Pressure Control Equipment Market Trends

Global Pressure Control Equipment Market Overview:

Pressure Control Equipment Market Size was valued at USD 4.47 Billion in 2023. The Pressure Control Equipment market industry is projected to grow from USD 4.75 Billion in 2024 to USD 7.37 Billion by 2032, exhibiting a growth rate or CAGR (compound annual growth rate) of 5.62% during the projected timeframe (2024 - 2032). Drilling contractors are required to meet greater safety standards, and the increasing need for hydrocarbons, a major source of world energy supply, are the key market drivers contributing to market growth and expansion.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Pressure Control Equipment Market Trends

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  Growing need for hydrocarbons is driving the market growth.

  
  

The rising need for hydrocarbons drives the Market CAGR for pressure control equipment. It is in great demand as the industrial sector expands, particularly in emerging nations. Specific pressure control is required in industries like production, processing of chemicals, and oil and gas to ensure safe and successful operations. Industry associations and regulatory bodies implement stringent rules and regulations emphasizing the importance of safe conditions for operation. This promotes implementing pressure management technologies to keep levels within specified limits, reducing the likelihood of accidents, equipment malfunctions, and environmental hazards. The growing need for onshore pressure solutions is a major driving force in the market. In recent years, the steel production business has seen increased demand.

Furthermore, the region's main steel producers are China, India, and Japan. Pressure control technology is employed to regulate water pressure in certain regions. This procedure necessitates the use of molds and air control.

Additionally, the growth will be enabled by technological advances. Pressure control enhancements will increase the efficiency of exploratory efforts. These advances will help both the offshore & onshore parts of the business. End-users will be in high demand due to greater pressure control equipment advancements. High-pressure equipment is increasingly needed in oil, water, and other exploration activities. The developments in these categories will generate new market end consumers. The market's top players are driving greater innovation and product diversity. These elements will have a favorable effect on total demand.

Furthermore, significant expenditures in exploration and production operations would benefit the market. The activities related to worldwide exploration. The increasing need for oil, gas, and gasoline, among other reasons, will result in lucrative changes throughout the projection period.

The Covid 19 epidemic is predicted to stifle the expansion of pressure control devices. The need for this is decreasing across all industries. In particular, demand for crude oil, steel manufacture, and gas is low during this period. These industries have been forced to close due to limitations and lockdowns. Due to weak market conditions in these sectors, pressure control equipment demand is dropping. During this time, onshore pressure control activities have obstacles. In many locations, the manufacture of pressure control equipment is slowing. These elements, however, are only projected to last for a limited time. The offshore market continues to sustain its demand pace.

Furthermore, major players have chosen for distant workings of supply and demand. The market for pressure control devices is gradually recovering from the consequences of covid19. The rate of demand will continue to rise in the future years. According to the Market Analysis, the post-Covid scenario is expected to be favorable.

For instance, under the IFRI Centre for Energy and the environment's findings, China's petroleum consumption is predicted to rise by 7% to 9% yearly, reaching 500 bcm by 2025. Thus, demand for Pressure Control Equipment is anticipated to increase throughout the projected timeframe due to the rising need for hydrocarbons. Thus, driving the Pressure Control Equipment market revenue.

Pressure Control Equipment Market Segment Insights:

Pressure Control Equipment Component Insights

The Pressure Control Equipment Market segmentation, based on Components, includes Quick Unions, Valves, Adapter flanges, Control Heads, and Flow Trees. The control head category dominated the market, accounting for 39% of market revenue (USD 1.6 Billion) in 2022. The market is likely to be driven by lower drilling costs and increasing well production. Volume control valves are used in hydraulic systems to govern and modulate actuator force. The actuator force is generated by the hydraulic actuator, which comprises a piston or fluid motor and uses hydraulic power to perform a mechanical function.

Pressure Control Equipment Type Insights

The Pressure Control Equipment Market segmentation, based on Types, includes High and Low. The high category generated the highest market revenue of about 52% (USD 2.2 billion) in 2022. High-temperature and high-pressure wells need specialized equipment and supplies. Because they are considered volatile reservoir circumstances requiring additional care and training. As an outcome, the requirement for high-pressure area instruments allows enterprises to design pressure monitoring equipment precisely for their needs using novel substances.

