petrochemical. Factors such as these will contribute towards providing growth opportunities to pressure control equipment.
- With China's five-year plans for the period of 2016 - 2020, the government made plans to increase the proportion of natural gas in the energy consumption mix to about 10% by 2020, from about 5.9% as estimated in the year 2015, through enhanced domestic exploration and production activities. Such initiatives by the government are one of the driving factors for the growth of the pressure control equipment market.
- China is also expected to strengthen its gas pipeline network to boost clean fuel's share in the country's energy mix during the forecast period. As per the National Development and Reform Commission of China, the country's oil & gas pipeline network is expected to reach 240,000 km by 2025, with natural gas pipelines reaching 123,000 kilometers. Therefore, the increasing demand and new pipeline infrastructure in Asia-Pacific are some of the major factors that are driving the pressure control equipment market growth.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.4.1 Technological Advancement in Oilfield Equipment
4.4.2 Increase in Global Investments in Exploration & Production (E&P)
4.5 Market Restraints
4.5.1 Customized Demands By Drillers
4.5.2 Decline in Drilling Activities and Rig Counts
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 Component
5.2 Application
5.3 Type
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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