Wellhead Equipment Market Growth Boosted by Varying Reservoir Characteristics | Technavio
The global
wellhead equipment market is expected to grow at a CAGR of around 3%
during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global wellhead equipment market 2017-2021 under their energy library. (Graphic: Business Wire)
The report categorizes the global wellhead
equipment market by application (onshore and offshore) and by
components (hangers, flanges, and choke). The report also determines the
geographic breakdown of the market in terms of detailed analysis and
impact, which includes key geographies such as APAC, the Americas, and
EMEA.
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Market driver: rising number of unconventional oil and gas resources
The entire upstream sector is highly dependent on the crude oil price
and reflects the global supply‐demand balance, which is also influenced
by several macroeconomic and political factors. Unconventional energy
resources refer to the crude oil and natural gas found in shale
formations and oil sands. Coalbed methane is another unconventional
source of energy that has gained prominence in the recent times. It is
found in coal seams or the coal deposits. Unconventional energy sources
have received substantial stimulus in the past decade.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for oil
and gas research, “Increased shale exploration is
being witnessed in developing regions such as China and India. Several
upcoming projects have been undertaken by the national oil companies of
each country. The increase in the drilling and production of the crude
oil from unconventional sources is due to the technological innovation
that has brought down the cost of drilling from tight formations.”
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Market trend: varying reservoir characteristics
Each reservoir has its specific characteristics according to the
formation and the layer of the traps. The reservoir characteristics have
an impact on the production of any well that ultimately decides the
types of well drilling and completion tools that would be used during
the operations. The composition and purity of crude oil, the character
of the reservoir rock, and the nature and strength of the drive
mechanism influence the flow rate and the ultimate productivity of a
reservoir. Reservoir depth, orientation, and complexity are the key
factors that determine the cost and complexity of drilling and
completion of a well.
Market challenge: fluctuations in oil and gas prices
The continued trend of low crude prices has put additional pressure on
the oil and gas service providing companies. Low-profit margins for a
continued period result in reduced revenues that directly influence the
financial aspect of any company. Low investments in oil and gas projects
have reduced the market potential for oil and gas service companies.
Integrated oil companies were still able to absorb some of the market
pressure, but pure play upstream companies were affected the most.
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Some of the vendors in the market:
-
Aker Solutions
-
Schlumberger
-
Dril-Quip
-
Forum Energy Technologies
-
GENERAL ELECTRIC
The global wellhead
equipment market is dependent on the upstream oil and gas industry.
During the period of high crude oil prices, the market for wellhead
equipment witnessed an increased market potential. This was mainly
attributed to the increase in exploration and drilling activities across
the world. The industry comprises many global players involved in
manufacturing wellhead equipment.
Get a sample copy of the global
wellhead equipment market report free of cost
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