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Saudi Arabia Pressure Control Equipment Market

Saudi Arabia Pressure Control Equipment Market

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Saudi Arabia Pressure Control Equipment Market - By Type (High Pressure, Low Pressure); By Application (Offshore Applications, Onshore Applications); By Component (Quick Unions, Valves, Adapter Flanges, Control Heads, Flow Tee), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: March 2023
  • Report ID: BWC23237
  • Available Format: PDF
  • Page: 200

Report Overview

Emerging offshore energy sources and increasing exploration and production of oil & gas resources from unconventional resources are projected to propel the expansion of Saudi Arabia pressure control equipment market during the forecast period between 2023 and 2029.

Saudi Arabia Pressure Control Equipment Market - Industry Trends & Forecast Report, 2029

Saudi Arabia pressure control equipment market size is expected to grow at a CAGR of 4.89% during the forecast period between 2023 and 2029. Major growth drivers for Saudi Arabia pressure control equipment market include growing demand for oil & gas exploration and production activities in the country. The market is expected to witness steady growth in the coming years due to increasing investments in the oil and gas sector, the development of new oil fields, and the implementation of new drilling technologies. Saudi Arabia has the largest proven oil reserves in the world and is one of the leading oil-producing countries. The country's oil and gas sector accounts for a significant share of its GDP, and the government is making significant investments in the sector to increase production and enhance exploration activities. This is expected to drive the demand for pressure control equipment in the country. Also, the country is also investing in the development of renewable energy sources, such as solar and wind power, which is expected to provide new opportunities for pressure control equipment manufacturers. The growth of the energy & power sector in the country is expected to further drive the demand for pressure control equipment during the period in analysis.

Saudi Arabia Pressure Control Equipment Market – Overview

Pressure control equipment refers to a set of devices and systems that are used to manage and regulate the pressure in oil and gas wells during exploration and production activities. These devices are crucial to maintain the stability and safety of oil and gas wells, preventing accidents and environmental hazards. The main types of pressure control equipment include blowout preventers, valves, wellheads, and chokes. Blowout preventers are used to prevent uncontrolled release of oil and gas from the well, while valves are used to control the flow of fluids in the well. Wellheads are used to connect the surface equipment to the wellbore and provide a pressure barrier, while chokes are used to regulate the flow of fluids out of the well. Pressure control equipment is critical to ensure the safety of workers and the environment during oil and gas exploration and production activities. It helps to prevent accidents and reduce the risk of spills or leaks, which can have severe environmental and economic consequences. Therefore, proper maintenance and operation of pressure control equipment are essential to ensure the safe and efficient operation of oil and gas wells.

Saudi Arabia Pressure Control Equipment Market

Growth Drivers

Growing Exploration and Production of Oil & Gas from Unconventional Resources

The growing exploration and production of unconventional oil and gas resources in Saudi Arabia is expected to boost the expansion of the pressure control equipment market in the country. Unconventional resources such as shale oil and gas, tight gas, and coal bed methane require advanced drilling technologies and equipment, including pressure control equipment. Saudi Arabia has been actively exploring and producing unconventional resources in recent years, particularly in the Shaybah and Khurais oil fields. The country is also investing in the development of new technologies to extract unconventional resources efficiently and safely. This increasing focus on unconventional resources is expected to drive the demand for pressure control equipment, particularly blowout preventers and wellheads, which are critical components in unconventional drilling operations. The demand for other types of pressure control equipment, such as valves and chokes, is also expected to increase as the production of unconventional resources grows.

