The global electric & hydraulic wellhead drives for onshore application market was estimated to be around US$ 111.7 million in 2017 and is expected to register a CAGR of 8.4% over the forecast period (2018–2028).
Albany, NY -- (SBWIRE) -- 02/26/2019 -- The expanding database of Market Research Reports Search Engine (MRRSE) has been recently updated by the addition of a new study which is titled as "Electric & Hydraulic Wellhead Drives for Onshore Application Market Outlook and Growth Stance Forecasted Through 2028". The fact-based research report on the global Electric & Hydraulic Wellhead Drives for Onshore Application Market covers various aspects such as trends, drivers, challenges and opportunities that have an influence on the growth and expansion of the global market. All these factors are analyzed across key regions of Latin America, North America, Europe, Middle and Africa (MEA) and the Asia Pacific. In order to provide an accurate forecast, analysts have presented the current market, which forms the basis of how the metal caps and closures market is expected to develop in the future.
It is estimated that the count of onshore wells will increase to cope up with the increasing demand for oil & gas from various end-use sectors, which in turn is expected to have a positive effect on the growth of the electric & hydraulic wellhead drives market as these wellheads are majorly used for onshore oil production. Although the number of wells is estimated to grow slowly and steadily—rising from 59,000 in 2015 to over 69,000 by 2021 end—the sale of electric & hydraulic wellhead drives is expected to increase at a significant rate due to growing application of PCP systems to pump out water and oil. In shallow wells, relatively more number of PCP systems are used in comparison to deep wells, which is consequently expected to increase the sale of electric & hydraulic wellhead drives.
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The replacement rate of electric & hydraulic wellhead drives is usually between 7 and 10 years, which means that end-use companies replace electric & hydraulic wellhead drives after every 7–10 years. This restricts the new unit sales of electric & hydraulic wellhead drives.
The major players involved in the electric & hydraulic wellhead drives for onshore application market particularly emphasise on acquisitions and expansion in order to enhance their operational efficiency and product portfolio. Besides, strategic collaborations and joint ventures is expected to improve the sale & distribution network and gain momentum during the forecast period.
The global electric & hydraulic wellhead drives for onshore application market is segmented on the basis of product types and regions. On the basis of product types, the global electric & hydraulic wellhead drives for onshore application market is segmented into two types, namely electric wellhead drives and hydraulic wellhead drives. The key regions covered in the report include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa (MEA).
From a regional perspective, the electric & hydraulic wellhead drives for onshore application market in Latin America is projected to witness relatively faster growth rate over the forecast period. Latin America is estimated to account for a share of more than 19% in the overall market value by 2028 end. The market in North America is expected to register a CAGR of 8.7 % in terms of value over the forecast period. Electric & Hydraulic Wellhead Drives for Onshore Application Market in North America is expected to reach US$ 164.3 Mn by the end of 2028, increasing at a CAGR of 8.7 % over the forecast period. The growth rate of the MEA and Europe markets is expected to remain relatively low as compared to the global average between 2018 and 2028.
Examples of some of the players operating in the global Electric & Hydraulic Wellhead Drives for Onshore Application Market are Schlumberger Limited, NETZSCH,GE Electric,Weatherford International, andNational Oilwell Varco, Inc. among others. The industry players, over the recent past, have been channelizing efforts towards acquiring other regional/country players.
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