The Market For Electric And Hydraulic Wellhead Drives Is Expected To Grow At A CAGR Of 9.8%.

The market for electric and hydraulic wellhead drives for onshore applications is anticipated to grow at a moderate rate of 8.4% over the course of the forecast period. The market is currently valued at US$ 167.19 million in 2022. By the year 2032, it is anticipated that the market for electric and hydraulic wellhead drives for onshore applications will reach a high of US$ 374.53 Million. The experts at Future Market Insights have calculated a historical CAGR of 6.5% for the relevant market.

An unprecedented surge has been witnessed in the global electric & hydraulic wellhead drives for onshore application market in the recent few years. It is anticipated that the rising number of unconventional oil and gas resources is influencing the market size for the electric & hydraulic wellhead drives for the onshore application market.

Furthermore, the expert analysts at FMI have revealed that the primary demand driver is the rising need for oil and gas globally, coupled with increasing production and exploration activities in onshore and offshore regions.

In addition to that, it is identified that there is growing adoption of advanced technologies in the oil and gas industry, which is likely to have a favorable impact on the market size. Therefore, it is projected that the electric & hydraulic wellhead drives for the onshore application market are likely to have significant growth during the forecast period.

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Global Electric & Hydraulic Wellhead Drives for Onshore Application Market: Factors Impacting Revenue Growth     

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 impact on the growth of the Electric & Hydraulic Wellhead Drives market as these wellheads are largely used for onshore oil production. Though the increase in the good count is estimated to grow slowly and steadily — rising from 59,000 in 2015 to over 69,000 by 2021 end — the sales of Electric & Hydraulic Wellhead Drives are expected to increase at a significant rate due to the growing application of PCP systems to pump out water and oil. In shallow wells, relatively more PCP systems are used in comparison to deep wells.

The demand for wellhead drives is growing rapidly in North America, especially in Canada, which can be attributed to the large number of wells using Progressing Cavity Pumps (PCP) and thereby leading to the growing demand for Wellhead Drives, as on average one PCP System uses one Wellhead Drive. It is estimated that Canada has an installed base of over 42,000 Progressing Cavity Pumps, which is nearly 62.7% of the global installed base of PCPs. This makes Canada one of the prominent users of PCPs and Wellhead Drives.

The replacement rate of Electric & Hydraulic Wellhead Drives is usually between 7-10 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.

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, and national Oilwell Varco, Inc. among others. The industry players,

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Market Segmentation

Product Types

• Electric
• Hydraulic

Regions

• North America
• Asia Pacific (APAC)
• Europe
• Latin America
• Middle East and Africa (MEA)