![]() By type, the market is divided into casing heads, casing spools, Christmas trees, tubing adapters, and others. The global wellhead equipment market is segmented on the basis of type, application, and region. The new wellheads has ability to drill without dismantling blowout preventer (BOP). The new feature of wellheads includes nested hanger configurations. Similarly, in August 2017, Australia-based KINETIC and WEFIC collaborated to launch high-end wellheads in Australia. For instance, in March 2019, ABB, a Swiss-Swedish multinational corporation launched ABB Ability Wellhead Manager, a versatile new cloud-based visualization system for oil & gas operators. However, fluctuations in foreign currencies and increase in prices of raw materials are expected to hamper the wellhead equipment market growth.įurthermore, technological developments in wellhead system is expected to fuel its demand and offer growth opportunities for the market during the forecast period. The redevelopment includes establishment of central processing facilities with associated structures. For instance, in May 2019, KBR, Inc., the U.S.-based engineering and construction company signed an agreement with Cepsa, a Spanish oil & gas firm and Sonatrach, an Algerian government-owned company, for redevelopment of oil fields located in the Hassi Messaoud, Algeria. ![]() Rise in redevelopment of mature oil wells drives the wellhead equipment market. ![]() For instance, in November 2019, KCA Deutag, an oil & gas services company got contracts of approximately $460 m for drilling and exploration operations in Europe and the Middle East & Africa. The new heavy investments in oil & gas exploration activities and refineries and pipelines in the Middle East & Africa, Americas, and Asia are the major factors that fuel the growth of wellhead equipment market. In addition, these components are utilized to control oil flow rates by reducing the respective pressure to protect equipment and guide the refining process of oil. The wellhead serves numerous functions such as casing suspension, tubing suspension, pressure monitoring and pumping access, means of attaching a well pump, and reliable means of accessing a well. The primary components of a wellhead system include tubing head adapter, tubing hangers, tubing heads, mudline suspension systems, test plugs, seals, choke manifold, casing hangers, casing spools, and casing head. The wellhead equipment can be re-used and refurbished for other well and drilling operations. The wellheads are welded onto the string of casing, during drilling operations. It forms an integral structure of the well. It provides pressure seals and suspension point for the casing strings. ![]() The wellhead equipment is the component at the surface of an oil or gas well, which offers the pressure-containing and structural interface for the drilling equipment. The global wellhead equipment market size was valued at $5,320.0 million in 2018, and is projected to reach $7,991.8 million by 2026, growing at a CAGR of 5.0% from 2019 to 2026. ![]()
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