Fluid End Assembly Market: Introduction
The global fluid end assembly market was valued at ~US$ 9.8 Bn in 2018 and is anticipated to expand at a CAGR of ~4% during the forecast period. Based on type, the triplex fluid end segment held a dominant share of the fluid end assembly market in 2018, primarily due to its high quality and low price. In terms of material, the stainless steel segment accounted for a major share of the fluid end assembly market in 2018. Demand for stainless steel fluid end assembly is high due to its excellent quality and long life. Based on application, the onshore segment constituted a significant share of the fluid end assembly market in 2018, owing to the presence of a large number of wells and lower cost of investment compared to offshore wells. The fluid end assembly market in North America is likely to expand at a substantial pace during the forecast period, owing to significant investments in exploration and production activities in the oil & gas industry in the region
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Key Drivers of Fluid End Assembly Market
Of late, several oil and gas discoveries have been made across the globe. Furthermore, shale discoveries are rising at a promising rate. For instance, Russia discovered nearly 1.5 billion barrels of oil equivalent (Bboe), with new discoveries on the peninsula shelf in the Kara Sea. In Guyana, ExxonMobil made 14 discoveries during the first quarter of 2019, while Tullow Oil PLC also announced two new discoveries. These discoveries of new oil and gas reserves provide lucrative opportunities to oil and gas service companies, which use fluid end assembly for drilling. In November 2019, Tullow Oil PLC and its licensed partner Orinduick announced that they had started assessing commercial viability of two offshore Guyana discoveries after lab results indicated that the oil recovered was heavy crude oil with high sulfur content. Thus, discovery of new oil and gas reserves across the world is fueling the expansion of the fluid end assembly market.
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North America to Lead Fluid End Assembly Market
North America dominated the fluid end assembly market in 2018, owing to the development of oil and gas wells in the region. Demand for fluid end assembly is expected to be high in the region during the forecast period. The fluid end assembly market in North America is estimated to expand considerably during the forecast period, led by the significant development of infrastructure related to oil and gas discoveries in the region. The U.S. accounted for the leading share of the fluid end assembly market in North America in 2018. This can be primarily ascribed to the increase in number of drilling rigs in the country. According to World Oil, the total rig count in the U.S. stood at 24,186 in 2017 and rose to 27,095 in 2018. Oil & gas players are likely to drill more wells in the country considering the upward trend of oil prices. This is estimated to drive the fluid end assembly market in the U.S. during the forecast period. The fluid end assembly market in Canada is projected to expand at a moderate pace, owing to new discoveries of unconventional oil and gas reserves in the country.
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Major Developments in Fluid End Assembly Market
In August 2019, Halliburton Company bagged nine conditional contracts for drilling and completion services for Sangomar field development in Senegal from Woodside Energy (Senegal). Moreover, in July 2019, Halliburton and Kuwait Oil Company (KOC) announced that they had signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) exploration wells in the Arabian Gulf
The fluid end assembly market is led by multinational players operating across the globe. Prominent players functioning in the fluid end assembly market are Halliburton, The Weir Group PLC, Forum Energy Technologies, Gardner Denver, Inc, EnTrans International, LLC, and Alco Group.
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