Wellhead Equipment Market 2030: Trends in Customization and Personalization

Wellhead Equipment Market Size & Trends

The global wellhead equipment market size was valued at USD 6.69 billion in 2023 and is expected to grow at a CAGR of 4.9% from 2024 to 2030. The market is driven by several factors, including the increasing demand for energy, the need for efficient and reliable oil and gas extraction, and the growing focus on offshore exploration and production activities. The rising global population and industrialization have led to a surge in energy consumption, which has in turn increased the demand for oil and gas. This has necessitated the exploration and production of oil and gas from new and existing fields, driving the need for wellhead equipment.

Moreover, the growing emphasis on offshore exploration and production activities, particularly in regions such as the Middle East, Africa, and Asia-Pacific, has contributed to the growth of the wellhead equipment market. Offshore exploration and production activities require specialized equipment to withstand harsh environmental conditions, which has led to the development of advanced wellhead equipment designed for offshore applications.

Gather more insights about the market drivers, restrains and growth of Wellhead Equipment Market

Wellhead Equipment Market Report Highlights

• Based on component, hangers held the largest revenue share of 31.44% in 2023. The master valve segment is driven by several key factors. One significant driver is the increasing demand for oil and gas, which is leading to a surge in exploration and production activities globally.
• Based on application, the onshore segment held the market with the largest revenue share of 73.79% in 2023. The onshore wellhead equipment market is driven by several factors.
• North America wellhead equipment market dominated the global industry and accounted for the largest revenue share of over 41.19% in 2023.
• In March 2024, OneSubsea awarded by Prime Energy Resources Development B.V. to supply Wellheads for its Malampaya Field which will be used for for Malampaya Phase 4 to drill and tie-in two new deepwater wells in the Camago and Malampaya East fields to the Malampaya Shallow Water Platform. The drilling is scheduled for 2025 with objective to deliver gas by 2026.
• In June 2023, Dril-Quip delivered wellhead equipment to Petrobras for Petrobras Exploratory project in the Aram Block located in the Santos Basin offshore Brazil.

Wellhead Equipment Market Segmentation

Grand View Research has segmented the global wellhead equipment market report on the basis of component, application and region:

Component Outlook (Revenue, USD Million, 2018 – 2030)

• Hangers
• Flangers
• Master valve
• Choke
• Others

Application Outlook (Revenue, USD Million, 2018 – 2030)

• Onshore
• Offshore

Regional Outlook (Revenue, USD Million, 2018 – 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • Spain
  • France
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE

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