Global Pressure Control Equipment Market By Component (Valves, Control Heads, Quick Unions, Wellhead Flanges, Adapter Flanges, Christmas Trees), By Type (High Pressure and Low Pressure), By Application (Offshore and Onshore), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Pressure Control Equipment Market size is expected to be worth around USD 11.8 Billion by 2032 from USD 6.2 Billion in 2022, growing at a CAGR of 6.20% during the forecast period from 2023 to 2032.

The pressure control equipment is used at the time of performing well interference operations to maintain optimum pressure levels inside the wellbore.

Various equipment is used for this purpose, such as fluid chambers, flow tee, control head, wireline valve, wellhead swedges, and others. In addition, in hydraulic systems, these tools maintain a fixed pressure and keep system pressures under a desired upper limit for safety purposes.

Pressure control equipment is a set of equipment and devices that are generally used to maintain the optimum pressure levels inside a wellbore during well intervention operations. The pressure control tools can bear difficult conditions, which ensure quality and safety and reduce risks during drilling.

It is used in a variety of applications where the pressure is required to be controlled, measured, and monitored. Rapid implementation of advanced technologies in oilfield tools on account of rising global investment in exploration and production (E&P) is measured to be a key factor impelling the development of the pressure control equipment market.

Key Takeaways

• Oil and Gas Industry Dependence: Pressure control equipment markets are inextricably linked with the oil and gas sector as essential tools for well drilling, production, and transportation operations. Any fluctuations in prices have an immediate effect on demand for pressure control devices.
• Safety and Regulatory Compliance: Oil and gas businesses place great emphasis on safety. Pressure control equipment plays a vital role in ensuring safe drilling and production operations as well as compliance with industry regulations and standards.
• Technological Advancements: Advancements in pressure control equipment technology are fueling efficiency and safety improvements, including advancements such as blowout preventers, wellhead control systems, and remote monitoring capabilities.
• Expansion of Global Market: The pressure control equipment market is growing at an international scale due to exploration and production activities across various regions. Emerging markets in particular have become major consumers of pressure control equipment.
• Environmental Concerns: Oil and gas operations pose an increasing environmental threat. Pressure control equipment has been developed to accommodate increasing regulations as well as sustainability initiatives that aim to mitigate oil spills and gas emissions, thus meeting increasing regulatory standards and initiatives.

Driving Factors

Increasing Investment in Global Exploration to Propel the Market Development

Pressure control equipment has a growing demand in the market due to rising investments across the globe and manufacturing, as well as technological advancements in well-drilling methods. Pressure control equipment extensively decreases risks, increases safety, and develops drilling performance.

Instant digital transformation is taking place in the oil and gas sector to overlap risks and increase efficiency. The requirement for hydrocarbons, which are a key source of the energy supply across the globe, is anticipated to rise, and the need for higher safety standards amongst drilling companies is expected to be the major factor in the market for pressure control equipment.

Rising Exploration and Production of Unconventional Oil & Gas Resources to Help the Market Grow

Since its beginning, the oil and gas industry has seen rapid changes in the modes, materials, and methods used for delivery and production. With standard oil and gas reserves growing, the demand for supernumerary resources can effectively meet increasing energy demand.

The innovation of unusual oil and gas resources has assisted in the development of efficient and clean energy sources. Alternative oil and gas resources are those that do not occur in traditional developments and necessitate specialized extraction & production techniques.

Restraining Factors

Slow Production Process to Hamper Market Growth

The equipment for pressure control deals with the complicated manufacturing process. The market is still restrained by the obstacles in manufacturing this equipment. Every one of these equipment items has a long production cycle.

This causes the entire manufacturing process of the market for pressure control devices to slow down. The lack of ability to produce rapid results has a delay in satisfying customer demand. Therefore, market expansion is hampered.

Growth Opportunities

Technological Advancements Creating Various Opportunities

The development of technology will create opportunities in the market for pressure control equipment. The competence of exploratory efforts will grow as a result of the pressure control developments. These developments will help both the onshore and offshore market segments.

The end-user’s requirement for more pressure control equipment will increase rapidly due to the improvements. High-pressure equipment is further essential for exploratory activities involving water, oil, and many other substances. The key market participants are increasing innovation and variety of the product. The overall demand will benefit from the effects of these factors.

Trending Factors

Valves Segment Expected to Hold Significant Share

The control, direction, and regulation of vapors, liquids, slurries, gases, and other substances are the major uses of valves in the process industries. The industrial valves are frequently built of stainless steel, cast iron, carbon steel, and other high-functioning metal alloys to achieve effective flow control in food and beverage, oil & power, wastewater and water, chemicals, and others.