Restraints

Decline in Capital Expenditure of Oilfield Operators and Service Providers

A decline in capital expenditure of oilfield operators and service providers is likely to restrain the growth of the Saudi Arabia pressure control equipment market. Capital expenditure is a significant factor that influences the demand for pressure control equipment in the oil and gas industry. When capital expenditure is reduced, it can result in a decrease in demand for pressure control equipment. The oil and gas industry are capital-intensive, and oilfield operators and service providers require substantial investments to explore and produce oil and gas. However, the global oil and gas industry has faced a downturn in recent years due to various factors such as a decrease in oil prices, geopolitical tensions, and the impact of COVID-19. As a result, oilfield operators and service providers have been cutting down on their capital expenditure and reducing their investments in exploration and production activities. This reduction in capital expenditure could affect the demand for pressure control equipment in Saudi Arabia, as oil & gas companies may delay or cancel their drilling and exploration projects. This, in turn, can lead to a decrease in demand for pressure control equipment, such as blowout preventers, wellheads, and chokes.

Impact of COVID-19 on Saudi Arabia Pressure Control Equipment Market

COVID-19 pandemic adversely affected the Saudi Arabia pressure control equipment market, as it has affected the oil & gas industry, which is the primary end-user of pressure control equipment. The pandemic has led to a decline in global oil demand, as travel restrictions and lockdowns reduced economic activity, and resulted in a surplus of crude oil in the market. This has led to a decrease in oil prices, which has affected the revenues of oil and gas companies, including those in Saudi Arabia. As a result, oil & gas companies have been cutting down on their capital expenditures, which has affected the demand for pressure control equipment. Moreover, the pandemic has disrupted the supply chain, leading to delays in the delivery of pressure control equipment and increased costs. Additionally, the pandemic has led to a decline in manpower in the oil & gas industry, as companies have had to implement safety protocols to prevent the spread of the virus. This has affected the operations of oil & gas companies and resulted in delays and shutdowns of drilling and exploration projects, which has further affected the demand for pressure control equipment. However, despite the challenges, the pressure control equipment market in Saudi Arabia is expected to witness steady growth in the long term, as the country has significant reserves of oil and gas and is investing in new technologies to extract them efficiently and safely. Moreover, with the rollout of vaccines and the gradual easing of restrictions, there is hope for the recovery of the oil and gas industry and the pressure control equipment market.

Saudi Arabia Pressure Control Equipment Market

Segmental Coverage

Saudi Arabia Pressure Control Equipment Market – By Type

Based on type, Saudi Arabia pressure control equipment market is bifurcated into High Pressure and Low Pressure segments. The high-pressure segment of the Saudi Arabia pressure control equipment market is expected to hold a higher share during the forecast period. This is due to the fact that oil & gas wells with high temperatures and pressures require specialized equipment and materials. These types of reservoirs are often volatile, which means that extra precautions and training are necessary to ensure safety during drilling and production activities. This demand for equipment specifically designed for high-pressure situations creates an opportunity for businesses to develop pressure control equipment that is tailored to their specific needs and utilizes unique materials.

Saudi Arabia Pressure Control Equipment Market Size

Saudi Arabia Pressure Control Equipment Market – By Application

Based on application, Saudi Arabia pressure control equipment market is splint into Offshore applications and Onshore applications segments.

Saudi Arabia Pressure Control Equipment Market – By Component

Based on component, Saudi Arabia pressure control equipment market is divided into Quick unions, Valves, Adapter flanges, Control heads, and Flow tee segments. The valve segment is expected to hold the highest market share during the forecast period. In hydraulic systems, pressure control valves are utilized to manage and regulate the force applied by actuators. These actuators, which utilize hydraulic power to execute mechanical operations, consist of a cylinder or fluid motor. Unloading valves are designed to provide cost-effective pressure management in circuits that are powered by accumulators, which also serve as a backup power source for emergency control.

