The global choke and kill manifold market research report by Technavio predicts the market to post a CAGR of close to 8% during the period 2019-2023.
A key driver for the global choke and kill manifold market is the rise in consumption of oil and gas. The global liquid fuel consumption is anticipated to grow at a steady rate during the forecast period. The increasing industrialization and urbanization will result in an increased consumption of liquid fuel, especially in countries such as China, India, the US, Japan, and South Korea. To meet the demand for oil and gas, the major oil and gas companies have resorted to E&P projects.
As per Technavio, the increase in deepwater and ultra-deepwater upstream projects will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global choke and kill manifold market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global choke and kill manifold market: Increase in deepwater and ultra-deepwater upstream projects
After shallow water drilling, the oil and gas companies have shifted their focus to deepwater and ultra-deepwater resources. The extraction of oil from ultra-deepwater is expensive and challenging when compared with onshore drilling owing to the harsh weather conditions.
The rise in crude oil prices has led to an increase in drilling and production operations in offshore deepwater and ultra-deepwater drilling projects. The drilling activities at such depths require rugged equipment which can handle the high pressure. This is expected to support the growth of the global choke and kill manifold market, says a senior research analyst at Technavio.
Global choke and kill manifold market: Segmentation analysis
This choke and kill manifold market analysis report segments the market by application (onshore and offshore) and geography (APAC, Europe, MEA, South America, and North America).
The onshore segment held the largest choke and kill manifold market share in 2018, accounting for over 79% of the market. This application segment is expected to dominate the global market throughout the forecast period.
North America led the market in 2018 with approximately 44% of the market share, followed by MEA and Europe, respectively. North America is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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