The global electric & hydraulic wellhead drives for the onshore application market were estimated to be around US$ 111.7 million in 2017 and are expected to register a CAGR of 8.4% over the forecast period (2018–2028). The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is driven by using the rising call for oil and fuel globally, in addition to the increasing exploration and manufacturing activities in offshore and onshore regions. Further, the growing adoption of advanced technologies within the oil and fuel industry is predicted to provide a lift to the market boom over the forecast length.
The replacement rate of electric & hydraulic wellhead drives is usually between 7 and 10 years, which means that end-use companies replace electric & hydraulic wellhead drives after every 7–10 years. This restricts the new unit sales of electric & hydraulic wellhead drives.
It miles anticipated that the remember of onshore wells will grow to cope with the increasing demand for oil & gas from diverse give up-use sectors, which in flip is predicted to have an advantageous impact on the growth of the electric & hydraulic wellhead drives marketplace as those wellheads are majorly used for onshore oil production.
The major players involved in the electric & hydraulic wellhead drives for the onshore application market particularly emphasize acquisitions and expansion to enhance their operational efficiency and product portfolio. Besides, strategic collaborations and joint ventures are expected to improve the sale & distribution network and gain momentum during the forecast period.
Even though the wide variety of wells is estimated to grow slowly and regularly—rising from fifty-nine,000 in 2015 to over 69,000 by 2021 cease—the sale of electric & hydraulic wellhead drives is anticipated to increase at a full-size price due to the growing application of artificial elevate systems including PCP to pump out water and oil.
The market in North America is expected to register a CAGR of 8.7 % in terms of value over the forecast period. Electric & Hydraulic Wellhead Drives for Onshore Application Market in North America is expected to reach US$ 164.3 Mn by the end of 2028, increasing at a CAGR of 8.7 % over the forecast period.
In shallow wells, especially more PCP systems are used in the assessment of deep wells, which is consequently anticipated to increase the sale of electrical & hydraulic wellhead drives. Additionally, growing shale gasoline manufacturing is a vital driving force of the electric & hydraulic wellhead drives the market.
- North America
- Asia Pacific (APAC)
- Latin America
- The Middle East and Africa (MEA)