Advances in pressure control systems to drive market growth. Blowout preventers (BOPS) are crucial pressure control equipment in deep water oil rigs. Their main function is to prevent the unexpected release of oil and gas from the wellhead. A BOP is equipped with a shear ram and a safety valve that cuts into the oil and gas conductor pipe to shut off the sudden oil and gas flow and prevents explosions. Federal regulations are being enforced to prevent such unexpected problems. These regulations require oil and gas production sites to be equipped with BOPS to eliminate the threat of unexpected explosions. Choke and kill manifolds are the main equipment used in BOPS to cut off the flow, control the pressure build-up in the reserve, and kill the well by allowing the injection of cement slurry into the well. Acquire Market Research have predicted that the choke and kill manifold market will register a CAGR of close to 8% by 2023.
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Rise in consumption of oil and gas
The global liquid fuel consumption is predicted to grow steadily during the forecast period. It will be driven by the increase in industrialization and urbanization in developing countries. The major oil and gas companies have resorted to E&P projects to meet the demand for oil and gas.
Fluctuations in global crude oil prices
Crude oil prices have encountered large variations over the years. The rapid decline affected the profitability of many upstream companies and impacted their revenue generation. Several oil and gas companies stopped or postponed their E&P projects as the low revenue made it difficult for them to sustain in the market.
For the detailed list of factors that will drive and challenge the growth of the choke and kill manifold market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Schlumberger and TechnipFMC the competitive environment is quite intense. Factors such as the advances in pressure control systems and the rise in consumption of oil and gas, will provide considerable growth opportunities to choke and kill manifold manufactures. Jereh Group, National Oilwell Varco, Schlumberger, TechnipFMC, and Worldwide Oilfield Machine are some of the major companies covered in this report.
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