Figure 1: Pressure Control Equipment Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Pressure Control Equipment Application Insights

The Pressure Control Equipment Market segmentation, based on application, includes Onshore and Offshore. The onshore segment dominated the market, accounting for 65% of market revenue (USD 2.7 Billion) in 2022. The rapid development of gas from shale drilling, notably in countries such as the United States, has increased the requirement for onshore pressure monitoring equipment. To ensure safe and successful operation, sophisticated pressure control equipment is required for shale gas extraction processes such as hydraulic fracturing.

Pressure Control Equipment Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Pressure Control Equipment market will dominate during the projected timeframe, owing to Many advancements brought about by the region's important stakeholders. During the predicted period, it is an area with strong revenue rates. More developments will result from the increase in onshore exploration activity, boosting the market growth in the North American area.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Pressure Control Equipment Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Pressure Control Equipment market accounts for the second-highest market share due to current significant firms will expand more aggressively. All these regional companies will add more to market growth overall. Further, the German Pressure Control Equipment market holds the largest market share, and the UK Pressure Control Equipment market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Pressure Control Equipment Market is expected to grow quickly during the projected timeframe owing to increasing demand for oil in developing nations, which is predicted to surpass soon demand in developed countries, and high demand in growing economies still enjoying significant economic expansion. Moreover, China’s Pressure Control Equipment market dominates the market share, and the Indian Pressure Control Equipment market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Pressure Control Equipment Key Market Players & Competitive Insights

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Pressure Control Equipment market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new Component portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Pressure Control Equipment industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global Pressure Control Equipment industry to benefit customers and capture untapped market share and revenue. The Pressure Control Equipment industry has recently offered significant advantages to the Test and Measurement industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Pressure Control Equipment market, including Schlumberger (US), Weatherford International (US), National Oilwell Varco (US), Baker Hughes (US), Lee Specialties (Canada), The Weir Group (UK), Hunting (US), Tis Manufacturing (UK), and Brace Tool (Canada) are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Emerson is a worldwide superpower in technological advances, software, and engineering, generating inventions that make the world happier, more secure, smarter, and more environmentally friendly. Emerson reported in October 2022 that a client in China had just purchased a three-millionth Fisher FIELDVUE electronic valve controller for application in the water treatment pressure control valve of their membrane facility.

Pressure Tech is known worldwide for producing high-quality ISO-9001-certified pressure regulators for the petroleum and natural gas industries. Pressure Tech and Malaysian authorized distributor ENE Petro Services Sdn Bhd will celebrate an important milestone in Southeast Asia in June 2022.

Key Companies in the Pressure Control Equipment market include

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  TIS Manufacturing, Ltd

  
  


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  Allied Valves, Inc.

  
  


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  Lee Specialties, Inc.

  
  


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  Baker Hughes

  
  


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  Kirloskar Brothers, Ltd

  
  


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  Brace Tool, Inc

  
  


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  National Oilwell Varco, Inc

  
  


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  Emerson Electric, Co

  
  


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  Weatherford International, PLC

  
  


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  FHE USA, LLC

  
  


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  Schlumberger, Ltd

  
  


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  GKD Industries, Ltd

  
  


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  IKM Pressure Control AS

  
  

Pressure Control Equipment Industry Developments

October 2022: Emerson reported in October 2022 that a client in China had just purchased a three-millionth Fisher FIELDVUE electronic valve controller for application in their membrane facility's water treatment pressure control valve.

June 2022: Pressure Tech and Malaysian authorized distributor, ENE Petro Services Sdn Bhd, will celebrate an important milestone in Southeast Asia in June 2022.

June 2018: Baker Hughes, a GE firm, was granted a comprehensive well-servicing contract in June 2018 to support a substantial portion of Equinor's drill and pipeline-building activities for four years.

Pressure Control Equipment Market Segmentation:

Pressure Control Equipment Type Outlook

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  Quick unions

  
  


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  Valves

  
  


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  Adapter flanges

  
  


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  Control heads

  
  


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  Flow tee

  
  

Pressure Control Equipment Type Outlook

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  Low

  
  


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  High

  
  

Pressure Control Equipment Application Outlook

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  Offshore

  
  


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  Onshore

  
  

Pressure Control Equipment Regional Outlook

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America