25 September 2020
Visiongain has launched a new report Choke and Kill Manifold Market Report 2020-2030: Forecasts by Application (Onshore, and Offshore), by Region and Analysis of Leading Companies.
The global choke and kill manifold market is estimated to project a U-shaped recovery from the shocks incurred to the oil and gas sector due to COVID-19. The COVID-19 pandemic has in one way or another affected every industry. For oil & gas, prices have plummeted with the possibility of crippling the energy market and beyond. However, several major oil producers, mostly in Saudi Arabia and Russia, are not reducing their oil production due to the breakdown of talks in the OPEC summit, thereby shielding the fall of demand for choke and kill manifold market.
People's demand for energy has risen due to the rapid evolution of countries ' economies. Rising energy demand is one of the main drivers of global progress and demand for oil and gas equipment. However, drilling activities have already expanded from land to sea as drilling work continues to expand. The expanding offshore drilling operations carried out under high-pressure and high temperature conditions, has resulted in the demand for choke and kill manifolds to witness a significant rise.
As large number of exploration and production companies spending heavily to obtain shale gas and oil reserves, drilling activity has been growing in North America over a considerable period of time. This has led to a growing demand for choke and kill manifolds market in this region. Furthermore, the European choke and kill manifolds market is driven primarily due to growing exploration and production in the North Sea and independent states which include Azerbaijan, Russia, and Kazakhstan which is in turn expected to drive the demand for associated equipment during the forecast period. The choke and kill manifold market in South America is also expected to witness considerable growth with increasing number of oil and gas production activities in Nigeria, Brazil, Angola, and Venezuela.
The global choke and kill market is fragmented with companies shifting their focus on using state-of-the-art technologies to offer better products. Although the growth in the global rig count will present huge growth opportunities, the growth of market participants will be challenged by the increasing adoption of renewable energy resources. To take advantage of the opportunities, vendors focus on the growth prospects offered by the fastest growing regional markets while maintaining their positions in the established markets.
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