Fort Collins, Colorado, April 28, 2024 (GLOBE NEWSWIRE) --
The technological advances and integration of sensors and artificial intelligence push forward the growth of the industry.
Technological advancements in oilfield equipment are pivotal drivers fueling market growth within the energy sector. Innovations in well drilling and completion technologies have expanded the industry's capacity to tap into previously inaccessible oil and natural gas reservoirs, thereby meeting the escalating global demand for energy. Moreover, these advancements have contributed to mitigating the environmental impact of energy production by optimizing production efficiency and reducing the need for excessive drilling.
Integrating advanced sensors and artificial intelligence (AI) technologies has revolutionized the drilling process, enhancing operational efficiency and resource utilization. Technological progress is instrumental in unlocking new energy resources, accessing remote or challenging locations, and exploiting complex reservoirs.
Pressure control equipment is a critical component within the oilfield equipment setup, ensuring the maintenance of optimal pressure levels throughout operations. Notably, pressure control systems are anticipated to play an integral role in forthcoming technologies, including robotic drilling systems and in-pipe inspection robots.
Furthermore, the surge in global investment in exploration and production activities significantly contributes to market expansion. Exploration and production (E&P) processes encompass various upstream activities such as exploration, drilling, and extraction. The International Energy Forum (IEF) reports a notable 39% increase in oil and gas upstream expenditure, reaching USD 499 billion in 2022 compared to 2021, with projections estimating a further increase to USD 640 billion by 2030.
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Segmentation Overview:
The pressure control equipment market has been segmented into type, component, application, and region.
High-pressure segment registered a significant market share in 2023.
- Based on the type, the market is further bifurcated into high-pressure and low-pressure equipment types. The high-pressure segment accounted for the largest market share and held a revenue share of 61.2% in the pressure control equipment market in 2022.
Control head is the leading segment and attracts more growth in the coming years.
- Based on the component, the market is further categorized into valves, control heads, wellhead flanges, Christmas trees, adapter flanges, and quick unions. The control heads segment held the dominant market share and accounted for a revenue share of 26.3% in the pressure control equipment market in 2022.
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Pressure Control Equipment Market Report Highlights:
- The pressure control equipment market growth is anticipated at a CAGR of 6.4% by 2032.
- Technological advances in oilfield equipment are a major pressure control equipment industry driver.
- North America held the dominant share in the pressure control equipment market, accounting for a high revenue share. This can be attributed to factors such as the increased demand from the chemical and petrochemical industries.
- Some prominent players in the pressure control equipment market report include Allied Valve, Inc., Baker Hughes Company, Brace Tool, Emerson Electric Co., GKD Industries Ltd., Schlumberger Limited, Weatherford International plc., National Oilwell Varco, Inc., IKM Production Technology AS, and TIS Manufacturing Limited.
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