Pressure control equipment is a set of tools and device that are generally used to maintain the optimal pressure levels inside a wellbore during well intervention or workover operations. The pressure control equipment can withstand arduous conditions which ensure safety and quality, and minimize risks during drilling. It is used in number of applications where the pressure needs to be measured, monitored, and controlled. Rapid implementation of advanced technology in oilfield equipment on the account of growing global investment in exploration and production (E&P) is considered to be key factors influencing the development of pressure control equipment market.
Surging demand for oil and gas equipment along with the rising need for higher safety norms by well drilling contractors is expected to accelerate the growth of slikline pressure control equipment market. In addition, increasing requirements of special instruments and materials in high pressure and high temperature wells will possibly push the demand for pressure control equipment.
North America to Contribute Substantial Growth to Pressure Control Equipment Market
Leading players foresee North America as a lucrative region for pressure control equipment market, due to increase in deepwater drilling activities in the region. Continued focus on unconventional sources and shale plays on the coattails of various technological innovations and developments is anticipated to drive the pressure control equipment market in the developed countries of North America such as the U.S. and Canada. Further, surge in unconventional hydrocarbon production in the region has been envisaged to complement the future expansion of pressure control equipment market.
Technological developments in the market of pressure control equipment, including pressure control stack for coiled tubing
Value chain and stakeholder analysis
The regional analysis covers:
Christmas Tree (Flow Tree)