Christmas Tree Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Global Christmas Tree Market Research and it is segmented by Type (Horizontal Tree, Vertical Tree), Location of Deployment (Onshore, Offshore), and Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa). The market size and forecasts are provided in terms of value (USD million) for all the above segments.

Christmas Tree Market Size

Christmas Tree Market Summary
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Study Period 2019 - 2028
Base Year For Estimation 2022
CAGR 4.31 %
Fastest Growing Market Middle East and Africa
Largest Market Middle East and Africa
Market Concentration Low

Major Players

Christmas Tree Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Christmas Tree Market Analysis

The Christmas tree market is expected to reach a CAGR of around USD 5.61 billion by the end of the base year and is projected to register a CAGR of over 4.31% during the forecast period.

Though the market has reached pre-pandemic levels, it was significantly impacted by the COVID-19 pandemic in 2020.

  • Over the long term, the increasing demand for natural gas reserves is expected to stimulate the growth of the Christmas tree market.
  • On the other hand, rising awareness of climate change is expected to reduce oil & gas activities, negatively impacting the market during the study period.
  • Increasing investment in deep water and ultra-deepwater drilling activities in Brazil, Mexico, Guyana, and a few other Asian countries is expected to create ample opportunities for the market to grow during the forecast period.
  • The Middle East and Africa is expected to witness significant growth during the forecast period, with the majority of the demand coming from Saudi Arabia, Qatar, United Arab Emirates, Algeria, and Egypt.

Christmas Tree Market Trends

This section covers the major market trends shaping the Christmas Tree Market according to our research experts:

The Onshore Sector is Expected to Dominate the Market

  • On average, the onshore oil and gas sector accounts for around 70% of the global crude oil production, led by the Middle Eastern and North American regions. The onshore sector benefited more from the rise in crude oil prices than the offshore sector. As of 2021, the onshore rig count was around 1219 units (including North America).
  • The United States is leading the current onshore oil and gas activity with its robust drilling activities in the shale reserves, resulting in a surge in global oil and gas production. The major reason behind the surge is the declining operational cost in the country's basin, making marginal projects economical in low oil price regimes.
  • The activities in other countries, such as Brazil, Colombia, India, and Indonesia, are driven by the changes in policies and regulations and the government's initiative to increase domestic production with increased investment.
  • For instance, in November 2021, Petrobras in Brazil planned to invest nearly USD 68 billion under the Five-Year Plan (2022-2026). The investment is expected to increase crude oil production to 2.6 million barrels per day by 2026.
  • Moreover, in 2021, the oil and gas industry witnessed a 10% higher investment than in 2020. During the same year (2021), the total upstream investment was around USD 380 billion. Such investments are likley to increase in the next few years, which is expected to support the growth of the segment during the forecast period.
  • Hence, with increased investment, and higher offshore drilling costs, the onshore oil & gas sector is expected to dominate the Christmas tree market during the forecast period.
Christmas Tree Market: Onshore Rig Count, in Units, Global, 2015-2021

North America is Expected to Witness Significant Growth

  • The North American region is expected to witness significant growth over the forecast period, owing to the increasing exploration and production activities in countries like the United States and Mexico.
  • The United States has one of the largest technically recoverable shale gas reserves and the second-largest tight oil reserves in the world. The technological developments in hydraulic fracturing and low breakeven prices have supported the upstream oil & gas activity in the onshore region, resulting in high demand for oilfield equipment, such as Christmas trees.
  • However, the Canadian oil and gas industry faces many challenges from the United States. Tax reforms and the loosening of regulatory frameworks by the US government are prompting more companies to head south, especially with the blocking of the Keystone pipeline.
  • Such factors are expected to result in increased investments during the forecast period, aiding the demand for Christmas trees in the Canadian market. As of February 2022, the government was known to be working on many regulations, policies, legislative issues, and a substantial number of important topics related to oil and gas production, which will affect the nation's competitiveness and the commitment of Canada with regard to decreasing its carbon emissions.
  • Hence, North America is expected to witness significant growth during the forecast period due to the policy push by the government and the growth of shale gas after the pandemic.
Christmas Tree Market : Growth Rate by Region, 2022-2027

Christmas Tree Industry Overview

The Christmas tree market is fragmented with the presence of major players, including TechnipFMC PLC, Baker Hughes Company, Schlumberger Limited, Dril-Quip Inc., and Worldwide Oilfield Machine.