In addition, the oil and gas industry uses industrial valves in upstream, downstream, and midstream and process applications, making it the major consumer of industrial valves worldwide.

Component Analysis

Valves are the Most Used Component of Pressure Control Equipment

The pressure control equipment market is based on components such as Christmas trees, valves, wellhead equipment, quick unions, control heads, coiled tubing WPCE, and others, including hydraulic chokes and crossover adapters. The valves segment dominated with the highest market share in 2022.

In hydraulic systems, pressure control valves are engaged to regulate and manage the actuator force. A hydraulic actuator, which includes a cylinder or fluid motor, utilizes hydraulic power to achieve a mechanical operation and generates the actuator force.

Unloading valves are made for cost-efficient pressure management in circuits powered by accumulators that also act as a battery backup for emergency control. Control head is anticipated to be the fastest-growing type during the forecast period. Reduced drilling costs and increased well production are expected to drive the market for the control head segment.

Type Analysis

Most of the Equipment in the Market are High-Pressure Ones

The high-pressure segment is anticipated to be the largest market in 2022. The high-pressure segment is expected to record the fastest market growth. Wellbores with high pressures and temperatures require unique supplies and equipment.

Being considered unstable reservoir situations, they also call for further training and precautions. Accordingly, the need for instruments for high-pressure situations provides businesses the chance to make pressure control equipment specifically for their requirements utilizing unique materials.

End-User Analysis

Offshore End-Users Dominate over Onshore End-Users

Based on end-users, the offshore segment dominated the market in 2022. Offshore drilling, exploration, and production operations require different technological barriers and environmental issues as compared to onshore oil and gas events.

Though the challenges stood by severe offshore environmental conditions, developments in production exploration and technology for application in ice-prone regions, such as the Grand Banks, Sakhalin Island, Caspian Sea, Bohai Sea, and Cook Inlet, have developed economically sensible solutions for the production in these regions.

Key Market Segments

Based on Component

• Valves
• Control Heads
• Quick Unions
• Wellhead Flanges
• Adapter Flanges
• Christmas Trees

Based on Type

• High Pressure
• Low Pressure

Based on Application

• Onshore
• Offshore

COVID-19 Impact Analysis

The growth of pressure control devices was hampered by the COVID-19 pandemic. The requirement for pressure control equipment was declining across numerous industries. The demand for steel manufacture, crude oil, and gas was particularly low at this time.

Owing to lockdowns and restrictions, all of these industries were shut down. Market demand for pressure control equipment declined as a result of the weak market conditions in these regions.

Regional Analysis

North America is projected to be the largest regional market during the forecast period due to rising demand for pressure control equipment from multiple industries, including power, oil & gas, and chemical.

The US, being a key oil & gas consumer and producer in North America, has increased its need for valves for controlling flow rates of crude oil across pipelines, thus, propelling the growth of this vertical. Furthermore, the rising demand for offshore oil & gas production and exploration is also anticipated to propel the growth of this market in North America.

The Asia Pacific is projected to be the fastest-growing regional market during the forecast period due to rising investments by multiple companies into new projects in various sectors such as chemicals, power generation, transportation systems, oil & gas, etc. China is expected to be the fastest-growing country in the Asia Pacific due to its rapidly expanding industrial sector.

Key Regions and Countries Covered in this Report:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Several pressure control equipment market companies are concentrating on expanding their existing operations and R&D facilities.

Several key players include Baker Hughes, Hunting PLC, Control Flow Inc., Brace Tool, Schlumberger Limited, National Oilwell Varco, TIS Manufacturing, Weatherford International PLC, and Other Key Players.

Market Key Players:

Listed below are some of the most prominent Pressure Control Equipment Market industry players.

• Baker Hughes
• Hunting PLC
• Control Flow, Inc.
• Brace Tool
• Schlumberger Limited
• National Oilwell Varco
• TIS Manufacturing
• Weatherford International plc
• Lee Specialties
• Emerson Electric Co.
• IKM Pressure Control AS
• Other Key Players

Recent Developments:

• October 2022 – Emerson declared that a customer in China recently purchased the 3 million Fisher FIELDVUE digital valve controller to use in their membrane plant’s water treatment pressure control valve. A digital valve controller monitors and regulates the closing and opening of a control valve, and it also provides a wealth of information about the status and health of the valve.
• June 2022 – Pressure Tech Ltd. and Malaysian authorized reseller, ENE Petro Services Sdn Bhd, celebrated a significant milestone reached in Southeast Asia. Pressure Tech was given a contract by Petronas/MMHE to install pressure regulators in the Kasawari Gas Field.

Report Scope