LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Wellhead Equipment Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the heavy industry. This report breaks down the data and analysis behind the procurement of wellhead equipment and acts as an all-inclusive guide for making smart purchasing decisions.
“Key factors such as the increasing production of shale gas and the growing number of deep and ultra-deepwater oil extraction projects will drive the growth of the global wellhead equipment market,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “Also, North America is considered as a major market for wellhead equipment, owing to the recent rise in E&P activities,” added Bhuvaneshwari.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Wellhead Equipment Market:
- Changing market dynamics due to operations of OECD and OPEC associations
- Growing focus on technological advancements by both buyers and suppliers
- Increasing incorporation of IoT
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Changing market dynamics due to operations of OECD and OPEC associations
In recent years, the market dynamics with respect to oil and natural gas production is experiencing changes, owing to the presence of organizations such as OECD and OPEC. The growing awareness about the current market dynamics helps the buyers perform appropriate planning of future operations.
Growing focus on technological advancements by both buyers and suppliers
In the wellhead equipment market, the buyers and the suppliers are investing in R&D projects to increase the efficiency and effectiveness of extraction operations. This increasing focus on innovative technological advances promotes innovations in the sector.
Increasing incorporation of IoT
The increasing pressure on oil and natural gas extraction is incorporating the need for IoT in their operations. The incorporation of IoT aids buyers to enable real-time tracking, thereby providing required data for effective decision making.
View our report snapshot to gain detailed insights into the current market trends.
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