Christmas Tree Market Leaders

  1. TechnipFMC PLC

  2. Schlumberger Limited

  3. Dril-Quip Inc

  4. Worldwide Oilfield Machine

  5. Baker Hughes Company

*Disclaimer: Major Players sorted in no particular order

Christmas Tree Market Concentration

Christmas Tree Market News

  • July 2022: China National Offshore Oil Corporation (CNOOC) launched its first self-developed subsea Christmas tree (Xmas) system in the Bohai Sea. The subsea Xmas oil and gas extraction system was installed in the Jinzhou 31-1 gas field in the Bohai Sea with a daily trial output of 310,000 cubic meters, able to meet the gas usage needs of 1,500 households for an entire year. The system was designed in a compact structure, weighing 24.8 tons. It is suitable for use in shallow water and has an expected operating life of 15 years.
  • March 2022: Woodside awarded DOF Subsea Australia a contract for subsea services and the retrieval of subsea Xmas trees from the Enfield field offshore Australia. Subsea services firm DOF stated that the project would involve the recovery of 18 Subsea XTrees, 18 flow bases and associated spool sections, one wellhead severance, and recovery of up to 18 temporary guide bases at the Enfield field. The contract included project management, engineering, fabrication, and decommissioning services and was expected to be undertaken in Q3 and Q4 of 2022 using DOF Subsea's SkandiHercules vessel.

Christmas Tree Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Onshore and Offshore Active Rig Count, by Major Countries, Global, till 2021

    4. 4.4 Onshore and Offshore CAPEX Forecast in USD billion, Global, till 2027

    5. 4.5 Brent Crude Oil and Henry Hub Spot Prices Forecast, till 2027

    6. 4.6 Key Upstream Projects for Investment Purposes

    7. 4.7 Recent Trends and Developments

    8. 4.8 Government Policies and Regulations

    9. 4.9 Market Dynamics

      1. 4.9.1 Drivers

      2. 4.9.2 Restraints

    10. 4.10 Supply Chain Analysis

    11. 4.11 Porter's Five Forces Analysis

      1. 4.11.1 Bargaining Power of Suppliers

      2. 4.11.2 Bargaining Power of Consumers

      3. 4.11.3 Threat of New Entrants

      4. 4.11.4 Threat of Substitute Products and Services

      5. 4.11.5 Intensity of Competitive Rivalry


    1. 5.1 By Type

      1. 5.1.1 Horizontal Tree

      2. 5.1.2 Vertical Tree

    2. 5.2 By Location of Deployment

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 By Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 South America

      4. 5.3.4 Asia-Pacific

      5. 5.3.5 Middle East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Yantai Jereh Petroleum Equipment & Technologies Co. Ltd

      2. 6.3.2 Worldwide Oilfield Machine

      3. 6.3.3 TechnipFMC PLC

      4. 6.3.4 Baker Hughes Company

      5. 6.3.5 Schlumberger Limited

      6. 6.3.6 Aker Solutions

      7. 6.3.7 Dril-Quip Inc.

      8. 6.3.8 Shengji Group

      9. 6.3.9 INTERA Ltd

    4. *List Not Exhaustive

**Subject to Availability

Christmas Tree Industry Segmentation

A Christmas tree is an assembled combination of spools, valves, and fittings used for containing pressure in gas wells, oil wells, water disposal wells, water injection wells, condensate wells, gas injection wells, and other types of wells. The wellhead structure with valves is shaped like a pine tree, giving it the name "Christmas tree."

The market is segmented by type, location of deployment, and geography. By type, the market is segmented into horizontal and vertical trees. By location of deployment, it includes onshore and offshore segments. By geography, the study includes North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report also covers the market size and forecasts for the Christmas tree market across major regions. The report offers the market size and forecasts in revenue in USD billion for all the above segments.

By Type
Horizontal Tree
Vertical Tree
By Location of Deployment
By Geography
North America
South America
Middle East and Africa

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Christmas Tree Market Research FAQs

The Christmas Tree Market is projected to register a CAGR of 4.31% during the forecast period (2023-2028).

TechnipFMC PLC, Schlumberger Limited, Dril-Quip Inc, Worldwide Oilfield Machine and Baker Hughes Company are the major companies operating in the Christmas Tree Market.

Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the Middle East and Africa accounts for the largest market share in the Christmas Tree Market.

Christmas Tree Industry Report

Statistics for the 2023 Christmas Tree market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Christmas Tree analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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