LONDON--(BUSINESS WIRE)--The choke and kill manifold market size is expected to post a CAGR of close to 8% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The global liquid fuel consumption is anticipated to grow at a steady rate during the forecast period. The increasing industrialization and urbanization will result in increased consumption of liquid fuel, especially in countries such as China, India, the US, Japan, and South Korea. To meet the demand for oil and gas, all the major oil and gas companies have resorted to E&P projects.
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As per Technavio, the increase in deepwater and ultra-deepwater upstream will have a positive impact on market growth over the forecast period. This research report also analyzes other important trends and market drivers that will influence market growth over 2019-2023.
Choke and Kill Manifold Market: Increase in Deepwater And Ultra-Deepwater Upstream Projects
After shallow water drilling, the oil and gas companies have shifted their focus to deepwater and ultra-deepwater resources. The extraction of oil from ultra-deepwater is expensive and challenging when compared with onshore drilling owing to the harsh weather conditions.
“The rise in crude oil prices has led to an increase in drilling and production operations in offshore deepwater and ultra-deepwater drilling projects. The drilling activities at such depths require rugged equipment which can handle high pressure. This is expected to support the growth of the global choke and kill manifold market,” says a senior research analyst at Technavio
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Choke and Kill Manifold Market: Segmentation Analysis
This market research report segments the choke and kill manifold market by technology (water-borne, solvent-borne, powdered coatings, and UV-cured) and by region (the Americas, EMEA, and APAC).
North America led the market in 2018, followed by MEA and Europe, respectively. North America is expected to dominate the market throughout the period 2019-2023, owing to the growing adoption of modern oil and gas drilling equipment in economies, including the US and Canada.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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