Pune, India, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The global Christmas Tree Market size is set to gain momentum from the rising number of deepwater and ultra-deepwater drilling projects. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Christmas Tree Market, 2022-2029.”
Industry Developments:
A joint contract was signed between McDermott International Inc. and Baker Hughes for Risers, flowlines (SURF), and subsea umbilicals, subsea production system equipment at the Greater Torture Ahmeyim natural gas situated offshore of Mauritania and Senegal
Baker Hughes and McDermott International Inc. won the contract to provide flowlines (URF), joint umbilicals, and subsea production systems (SPS) for INPEX-Operated Ichthys LNG project situated offshore northwest Australia.
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Drivers & Restraints-
Increase in Number of Deepwater Oil & Gas Activity to Surge Market Growth
The rise in the number of deepwater and ultra-deepwater drilling projects to surge market growth. The cause of the rising demand is advanced technologies in offshore pressure control technologies. These factors are responsible for the growth of market share.
However, the growth may inhibit by the region's associated threats. Additionally, policy and regulations change by the government may also limit the market growth.
COVID-19 Impact-
Supply Chain Disrupted Market Growth Due to Lockdown
The sudden pandemic outbreak disrupted the market. The imposed lockdown suppressed the global economy. The sudden lockdown affects the manufacturing, production, and financial markets. The transports were shut due to complete lockdown, which restricted the transport of raw materials. The imbalance in the supply chain disrupted the market growth and hampered Christmas tree market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/christmas-tree-market-105618
Segments-
On the basis of types, the christmas tree industry is segmented into the horizontal tree and the vertical tree.
Depending on location, the market is segregated into onshore and offshore segments.
Regionally, the market is classified into North America, Europe, Asia Pacific, Latin America, Middle East
& Africa.
Report Coverage-
The report represents various aspects of the global and local market. This includes the impact of a pandemic on market share. The report also covers facts and figures of the market. Many factors are mentioned which will be the major cause of market growth or market restraint. The significant players and their advanced techniques to grow in the market are depicted in the report. A detailed list of major players present in the market gives insights into the market competition. Factors affecting the market directly or indirectly are mentioned in the report. A comprehensive market study is delivered to gain in-depth information about the market and existing competitors. It delivers an overview of advanced technology adopted by key competitors to gain a competitive edge in the global market.
Regional Insights-
U.S. Holds Current Maximum Market Share due to Onshore Oil and Gas Activity
The Middle East & North America region to hold maximum growth in christmas tree market share of global oil production. The crude oil price rise has created benefits for the onshore oil and gas industry. Currently, the U.S. is the leader in onshore oil and gas activity. Rising production and exploration activities taking place in the country to lead North America is gaining the global market in terms of growth. The Asia Pacific is anticipated to show growth in the forecast period. Rising production facilities across different countries in the region.
Competitive Landscape-
Competitors Adopting Advanced Strategies to Expand Growth in Global Market
The major key competitors are adopting new technologies to gain a competitive edge globally. The market is fragmented and consists of various-sized companies across developing and developed countries. Major market players of the Christmas tree industry focus on gaining market acquisition and partnerships to augment the market share. Moreover, the market players focus on innovations and delivering demand in less time to gain customers. Delivering demand in the regional market is the highest priority of key competitors to gain regional customers. Companies strive to gain contracts from other companies to provide flowlines and subsea production systems.
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List of Key Players Present in the Market:
- TechnipFMC PLC (U.S.)
- Schlumberger Limited (U.S.)
- Drill-Quip Inc. (U.S.)
- Worldwide Oilfield Machine (India)
- Baker Hughes Co., (U.S.)
- Delta Corp. (India)
- Halliburton Co. (U.S.)
- Solar Alert Sdn Bhd, The Weir Group PLC (Malaysia)
- Aker Solutions ASA (Norway)
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