- Summary
- Table Of Content
- Methodology
Pressure Control Equipment Market Size:
Pressure Control Equipment Market size is estimated to reach over USD 8,047.56 Million by 2031 from a value of USD 5,146.50 Million in 2023 and is projected to grow by USD 5,350.61 Million in 2024, growing at a CAGR of 5.7% from 2024 to 2031.
Pressure Control Equipment Market Scope & Overview:
Pressure control equipment (PCE) refers to the devices that maintain fluid pressure moderation and monitoring in industries, more specifically in oil fields. Devices such as valves, blowout preventers, and control heads help maximize safety and enhance efficiency by avoiding excess pressure and maintaining optimum working conditions. Moreover, the advantages of using PCE include safety, controlling high pressure automatically, and ease of installation among others. Additionally, the primary factors encouraging progress in the segment include growth in global investments for exploration and production that require sophisticated technology for regulating pressures based on the increasing need for energy globally together with complying with safety rules.
Pressure Control Equipment Market Insights:
Pressure Control Equipment Market Dynamics - (DRO) :
Key Drivers:
Surging Demand for Green Hydrogen and Natural Gas is Fueling the Market
The market for PCE is being propelled by the growing use of green hydrogen which is made from renewable energy sources such as windmills, solar systems, and others, alongside the increasing need for natural gas such as methane and ethane are recognized for lower carbon emissions. These developments are generating a strong market for control equipment which are crucial for maintaining secure and effective operations within the energy industry.
- In August 2023, Greenfuel Energy Solutions collaborates with VENTREX, a top player in electronic pressure regulation for CNG, LNG, and H2. The goal of the collaboration is to provide sophisticated natural gas and green hydrogen options to the Indian market. At present, Greenfuel is a major player in the alternative gas fuel system (CNG/LNG/H2) and dominates more than 35% of the market stake in the CNG components sector.
Therefore, the growth of green hydrogen and natural gas which require control equipment to ensure safety is driving the market.
Sustainable Solutions Adopted by the Automotive Sector is Driving Demand for Market
PCE is primarily utilized in the automotive sector for measuring engine oil, hydraulic oil in the braking system, cooling system, gearbox and transmission oil, and fuel systems. Additionally, vehicles have fuel injectors that utilize control equipment to ensure optimal performance and efficiency.
The trend towards industry seeking to enhance efficiency and reduce environmental impact is fostering the market evolution.
- In March 2024, the Volvo Group signed an agreement with Westport Fuel Systems Inc. The focus of this agreement is to adopt Westport's High-Pressure Direct Injection fuel system technology which is applied to vehicles' internal combustion engines aiming to replace greenhouse gas-emitting fuels such as diesel, biogas, and hydrogen.
Therefore, the sustainability solutions adopted by the automotive sector are driving the market.
Key Restraints :
High Maintenance Cost is Restraining the Market Growth
PCE necessitates periodic service, repairs, and replacement of parts to be reliable and safe. The complex nature of the systems, along with the need for specialized knowledge and tools, increases maintenance costs. Moreover, oil and gas applications experience tough operating conditions including extremely low or high temperatures as well as corrosive environments that cause quick deterioration of equipment thus triggering more frequent maintenance.
- In September 2023, ABSA received complaints regarding failures or damages from freezing temperatures, hazards, among other events, and sometimes serious accidents that cause pressure vessels or piping to rupture. ABSA had received a total of 144 incident reports till 2022 associated with the freeze of the pressure equipment. No injuries or deaths occurred over the past five years but costs incurred during repairs on equipment and losses during production stoppages have been quite high.
Thus, the analysis states that the high costs of maintenance and production halts discourage a few end-users from using control equipment, hindering market development.
