Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Wellhead Equipment Market size was valued at USD 7.06 billion in 2024 and is likely to cross USD 12.67 billion by 2037, registering more than 4.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of wellhead equipment is estimated at USD 7.34 billion.
The growth of the market can be attributed to increasing number of oil wells across the world, backed by rising investment in the oil & gas sector. Wellhead is made up of spools, valves and adapters to provide pressure control of the oil well. The growing application of wellheads to ensure safe operation of oil wells, is estimated to boost the market growth. The growing construction of onshore as well as offshore oil wells, to meet the growing demand for oil petroleum, is further expected to fuel the wellhead equipment market growth significantly. According to the data by the International Energy Agency (IEA), the oil production touched 98.3 million barrel per day in 2018. Furthermore, global oil consumption is projected to touch 104.1 million barrel per day by 2026, registering an increase of 4.4 million barrel per day from 2019.
