Demand for energy has increased over the years as countries seek to sustain the rate of their development activities. Increasing demand for energy is one of the major factors driving the global drilling activities and the demand for oil and gas equipment. Stringent government regulations resulting in imposition of heavy penalties on the oil and gas companies has resulted in a surge in demand for pressure control equipment and hence chokes and kills manifold systems. Surge in offshore drilling activities requiring drilling operations under high temperature and pressure conditions has further augmented the demand for pressure control equipment. Choke and kill manifolds are used to lower the pressure from wellhead and consist of a set of chokes and valves. These chokes can be fixed or adjusted.
Segmentation of the global chokes and kill manifold market can be done on the basis of site of drilling and geography. On the basis of site of drilling choke and kill manifold market can be segmented into both onshore and offshore choke and kill manifold market. Chokes and kill manifold assembly consists of high pressure valves, pressure sensors, chokes, spool spacers, buffer tanks and flanges. These equipments are assembled on blowout preventer units and assures the movement of drilling fluids from well into buffer tanks, measures pressure in annular space of the well head, collect and distribute well fluid.
Increasing drilling activities have augmented the demand for oil and gas pressure control equipment. Majority of the demand for such equipment arises from North America. Drilling activities in North America has increased over the years as exploration and production companies are looking for new shale gas and oil reserves. Such surges in drilling activities to explore shale gas and tar sands in North America is one of the major drivers augmenting the demand for pressure control equipments and hence chokes and kill manifolds. Demand for pressure control equipment in Europe is mainly driven by the E&P activities in the North Sea and the Commonwealth of Independent States (CIS) countries such as Russia, Azerbaijan and Kazakhstan. The Middle East is also expected to show a significant growth over the forecasted period due to the surge in drilling activities in the Saudi Arabia, Latin America and West Africa. Demand for such equipments has increased to support the oil and gas production in Angola, Nigeria, Brazil and Venezuela. Demand for choke and kill manifolds in Asia Pacific regional segment is mainly driven by the drilling activities in China.
Increasing expenditures on installation of pressure control equipments by oil field service companies and drilling contractors is one of the major drivers for the choke and kill manifold market. Moreover, the increasing offshore drilling has also augmented the demand for choke and kill manifolds. Recent plunge in the oil and gas prices could result in a decline in drilling activities all over the world. Drilling activities are expected to suffer in areas require higher expenditure for oil and gas exploration. Decline in drilling activities will directly affect the demand for oil and gas equipment and hence the choke and kill manifolds.
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Some of the major companies providing coke and kill manifolds include Cameron International Corporation, Schlumberger Limited, Quality Oil Tools, LLC and others.