Future Opportunities :
AI-Driven Well Control Solutions Propel Potential Market Opportunity
AI-powered systems that are meant to control wellbore pressure provide significant improvements in the pressure control equipment market by combining advanced technologies aimed at optimizing drilling processes and enhancing safety standards. Wellbore pressures are managed using current data from pressure control systems through machine learning algorithms or predictive analytics, thus minimizing the likelihood of blowouts. The collaboration enhances operational efficiency while increasing the need for highly specialized control equipment, which leads to enormous market openings since the sector is moving towards higher automation levels as well as more data-dependent operations.
- In July 2024, RoboWell, an autonomous well control solution developed by AIQ, was utilized by ADNOC in the NASR field in the offshore region. This technology uses Cloud-based AI to autonomously modify well operations when required. As a result, safety is increased while efficiency is improved; travel and physical interventions are reduced significantly and emissions are minimized.
Hence, the rising adoption of AI-driven well control solutions which comprise pressure equipment is anticipated to increase its utilization, in turn promoting pressure control equipment market opportunities during the forecast period.
Pressure Control Equipment Market Segmental Analysis :
By Component:
Based on the components, the market is segmented into valves, control heads, wellhead flange, wireline pressure control equipment, coiled tubing pressure control equipment, quick unions, flow trees, and others.
Trends in the component:
- The wireline pressure control equipment market is driven by factors such as increased drilling activity and new offshore projects.
- There is a rising trend towards sustainable pressure equipment adoption in the market as companies are increasingly focusing on innovations with minimize environmental impact.
- There is a surge in the need for the control valves in the centrifugal pump systems where continuous flow is required for the machine to run efficiently without breakdown.
The pressure control valves accounted for the largest revenue share in the year 2023.
- Pressure control valves refer to an essential component that helps in regulating and maintaining ideal pressure levels in industrial processes. The pressure control valves can handle high pressures, corrosive fluids, and extreme temperatures making them suitable for challenging applications. Moreover, safety, efficiency, and productivity are some of the benefits offered by pressure control valves.
- Furthermore, there is a surge in demand for advanced gas control valves which feature improved leak detection, remote monitoring capabilities, and reduced emissions due to the increasing investments in R&D in the automotive sector.
- In October 2023, Purem by Eberspaecher introduced a Gas Control Valve (GCV). GCV aims to address the transformation of the automotive sector and expand its product portfolio. The component is compatible with all segments including mobile power generators, fuel cell-powered passenger cars, commercial vehicles, off-highway vehicles, and trains.
- Thus, as per the analysis, the advancement in technology for the automotive sector and the need for advanced control valves are driving the pressure control valves market trends.
The pressure control heads are anticipated to register the fastest CAGR during the forecast period.
- Pressure control heads are designed to manage and regulate pressure in wellbores which prevent blowouts by maintaining well integrity, which is essential in both onshore and offshore drilling environments and plays a critical role in ensuring the safety and efficiency of drilling operations in the oil and gas sector.
- Moreover, the advanced sealing technology, compatibility with high-pressure and high-temperature operations compatibility, and integration with digital monitoring systems enhance the functionality and reliability of pressure control heads. Additionally, the rising exploration and production sector is also contributing to the market expansion.
- In July 2024, the Indian Minister of Petroleum announced exploration-and-production (E&P) sector is poised for significant growth, offering investment opportunities of 100 billion USD by 2030.
- Therefore, the rising exploration and production sector along with advanced sealing technology are anticipated to boost the market during the forecast period.
By Type:
Based on the type, the market is bifurcated into low-pressure and high-pressure.
Trends in the type:
- Peculiar resource extraction including shale gas and tight oil, advancements in drilling technology, and increased complexity of extraction processes drive the low-pressure and high-pressure segments respectively.
- There is a growing trend in high-pressure equipment as they are finding application in various ways including the use of high-pressure equipment for washing vehicles there is a rising need for HVAC pressure control device which has features to control low pressure as well as high pressure.
The high pressure accounted for the largest revenue share in the year 2023 and is anticipated to register the fastest CAGR during the forecast period.
- The High-pressure control systems are made to tolerate extreme pressures, very hot weather changes, and extreme conditions experienced while undertaking offshore projects.
