The pressure control equipment market is expected to grow at a CAGR of over 6.1% during the forecast period of 2021–2027. Factors such as increase in demand for advanced technology, tools and equipment to increase efficiency of exploration and production activities in onshore and offshore areas is expected to drive the market for pressure control equipment market. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics and several other factors has been restraining the growth in the demand for pressure control equipment market.
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The COVID-19 pandemic is expected to dent the growth of the market particularly in 2020 due to lockdown across various countries across the globe. Due to the rapid decline in the demand of various industry goods including crude oil, natural gas, steel manufacturing etc the demand for pressure control equipment will also decline. Major companies in the industry such as Baker Hughes adopting remote working wherever possible and is working closely with customers, suppliers, and vendors to minimize operational disruption.
Pressure Control Equipment Market Segmentations
By Type
• High pressure
• Low pressure
By Application
• Onshore
• Offshore
By Region
North America
• US
• Canada
• Mexico
South America
• Brazil
• Argentina
Market Players
• Baker Hughes (GE)
• Brace Tool
• Control Flow, Inc.
• Hunting PLC
• Lee Specialties
• National Oilwell Varco
• Schlumberger Limited
• The Weir Group PLC
• TIS Manufacturing
• Weatherford International plc
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(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
