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Pressure Control Equipment Market Trends

Report ID: GMI11698
Published Date: Oct 2024
Report Format: PDF

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Pressure Control Equipment Market Trends

As easily accessible oil and gas reserves dwindle, exploration is increasingly venturing into challenging terrains, including deepwater zones and unconventional shale formations. Navigating these environments demands advanced pressure control technologies, not only to bolster safety but also to mitigate risks and boost operational efficiency. Globally, stringent regulatory frameworks—especially in high-stakes sectors like oil & gas, power generation, and chemical processing—mandate the deployment of pressure control equipment to uphold safety standards.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of pressure control equipment was exceeded USD 7.7 billion in 2023 and is predicted to grow at a CAGR of about 4.6% between 2024 and 2032, due to the rising investments in shale gas exploration.

The valves segment led the market with USD 2.4 billion in 2023 and is predicted to hit USD 3.7 billion by 2032, playing a key role in regulating flow and pressure in industrial systems.

The oil & gas segment held 45% share of the pressure control equipment industry in 2023 and is set to reach 46% by 2032, driven by resource extraction from challenging environments like deepwater and shale formations.

North America region held about 43% share of the pressure control equipment market in 2023 and is expected to exceed USD 5.1 billion by 2032, propelled by the U.S. and Canada’s status as top oil and natural gas producers.

Major players operating in the pressure control equipment industry are Aker Solutions ASA, Baker Hughes Company, Cameron International Corporation, Curtiss-Wright Corporation, Dril-Quip, Inc., Emerson Electric Co., FMC Technologies, Inc., General Electric Company (GE Oil & Gas), Halliburton Company, Honeywell International Inc., National Oilwell Varco, Inc., Schlumberger Limited, Schneider Electric SE, TechnipFMC plc, The Weir Group PLC.