- In addition, one of the crucial drivers fueling the development of the high-pressure segment is the increasing offshore exploration and production investments, especially in places such as the Gulf of Mexico and offshore Brazil that require advanced pressure management devices to satisfy difficult drilling operations under deep waters.
- In January 2021, High-Pressure (HiP) launched a triple pump model for the PT2020 Automated Pressure Testing Controller System. The system is used in varying hydrostatic tests to automate pressure control mechanisms. The new controller enables the smooth functioning of test benches that have been fitted with three different types of pumps; thus simplifying the testing procedure.
- Thus, the analysis states that the increasing offshore exploration and production sector and the rising demand for high-pressure equipment that handles high-pressure and high-temperature environments are driving the pressure control equipment market demand.
By Application:
Based on the application, the market is segmented into manufacturing, automotive, aerospace and defense, oil and gas, pharmaceuticals and biotechnology, and others.
Trends in the application :
- The aerospace and defense industries are integrating advanced equipment to improve on safety and reliability of aircraft as well as defense systems because of the rising need for precision and high-performance components that withstand extreme conditions.
- The trend in the automotive sector is inclining towards hybrid vehicles which come with the embedded pressure sensors and control valves used for fuel vapor, leakage control, and exhaust emission control among others.
The oil and gas accounted for the largest revenue share of 34.42% in 2023 and is anticipated to register the fastest CAGR during the forecast period.
- The oil and gas sector is reliant on pressure control equipment for drilling and production operations. Features such as advanced blowout preventers, real-time monitoring capabilities, and enhanced reliability contribute to their effectiveness in high-pressure environments.
- Furthermore, a significant driving factor for the evolution is the rising worldwide investment into exploration and production within unconventional oil and gas resources.
- Therefore, the rising need for drilling operations in turn driving the pressure control solutions that enhance operational safety.
- In June 2024, as per PIB India's analysis, the production of green ammonia increased from 550,000 to 750,000 tons per annum, aiming to cater to the rising need for green hydrogen which promotes the sustainability goals of India.
- Thus, the evolution of the oil & gas sector due to rising demand for renewable energy solutions is driving the pressure control equipment market trends.
Regional Analysis:
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 782.35 Million in 2023. Moreover, it is projected to grow by USD 815.43 Million in 2024 and reach over USD 1,260.25 Million by 2031. Out of this, China accounted for the maximum revenue share of 30.2%.
The rise in urbanization in the Asia Pacific region leads to an increasing need for domestic gas pipelines which in turn increases the progress of the petrochemical and refining sectors. Thus driving the pressure control equipment market growth.
- In 2021, according to the International Energy Agency, Asia Pacific accounted for the market share of domestic gas production 72.8% of total gas supply. This indicated that there is a surge in domestic gas production which in turn drives the pressure control equipment market share.
North America is estimated to reach over USD 4,012.51 Million by 2031 from a value of USD 2,533.02 Million in 2023 and is projected to grow by USD 2,636.34 Million in 2024.
The global pressure control equipment market in the oil and gas sector plays a critical role in protecting and monitoring these components thereby, driving the market.
- In November 2023, according to UNEP , the US government has planned to increase the production of fossil fuel by 110% by 2030. The goal behind this increasing production is the rising need for fossil fuel which is necessary for the oil & gas sector which uses pressure control equipment in their processes.
Furthermore, as per the analysis, the drilling and well production are mainly dependent on equipment and the ongoing exploration and production of unconventional oil & gas are projected to drive the market progress in North America during the forecast period.
Additionally, according to the pressure control equipment market analysis, Europe is anticipated to witness substantial development. The region is backed by the growing gas appliances industry which caters to the surging request for heating devices, hot water production, and others across the region.
Moreover, the Middle East & Africa is poised for moderate development. The determinants affecting the growth include the growing drill bits manufacturing projects in Saudi Arabia and UAE alongside the region's surging demand for gas supply are the major factors driving the pressure control equipment market.
