The growth of the pressure control equipment market is driven by the technological advancement in oilfield equipment, increase in global investment in exploration and production (E&P), and rise in unconventional hydrocarbon production in North America.
Some major companies operating in the global pressure control equipment market are Schlumberger (US), Weatherford International (Switzerland), National Oilwell Varco (US), Baker Hughes, a GE company (US), The Weir Group (UK), TIS Manufacturing (UK), Lee Specialties (Canada), Hunting (UK), Control Flow (US), Brace Tool (Canada), FHE USA (US), Integrated Equipment (US), The IKM Group (Norway), and GKD Industries (Canada). These companies have operations worldwide and provide a wide range of products and services. They rely on their R&D capabilities and product innovations to gain a larger market share.
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The pressure control equipment market is estimated to grow from USD 5.7 billion in 2018 to USD 7.4 billion by 2023, at a CAGR of 5.6% during the forecast period. The market in North America is expected to grow at the highest CAGR during the forecast period. The region is the new swing producer in the global oil markets owing to the boom in production from both shale operation and deepwater exploration and production in the Gulf of Mexico.
Schlumberger is a provider of technology for reservoir characterization, drilling, production, and processing to the oil & gas industry. The company invented wireline logging as a technique for obtaining downhole data in the oil & gas industry. The company supplies a comprehensive range of products and services from exploration through production and integrated pore-to-pipeline solution that optimize hydrocarbon recovery to deliver reservoir performance. Strong research and development (R&D) helps the company develop high-performance, energy-efficient products. In FY2017, the company incurred a total expenditure of USD 787 million on its R&D activities, which as a percentage of revenue stood at 2.59%. The company focuses on providing exploration and production (E&P) technology to develop new advancements from reservoir to surface. It also invests more in R&D to provide services for oil field services companies.
Baker Hughes is a Delaware corporation engaged in the oil field services industry. In addition, it provides industrial products and services to the downstream chemicals, and process and pipeline industries. Baker Hughes operates in the Americas, Europe, APAC, Africa, and the Middle East. Baker Hughes operates through 4 reportable segments: Oilfield Services, Oilfield Equipment, Turbomachinery & Process Solutions, and Digital Solutions. Baker Hughes focuses on cost reduction due to the weakening of the oil & gas market. In 2017, Baker Hughes inked an agreement with GE oil & gas to form a new entity. The new company is the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.