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).

Valley Cottage, NY -- (SBWire) -- 07/02/2018 --Future Market Insights' newly published market report examines the Electric & Hydraulic Wellhead Drives for Onshore Application Market and offers crucial market insights for the next 10 years. According to the report, the Electric Wellhead segment by product type is expected to dominate the market accounting for over 90 % share in the overall market value by 2028 end, registering a CAGR of 9.8 % during the forecast period (2018 – 2028). The estimated value of the global Electric & Hydraulic Wellhead Drives for Onshore Application Market in 2017 is US$ 111.7 Mn and is expected to expand at a CAGR of 8.4% to reach US$ 251.3 Mn by the end of 2028.

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 impact on the growth of the Electric & Hydraulic Wellhead Drives market as these wellheads are largely used for onshore oil production. Though the increase in well count is estimated to grow slowly and steadily — rising from 59,000 in 2015 to over 69,000 by 2021 end — the sales of Electric & Hydraulic Wellhead Drives is expected to increase at a significant rate due to the 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.

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The demand for wellhead drives is growing rapidly in North America, especially in Canada, which can be attributed to the large number of wells using Progressing Cavity Pumps (PCP) and thereby leading to growing demand for Wellhead Drives, as on an average one PCP System uses one Wellhead Drive. It is estimated that Canada has an installed base of over 42,000 Progressing Cavity Pumps, which is nearly 62.7% of the global installed base of PCPs. This makes Canada one of the prominent users of PCPs and Wellhead Drives.

Replacement rate of Electric & Hydraulic Wellhead Drives is usually between 7-10 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.

On the basis of Product Type segment, the Electric Wellhead drive segment is anticipated to play a crucial role in building global market revenue. This segment is expected to register a CAGR of 9.8% during the forecast period. On the basis of region, Latin America is projected to dominate the global Electric & Hydraulic Wellhead Drives for Onshore Application Market throughout the forecast period in terms of revenue growth. The regional market in Latin America is expected to expand at a CAGR of 9.5% during the forecast period. The market in North America is anticipated to register a CAGR of 6.2% during forecast period. Both Latin America and North America are expected to register relatively faster growth during the forecast period.

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Some of the players reported in this study on the global Electric & Hydraulic Wellhead Drives for Onshore Application Market include Schlumberger Limited,NETZSCH,GE Electric,Weatherford International,National Oilwell Varco, Inc. among others. Industry players, over the recent past, have been channelizing efforts towards acquiring other regional/country players.