Further, the Latin American region is experiencing a rising need for deep-water drilling projects along with the growth of hydrocarbon production. Countries such as Brazil, Argentina, and others are representing the cumulative expansion of the pressure control equipment market in the region.
Top Key Players & Market Share Insights:
The Pressure Control Equipment market is highly competitive with major players providing Control Equipment to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the Pressure Control Equipment market. Key players in the Pressure Control Equipment industry include-
- Emerson Electric Co. (U.S)
- NXL Technologies(Canada)
- Weatherford (U.S)
- Baker Hughes Company (U.S)
- The Weir Group PLC (UK)
- Maschinenfabrik Reinhausen (Germany)
- SLB (U.S)
- TIS Manufacturing (UK)
- Brace Tool Inc. (U.S)
- Parker Hannifin Corp (U.S)
Recent Industry Developments :
Product Launch:
- In March 2024, Chell Instruments launched microCAT3-64, a pressure scanner equipment which is an advance version of microDAQ3-64, earlier launched in year 2022. The unique selling proposition of microCAT3-64 is its usability which makes the data gathering and integration with other equipment easier for the users.
- In May 2024, Emerson announced the launch of AVENTICS Series 625 Sentronic Proportional Pressure Control Valves. It features a control deviation capability of less than 0.5% which delivers high accuracy, flexibility, and support to pneumatic control engineering applications. The equipment is compatible with data acquisition software which makes it easier to quickly startup, monitor, and control valves directly on a PC.
Mergers & Acquisitions:
- In May 2024, Antero Midstream Corporation acquired gathering and compression assets from Summit Midstream Partners LP. The acquisition comprises two compressor stations and 48 miles of high-pressure gas-gathering pipelines.
- In February 2023, Motion & Control Enterprises acquired Precision Pump & Valve. The aim is to expand MCE's value-added services offering and provide entry into new products, and attractive geographies. Furthermore, providing full lifecycle, highly engineered fluid power, flow control, automation, and compressed air solutions to OEM, EPC, and end-user customers.
Partnerships & Collaborations:
- In November 2023, Halliburton Company collaborated with Oil States Industries, Inc. aiming to combine two award-winning technologies that provide customers with innovative deep-water managed pressure drilling (MPD) solutions.
Pressure Control Equipment Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 8,047.56 Million |
| CAGR (2024-2031) | 5.7% |
| By Component |
|
| By Type |
|
| By Application |
|
| By Region |
|
| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
|
Key Questions Answered in the Report
How big is the Pressure Control Equipment market? +
Pressure Control Equipment Market size is estimated to reach over USD 8,047.56 Million by 2031 from a value of USD 5,146.50 Million in 2023 and is projected to grow by USD 5,350.61 Million in 2024, growing at a CAGR of 5.7% from 2024 to 2031.
What specific segmentation details are covered in the Pressure Control Equipment report? +
The Pressure Control Equipment report includes specific segmentation details for components, types, applications, and regions.
Which is the fastest segment anticipated to impact the market growth? +
In the pressure control equipment market, the component segment is the fastest-growing segment during the forecast period. The factors affecting the growth of the segment are the advancement and surge in the advanced gas control valves and the rising investment in R&D for the automotive sector.
Who are the major players in the Pressure Control Equipment market? +
The key participants in the Pressure Control Equipment market are Emerson Electric Co. (U.S), NXL Technologies (Canada), Maschinenfabrik Reinhausen (Germany), SLB (U.S), Weatherford (U.S), Baker Hughes Company (U.S), The Weir Group PLC (UK), TIS Manufacturing (UK), Brace Tool Inc. (U.S), Parker Hannifin Corp (U.S) and others.
What are the key trends in the Pressure Control Equipment Market? +
The Pressure Control Equipment market is being shaped by several key trends including the surge in demand for HVAC devices, Control vales in centrifugal pumps, and various applications in the automotive, oil, and gas sectors and other are the key trends in the pressure control equipment market.
