Pressure Control Equipment Market Size, Share, & COVID-19 Impact Analysis, By Application (Onshore and Offshore), By Type (High Pressure and Low Pressure), and Regional Forecast, 2024-2032

Pressure control equipment assists in maintaining optimal pressure levels in a wellbore during a well intervention and worker operations. This equipment ensures safety and reliability and minimizes the risk during drilling processes. It is done by controlling fluid or gas flow at a desired level to maintain optimum performance. Pressure control equipment is used in various industries, including chemical manufacturing, water treatment, food processing, oil, and gas, as they are designed to withstand harsh industrial conditions.  

• For instance, SLB is a leading provider of technology and solutions to the oil and gas sector and offers a range of pressure control equipment, including blowout preventers (BOPs), well control systems, hydraulic and pneumatic valves, chokes, and related components. Their pressure control equipment is designed to meet rigorous industry standards and regulatory requirements.  

The increase in exploration and production activities in the oil and gas industry requires pressure control equipment for good drilling, completion, and production processes. The global demand for energy and the exploration of unconventional resources drive the demand for pressure control equipment. Safety regulations and standards imposed by the government in various industries necessitate pressure control equipment. These devices help maintain safe operating conditions, prevent accidents, and mitigate risks associated with high pressures and hazardous substances.

As the demand for pressure control equipment is tied to exploration, development, production process, and investments by the oil and gas companies, the fluctuations in natural gas and oil prices affect the demand for pressure control equipment as these companies may delay or postpone their projects due to their major expenditures to the firm. Moreover, the initial high costs of installing pressure control equipment and its advanced technology can challenge budget-constrained companies.  

IMPACT OF COVID- 19 ON THE PRESSURE CONTROL EQUIPMENT MARKET

The COVID-19 pandemic affected the market growth of pressure control equipment due to global lockdowns. Demand decreased across various sectors, particularly crude oil, gas industries, and steel manufacturing was observed during the pandemic. Due to the decrease in investments in the oil and gas sector, it experienced a significant decline in the demand for pressure control equipment. Reduced oil prices, decreased energy consumption, and uncertainty about the future led to delays and cancellations of projects affecting the demand for the pressure control equipment market.

SEGMENTATION

KEY INSIGHTS

 The report will cover the following key insights:

• Recent advancements in the pressure control equipment market


• Key industry trends


• Regulatory landscape for the pressure control equipment market


• Key industry developments


• Impact of COVID–19 on the market

ANALYSIS BY APPLICATION

The pressure control equipment market is segmented based on application into onshore and offshore, where the onshore segment is anticipated to have a significant market growth in the forecast period as their drilling rigs is available in different strengths and sizes and are classified by their mobility and drilling depth. Moreover, the oil well is another onshore pressure application with high-pressure control equipment demand. At the same time, offshore drilling rigs are classified based on their functioning in deep sea beds and are expected to grow due to the rise in demand for oil and gas in countries such as Qatar and Saudi Arabia.         

ANALYSIS BY TYPE

The market is segmented based on type into high and low pressure. High pressure accounts for a larger share in the market due to its advantages such as low maintenance costs and high power. It gives high-pressure control equipment performance efficiency by offering precise control and regulation of fluid or gas flow at elevated pressure levels. Stringent regulations and standards are in place to ensure safe and reliable operations of high-pressure equipment.

REGIONAL ANALYSIS 

The pressure control equipment market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to have the largest market share due to increased deepwater drilling activities, focus on unconventional sources, and various technological innovations. Moreover, the increase in unconventional hydrocarbon production has expanded the pressure control equipment market. Asia Pacific is projected to experience the second fastest growth rate owing to the increase in drilling advancements and industrial equipment, and the rise in deployment into the oil and gas industry will increase the demand for pressure control equipment in this region. Various companies are investing in sectors such as oil and gas, transportation, power generation, chemicals, and others contributing to the growth of this region's pressure control equipment market. China is the fastest-growing economy in this region due to its rapid industrialization and urbanization.

KEY PLAYERS COVERED

The report includes profiles of key players such as Omega Pressure Control Equipment, TIS Manufacturing, IOT Group, Emerson, Hunting, Integrated Equipment Services, LLC., SLB, GKD Industries Ltd., NOV, Brace Tool, among others.

KEY INDUSTRY DEVELOPMENTS:

• February 2023 - SLB announced its acquisition of Gyrodata Incorporated, specializing in wellbore positioning and survey technology. It will incorporate Gyrodata's wellbore placements and survey technology within SLB's well construction business.


• October 2022 - Emerson announced that a Chinese customer purchased a USD 3 million Fisher FIELDVUE digital valve controller to use in their membrane plant's water treatment pressure control valve. A digital valve controller regulates and monitors the opening and closing of the control valve and provides its health and status information.


• May 2022 - Baker Hughes launched a new subsea wellhead technology called the MS-2 Annulus Seal. It can save costs by reducing the installation costs due to the reduced rig trips.


• October 2020 - NOV Inc. signed a two-year contract with Equinor and TotalEnergies to launch R&D for a new deepwater subsea automated pig launcher (SAPL). The Brazilian ANP R qualified this project.