Competitive Landscape

Major players operating in Saudi Arabia pressure control equipment market include TIS Manufacturing, Ltd, Allied Valves, Inc., Lee Specialties, Inc., Baker Hughes, Kirloskar Brothers, Ltd, and Emerson Electric, Co. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

Saudi Arabia

Product/ Service Segmentation

Type, Application, Component

Key Players

TIS Manufacturing, Ltd, Allied Valves, Inc., Lee Specialties, Inc., Baker Hughes, Kirloskar Brothers, Ltd, Emerson Electric, Co

 

By Type

  • High Pressure

  • Low Pressure

By Application

  • Offshore applications

  • Onshore applications

By Component

  • Quick unions

  • Valves

  • Adapter flanges

  • Control heads

  • Flow tee

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Saudi Arabia Pressure Control Equipment Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing Exploration and Production of Unconventional Oil & Gas Resources
        2. Emerging Offshore
      2. Restraints
        1. Decline in Capital Expenditure of Oilfield Operators and Service Providers
      3. Opportunities
        1. Advancement in Technology
      4. Challenges
        1. Customized Demands by Drillers
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Saudi Arabia Pressure Control Equipment Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. High Pressure
        2. Low Pressure
      2. By Application
        1. Offshore applications
        2. Onshore applications
      3. By Component
        1. Quick Unions
        2. Valves
        3. Adapter Flanges
        4. Control Heads
        5. Flow Tee
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Saudi Arabia Pressure Control Equipment Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Covid-19 on Saudi Arabia Pressure Control Equipment Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. TIS Manufacturing, Ltd
    2. Allied Valves, Inc.
    3. Lee Specialties, Inc.
    4. Baker Hughes
    5. Kirloskar Brothers, Ltd
    6. Emerson Electric, Co
    7. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1.  Primary & Secondary Research
    2.  Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

 

List of Figures

 

Figure 1       Saudi Arabia Pressure Control Equipment Segmentation

Figure 2       Saudi Arabia Pressure Control Equipment Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Saudi Arabia Pressure Control Equipment Market Size, By Value (USD Million), 2019–2029

Figure 5       Saudi Arabia Pressure Control Equipment Market Share, By Type, By Value, 2019–2029

Figure 6       Saudi Arabia Pressure Control Equipment Market Share, By Applications, By Value, 2019–2029

Figure 7       Saudi Arabia Pressure Control Equipment Market Share, By Component, By Value, 2019–2029

 

List of Tables

 

Table 1        Saudi Arabia Pressure Control Equipment Market Size, By Value (USD Million), 2019–2029

Table 2        Saudi Arabia Pressure Control Equipment Market Share, By Type, By Value, 2019–2029

Table 3        Saudi Arabia Pressure Control Equipment Market Share, By Applications, By Value, 2019–2029

Table 4        Saudi Arabia Pressure Control Equipment Market Share, By Component, By Value, 2019–2029

Table 5        TIS Manufacturing, Ltd Company Overview

Table 6        TIS Manufacturing, Ltd Financial Overview

Table 7        Allied Valves, Inc. Company Overview

Table 8        Allied Valves, Inc. Financial Overview

Table 9        Lee Specialties, Inc. Company Overview

Table 10      Lee Specialties, Inc. Financial Overview

Table 11      Baker Hughes Company Overview

Table 12      Baker Hughes Financial Overview

Table 13      Kirloskar Brothers, Ltd Company Overview

Table 14      Kirloskar Brothers, Ltd Financial Overview

Table 15      Emerson Electric, Co Company Overview

Table 16      Emerson Electric, Co Financial Overview

Market Segmentation

No data available
No data available

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Frequently Asked Questions (FAQs):

Ans: The valves segment is expected to hold the highest market share in the Saudi Arabia Pressure Control Equipment Market by component.
Ans: Major factors driving the growth of Saudi Arabia Pressure Control Equipment Market include growing exploration and production of unconventional oil & gas resources and emerging offshore.
Ans: During the forecast between 2023 and 2029, Saudi Arabia Pressure Control Equipment Market size is expected to grow at a CAGR of 4.89%.
Ans: Key players in Saudi Arabia Pressure Control Equipment Market include TIS Manufacturing, Ltd, Allied Valves, Inc., Lee Specialties, Inc., Baker Hughes, Kirloskar Brothers, Ltd, and Emerson Electric, Co.
Ans: The high-pressure segment is expected to hold a higher market share in Saudi Arabia Pressure Control Equipment Market by type.