In petroleum and natural gas extraction, a X-mass Trees, is an assembly of valves, casing spools, and fittings used to regulate the flow of pipes in an oil well, gas well, water injection well, water disposal well, gas injection well, condensate well and other types of wells. It was named for its resemblance to the series of starting lights at a drag racing strip, called by that name. X-mass Trees consists of chokes, valves and spools. Moreover, the main purpose of X-mass Trees is to control the flow of well fluids or gas during production. Additional functions of X-mass Trees include pressure relief, chemical injection, a conduit for control systems to monitor and control safety valves in down-hole.
A wellhead is the component at the surface of an oil or gas well that provides the structural and pressure-containing interface for the drilling and production equipment. The primary purpose of a wellhead is to provide the suspension point and pressure seals for the casing strings that run from the bottom of the hole sections to the surface pressure control equipment. Wellhead Equipment are required to control the pressure during drilling and production, and serve as a point to suspend casing & tubing strings, as well as a connection to the surface pressure-control equipment, i.e. blow out preventer (BOP) (during drilling stage) and X-mass Trees (during production stage). It also allows access to a live well (under pressure), in a safe and controlled manner. A wellhead consists of heads, hangers, spools and a series of seals.
Depending on the type of application， X-mass Trees & Wellhead can be located on offshore platforms, in sub-sea locations, or onshore. Used on offshore oil and gas fields, a X-mass Tree monitors and controls the production of a subsea well.
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X-mass Trees and Wellhead Market Analysis
After a period of development, the industry is at a mature stage. With the continuous upgrading of products and the development of technology and economy, the market continues to expand. The Industrial X-mass Trees & Wellhead is primarily a highly competitive market. Market concentration is high. The market share of the top three companies in 2019 was 59.73% The industry concentrate rate is high. The top three companies are TechnipFMC, Schlumberger, Baker Hughes with the revenue market share of 23.18%, 20.82%, 15.68% in 2020.
According to our research, the MENA X-mass Trees & Wellhead market has a total revenue of 874.34 M USD back in 2015, and increased to 1034.74 M USD in 2020. We made a series of functional calculation and deduced the past 5 year’s data with scientific model. Finally, we made the prediction that the value of X-mass Trees & Wellhead markets can be 1407.54 M USD by 2025. The CAGR of X-mass Trees & Wellhead is 4.49% from 2020 to 2025.
Saudi Arabia was the largest revenue market with a market share of 24.03% in 2015 and 23.75% in 2020, a decrease of 0.28%. In 2020, the Kuwait market share was 18.47%, ranking second. In addition, Saudi Arabia and Kuwait X-mass Trees & Wellhead market are also expected to be the growing market. Development of economy, increase downstream demand, technology innovation progress in these areas will promote the X-mass Trees & Wellhead market. The growth of the X-mass Trees & Wellhead market is driven by the downstream demand market. As the MENA economy develops, the population continues to increase. Growing market demand plays an active role in the expansion of the X-mass Trees & Wellhead market. Higher product quality and more affordable products will be one of the growth opportunities in this market in the future. At the same time, competition in new regions may become more intense. This may become a factor hindering market growth.
Impact of the COVID-19 Outbreak on the Development of the X-mass Tree and Wellhead Industry
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease (COVID-19) are already starting to be felt, and will significantly affect the X-mass Trees & Wellhead market in 2020. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. During the epidemic, the resumption of work, operations, revenue targets, and industry development of the X-mass Trees & Wellhead industry were all challenge.
The difficulty of on-site construction organization increased, which brought challenges to oil and gas production in the first quarter. Delays in resumption of work and traffic obstruction have caused certain difficulties to on-site construction organization and production operations. For example, transportation restrictions, road blockades, etc. have caused production material supplies, drilling rigs and fracturing equipment relocation, and oil well inspection personnel to enter and exit, which added the difficulty of production and operation for X-mass Trees & Wellhead enterprise.
Furthermore, as the X-mass Trees & Wellhead can be applied to the oil and gas industry, the impact of the epidemic on the oil and gas industry has also spread to the X-mass Trees & Wellhead. The International Energy Agency (IEA) has again reduced its 2020 oil demand forecast as Covid-19 pandemic continues to dampen demand. The agency trimmed outlook by 200,000bpd to 91.7 million bpd, reported Reuters. In the monthly report, IEA also warned that the recovery will slow down in the second half of this year. Rising Covid-19 cases in some countries, remote working programmers and struggling aviation sector are contributing factors to the weak demand, it further added. Several oil refiners are planning to shut down processing plants as demand continues to remain weak with bleak prospects. The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand forecast as Covid-19 crisis continues to impact consumption. In a monthly report, the oil cartel said that oil demand will fall by 9.46 million bpd this year, much higher than 9.06 million bpd decline predicted a month ago. It also said that the recovery will also slower than expected earlier. Besides, while the epidemic has brought many challenges to the X-mass Trees and wellhead business, it also puts forward new requirements on technology and production methods. Major X-mass Trees and wellhead companies have adopted digital methods such as remote office and video conferencing to actively respond. It is foreseeable that in the post-new crown epidemic era, the field of oil and gas exploration and development will further accelerate the process of digital transformation, and the demand for intelligent, remote, automated, and unmanned development will become more urgent.
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