San Francisco, CA -- (SBWIRE) -- 04/19/2019 -- Pressure Control Equipment Market – Introduction
Pressure control equipment is a range of products that aid in maintaining optimal pressure inside wells and through transportation systems to ensure a steady flow of material feed throughout the system. Pressure control devices are generally used in oil and gas exploration activities, where maintaining effective pressure is essential for safety as well as preserving the quality of crude oil.
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Various types of pressure control equipment which can be found in the market are wireline pressure control equipment, control head, flow tree, hand unions, tool catcher, wellhead swedges, stuffing box, a fluid chamber, hydraulic wireline valve, coiled tubing pressure control equipment, manual wireline valve, and dual wireline valve. The pressure control equipment market is expected to register robust growth during the forecast period with the market generating revenues of approximately US$ 6 billion in 2018.
Pressure Control Equipment Market – Dynamics
Burgeoning Demand for Energy to Underpin Pressure Control Equipment Market Growth
Demand for energy has been increasing continuously in recent years with a report from the International Energy Agency suggesting a 2.3% rise in the global energy demand in 2018. Fluctuations in global temperature and intensifying industrial development in regions around the world is creating a surge in the demand for integration of sophisticated heating and ventilation systems in production chains. The report from the International Energy Agency also revealed that natural gas was the most in-demand fuel during 2018. Additionally, a significant surge in the fuel prices around the world has helped oil and gas companies to increasingly invest in infrastructure for streamlining the production process. Pressure control equipment is integral to maintaining safety and quality of crude oil. Bolstering demand for oil and gas in the foreseeable future is driving companies into increasingly intensifying their onshore and offshore exploration activities to gain maximum profitability in the market. The accelerating rate of oil and gas exploration is expected to fuel pressure control equipment market growth.
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Intensifying Fracking Activities to Open Lucrative Opportunities in the Market
The recent discovery of new shale oil reserves is being exploited by countries to meet the energy demands of the world. The US is at the forefront of this pervasive trend with the International Energy Agency predicting a 30% increase in oil production in the country owing to the ongoing fracking activities in West Texas. Additionally, fracking has received extended support from the Trump administration, a move which is further estimated to accelerate oil production in the US. Like the oil and gas industry, fracking activities require pressure control equipment for safety and transportation of the oil. Intensifying fracking activities is prompting manufacturers in the pressure control equipment market to funnel investments into the development of durable and cost-effective equipment specifically to aid in optimizing the process of fracking. Increased research and developmental activities in the area are expected to bolster pressure control equipment market growth.
Technological Innovations Aiding in Improving Product Quality and Maintenance
Advancements in Industrial Internet of Things (IIoT) in addition to the development of sophisticated data analytics platforms and simulation software is expected to aid in pressure control equipment market proliferation. Manufacturers in the pressure control equipment market are increasingly relying on digital tools for testing the reliability of equipment. Data analytics is increasingly growing popular among companies for assessing the design of pressure control equipment and streamline the process of production to minimize costs and maximize profitability. In addition, remote monitoring of pressure control equipment is allowing oil and gas companies in cost-effective maintenance of the equipment. These factors are likely to contribute significantly to the pressure control equipment market proliferation.
Environmental Concerns Surrounding Oil and Gas Exploration to Hamper Market Growth
Accelerating oil and gas exploration activities are putting excessive pressure on the environment. Onshore and offshore drilling disturb marine and land ecosystems disturbing the balance and can potentially degrade environmental conditions. Additionally, exploration activities such as fracking use an excessive amount of water while injecting toxic chemicals into the earth's surface for extraction of shale oil. This can contaminate groundwater reserves and eventually impact human health. Growing community efforts towards restricting the activities are expected to dent sales of pressure control equipment. In addition, intensifying campaigns to promote renewable sources of energy and increasing governmental investments in such projects is a vital factor which is likely to stifle pressure control equipment market growth.
Pressure Control Equipment Market – Notable Highlights
Continuing the trend of integrating technology in oil production management, Schlumberger and Rockwell Automation announced the launch of a joint venture named Sensia which will offer automated digital oilfield management solutions to its clients.
Baker Huges, a leading player in the pressure control equipment market, announced the construction of a state-of-the-art oilfield service center in Saudi Arabia in 2018 which will support drilling, wireline, and pressure pumping services for the King Salman Energy Park.
Leveraging the advancements in technology, IPT Global LLC launched a software suite designed to plan, test, reports and archive the results of pressure testing of well throughout its life cycle. The software tool provides detailed insights into pressure control and aids oil and gas companies in effective and affordable maintenance of their equipment.
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Other leading players operating in the pressure control equipment market include FHE USA, Integrated Equipment, The IKM Group, The Weir Group, National Oilwell Varco, Weatherford International, TIS Manufacturing, Control Flow, Hunting, Brace Tool, GKD Industries, and Lee Specialities.
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