Pressure control equipment is a set of tools and device that are generally used to maintain the optimal pressure levels inside a wellbore during well intervention or workover operations. The pressure control equipment can withstand arduous conditions which ensure safety and quality, and minimize risks during drilling. It is used in number of applications where the pressure needs to be measured, monitored, and controlled. Rapid implementation of advanced technology in oilfield equipment on the account of growing global investment in exploration and production (E&P) is considered to be key factors influencing the development of pressure control equipment market.
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On the basis of type, the pressure control equipment market can be segmented into:
On the basis of application, the pressure control equipment market can be segmented into:
On the basis of component, the pressure control equipment market can be segmented into:
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Some of the leading players operating in the pressure control equipment market are Schlumberger, GKD Industries, Integrated Equipment, Brace Tool, Hunting, TIS Manufacturing, Baker Hughes, a GE company (BHGE), National Oilwell Varco, Weatherford International, The IKM Group, FHE USA, Control Flow, Lee Specialties, The Weir Group, IoT Group, and others.
Increasing demand for hydrocarbons, which serve as a key source of global energy supply, has brought a significant transformation in oil and industry in various regions across the globe. Such transformation has led to advances in well drilling technologies and adoption of a variety of equipment including pressure control equipment which measures, monitor, and control the fluid pressure.
Surging demand for oil and gas equipment along with the rising need for higher safety norms by well drilling contractors is expected to accelerate the growth of pressure control equipment market. In addition, increasing requirements of special instruments and materials in high pressure and high temperature wells will possibly push the demand for pressure control equipment.
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