Christmas Tree Market Size, Share & Industry Analysis, By Type (Horizontal Tree , Vertical tree), By Location (Onshore, Offshore) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
A Christmas tree is a stack of valves that can be installed on a subsea wellhead to provide a controllable interface between the well and production facilities. It consists of a variety of valves, which have applications in testing, regulating, servicing, choking the stream of produced oil, gas, and liquids. Configuration of Christmas tree can be based on the requirements of the projects and field developments, which may be used for either production or water/gas injection. There are two types of Christmas trees available in the market, i.e., Horizontal and Vertical Christmas trees.
Based on types, the market is bifurcated into the horizontal tree and vertical tree. Valves of horizontal Xmas trees are located on the lateral sides of the tree, allowing for good easy intervention and tubing recovery as compared to Vertical Xmas trees. Thus Horizontal tree is very feasible for the wells that need many interventions.
Based on location, the market is bifurcated into onshore and offshore segments. The onshore sector accounted for the largest share in the market, with the majority of the demand from the countries such as the United States and India. The onshore segment is benefited more from rising crude oil prices as compared to the offshore segment. Different structures are used in the offshore segment depend upon the size and water depth; common offshore structures are shallow water complex, gravity base, compliant towers, etc.
The major market driver for the Christmas tree market is the increase in the number of deepwater and ultra-deepwater drilling projects; they include micro and macro-environmental factors which may influence the market growth during the forecast period. The main reason behind an increase in the number of drilling projects is because of advancements in offshore pressure control technologies; the advancement includes types of equipment such as offshore blowout preventer (BOP) systems to tackle the challenges posed by ultra-deepwater oilfield reservoirs.
The factor that is expected to inhibit the growth of the market is the threats associated with major regions. Changes in Policies and regulations led by the Government may hinder the market growth.
Key Market Driver -
Increase number of Deepwater and Ultra-Deepwater oil & gas activities.
Key Market Restraint -
Threats associated with major regions.
Key Players Covered:
Some of the major companies that are present in the Christmas Tree market are TechnipFMC PLC, Schlumberger Limited, Drill-Quip Inc., Worldwide Oilfield Machine, Baker Hughes Co., Delta Corp., Halliburton Co., Solar Alert Sdn Bhd, The Weir Group PLC, and Aker Solutions ASA.
Regional Analysis:
The Christmas tree market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Middle East and North America region led 70% of the global oil production for the onshore oil and gas sector. The rise in crude oil price has benefited the onshore sector when compared to the offshore sector as the onshore segment accounts for more than 70% of the total crude oil production.
Currently, the U.S. is leading the current onshore oil and gas activity. North America anticipates witnessing significant growth during the forecast period. This is due to the increased production and exploration activities held in the country. The Asia Pacific is expected to show promising growth for the Christmas tree market between 2021 and 2028. The increase in production facilities across various countries in the region and the availability of low-cost Christmas tree valves in China may serve as robust pillars for the market’s growth.
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Segmentation
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Key Industry Developments
- In March 2019, BP PLC signed a joint contract with McDermott International Inc. and Baker Hughes for Risers, subsea umbilicals, and flowlines (SURF), and subsea production system equipment at the Greater Tortue Ahmeyim natural gas situated offshore of Mauritania and Senegal.
- In September 2019, McDermott International Inc. and Baker Hughes won the contract to provide joint umbilicals, risers, and flowlines (URF) and subsea production systems (SPS) for the INPEX-operated Ichthys LNG project situated offshore northwest Australia.
- Ongoing
- 2023
- 2019-2022
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