An Incisive, In-depth Analysis on the Electric Hydraulic Wellhead Drives Onshore Application Market
This study offers a comprehensive, 360 degree analysis on the Electric Hydraulic Wellhead Drives Onshore Application market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Electric Hydraulic Wellhead Drives Onshore Application market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
The global electric & hydraulic wellhead drives for onshore application market was estimated to be around US$ 111.7 million in 2017, and is expected to register a CAGR of 8.4% over the forecast period (2018–2028).
Factors Influencing the Growth of the Global Electric & Hydraulic Wellhead Drives for Onshore Application Market
It is estimated that the count of onshore wells will increase to cope up with the increasing demand for oil & gas from various end-use sectors, which in turn is expected to have a positive effect on the growth of the electric & hydraulic wellhead drives market as these wellheads are majorly used for onshore oil production. Although the number of wells is estimated to grow slowly and steadily—rising from 59,000 in 2015 to over 69,000 by 2021 end—the sale of electric & hydraulic wellhead drives is expected to increase at a significant rate due to growing application of artificial lift systems such as PCP to pump out water and oil. In shallow wells, relatively more number of PCP systems are used in comparison to deep wells, which is consequently expected to increase the sale of electric & hydraulic wellhead drives. Also, growing shale gas production is an important driver of the electric & hydraulic wellhead drives market.
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.
The major players involved in the electric & hydraulic wellhead drives for onshore application market particularly emphasise on acquisitions and expansion in order to enhance their operational efficiency and product portfolio. Besides, strategic collaborations and joint ventures is expected to improve the sale & distribution network and gain momentum during the forecast period.
Global Electric & Hydraulic Wellhead Drives for Onshore Application Market Segmentation and Forecast
The global electric & hydraulic wellhead drives for onshore application market is segmented on the basis of product types and regions. On the basis of product types, the global electric & hydraulic wellhead drives for onshore application market is segmented into two types, namely electric wellhead drives and hydraulic wellhead drives. The key regions covered in the report include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa (MEA).
Global Electric & Hydraulic Wellhead Drives for Onshore Application Market Analysis, by Region
From a regional perspective, the electric & hydraulic wellhead drives for onshore application market in Latin America is projected to witness relatively faster growth rate over the forecast period. Latin America is estimated to account for a share of more than 19% in the overall market value by 2028 end. 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. The growth rate of the MEA and Europe markets is expected to remain relatively low as compared to the global average between 2018 and 2028.
Key Players Dominating the Global Electric & Hydraulic Wellhead Drives for Onshore Application Market
Examples of some of the players operating in the global Electric & Hydraulic Wellhead Drives for Onshore Application Market are Schlumberger Limited,NETZSCH,GE Electric,Weatherford International, andNational Oilwell Varco, Inc. among others. The industry players, over the recent past, have been channelizing efforts towards acquiring other regional/country players.
Future Market Insights (FMI) analyses the electric & hydraulic wellhead drives for onshore application market in its new publication titled “Electric & Hydraulic Wellhead Drives for Onshore Application Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment, 2018 – 2028”. The study provides data for 2017 along with the forecast for the period (2018–2028). The main objective of the report is to identify dynamics in the market and provide recent updates and insights pertaining to various segments of the global electric & hydraulic wellhead drives for onshore application market. To provide better understanding of the market, the report also includes analysis of drivers, restraints, and trends, which influence the current market scenario and are expected to impact the global electric & hydraulic wellhead drives for onshore application market over the forecast period.The study provides data for 2017 along with a comprehensive market forecast for the period 2018–2028.
Market Segmentation
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Report Description
To understand and assess the market opportunities and trends, the global electric & hydraulic wellhead drivesfor onshore application market report is categorically split into different sections based on product types and regions. The report starts with the market overview and provides market definition and taxonomy along with value chain, drivers, restraints, and trends in the market. The sections that follow include the global electric & hydraulic wellhead drives market analysis – by product type and regional/country level analysis. All the sections evaluate the market on the basis of various factors affecting the market. Each section discusses the qualitative and quantitative aspects of the global electric & hydraulic wellhead drives market. To give a brief idea about the revenue opportunities from application and region/country-wise segments, the report also provides market value (US$ Mn) data, absolute $ opportunity, and total incremental $ opportunity for each segment over the forecast period (2018–2028).
In the final section of the report, we have provided a detailed competition landscape with the company market share and performance, in order to provide report audiences with a dashboard view of key players operating in the global electric & hydraulic wellhead drives market along with their business strategies. This would enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.
Research Methodology
For market data analysis, we have considered 2017 as the base year, with market numbers are estimated for 2018 and forecasts made for 2018–2028. The report considers the market size of the electric & hydraulic wellhead drives market at a global level, and splits & evaluates the market at a regional level. The forecast assesses the total revenue (US$ Mn) of the global electric & hydraulic wellhead drives market. In order to provide an accurate forecast, we have started by sizing up the current market, which forms the basis of how the global electric & hydraulic wellhead drives market is expected to develop in the future. The critical market data, including the base number and segment splits, has been devised through in-depth secondary research. This data is then triangulated on the basis of different verticals, considering both supply side and demand side drivers and other dynamics of the various regional markets, along with primary interviews of electric & hydraulic wellhead drives manufacturers, distributors & suppliers, and industry experts operating in the global electric & hydraulic wellhead drives market. The forecast presented in the report evaluates the actual market size (US$ Mn) in 2017 with regard to electric & hydraulic wellhead drivesand the expected market value in the global electric & hydraulic wellhead drivesmarket over the forecast period.
We have also analysed the different segments of the global electric & hydraulic wellhead drives market in terms of basis point share (BPS) to understand individual segments’ relative contribution to the market growth. This detailed level of information is important for identifying the various key trends governing the global electric & hydraulic wellhead drives market. The report also analyses the global electric & hydraulic wellhead drives market based on the absolute dollar opportunity. This is usually overlooked while estimating the market forecast. However, from a business development perspective, it is essential to identify absolute dollar opportunity in the electric & hydraulic wellhead drives Market. Moreover, FMI has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global electric & hydraulic wellhead drives market. This market attractiveness index would help clients to identify real market opportunities in the global electric & hydraulic wellhead drives market.
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