Over the forecast period of 2022-2027, the global wellhead equipment market is predicted to grow at a Compound Annual Growth Rate (CAGR) of more than five percent. This growth is due to various factors such as the increasing demand for oil and gas, the discovery of new oil and gas fields, and a surge in exploration and drilling activities worldwide. As the oil and gas industry is essential to the global economy, providing crucial products such as gasoline, plastics, lubricants, and healthcare items, the production of wellhead equipment by companies like Prithviraj Industries is vital to the Indian oil and gas drilling industry and the country's economy.
Prithviraj Industries holds a first-mover advantage in its niche market as only a few other companies are producing similar products in India. The Indian government's focus on decreasing oil imports and promoting domestic manufacturing has contributed to the company's growth.Prithviraj Industries was founded in 2015 in Roorkee, Uttarakhand, India, by Akshay Pratap Singh and his partners Nitin Rawat and Himanshu Singh Pundir. Since its inception, the company has become a well-known manufacturer and supplier of high-quality flow control products and high-pressure control parts, with a global presence.
The company started conceptualizing its product line and began manufacturing in 2017. In 2018, Prithviraj Industries obtained an API (American Petroleum Institute) license, which allowed it to export its products. The company specializes in producing equipment for high-pressure pipelines, wellhead accessories, and API drilling equipment for onshore and offshore drilling units. By 2019-2020, the company had achieved a top-ranking position among manufacturers in its category, and it has now become the market leader in its products.
Focusing on Technology & Infrastructure for Manufacturing Excellence
The team has taken significant strides to ensure that Prithviraj Industries stays ahead of the curve in terms of technology and infrastructure.
The company's manufacturing facility spread across five acres, is equipped with cutting-edge CNC machines, automatic lathes, drilling centers, and vertical and horizontal machining centers.Prithviraj Industries has its own assembly lines, paint booths, and QC shops to manage the inspection of incoming, ongoing, and outgoing products, including calibration. The company is committed to using domestically made machines to support Indian manufacturing and regularly calibrates equipment sourced from trusted suppliers to ensure that product quality is maintained and technological advancements are incorporated.
A talented and driven team of engineers, technicians, and management graduates with in-depth knowledge of the oilfield manufacturing industry was developed under able direction. "The team ensures that each product is assigned a unique number for accountability and that traceability procedures are strictly implemented", tells Managing Partner, Akshay Pratap Singh. The company outsources to carefully chosen vendors and follows stringent procedures and systems, including routine employee training and 100 percent inspection.
Prithviraj Industries distinguishes itself from competitors by possessing the international API certification, in addition to common certifications like ISO 9001:2015 and Occupational Safety and Health Administration (OSHAS). The oilfield drilling and aid industry, which is prone to accidents, is subject to stringent regulations by the API, and the production of monogram products requires a license. Despite being a startup in this sector, Prithviraj Industries has obtained the API certification after undergoing a challenging and rigorous certification process.
We intend to become our customers' first choice by launching new products & capitalizing on the trust we have built with them through our focus on quality
Economic Contributions & Goals for Customer Convenience
The management team takes immense pride in the fact that Prithviraj Industries has established itself as a reliable supplier of high-quality API-approved goods and made significant contributions to the Indian economy. Managing Partner in the firm Nitin Rawat says, “Our company takes pride in its contribution to India's industrialization and exports, which brings in valuable foreign exchange to the country. Not only have we established ourselves as an industry leader, but our operations have also created job opportunities in a small town, contributing to the economic development of the region”.
In terms of future plans, managing partner Himanshu Singh Pundir shares an ambitious vision for Prithviraj Industries. In the short term, the company aims to expand its manufacturing capabilities and acquire additional API licenses for various categories. In the long term, we envision establishing a direct market presence in the United States and the Middle East by opening warehouses in strategic locations and collaborating with companies operating in these regions, says Akshay Pratap Singh. He also plans to diversify the company's product range and move into the capital equipment side to supply larger products to major clients. The management team emphasized the company's commitment to providing customers with a one-stop-shop solution and delivering high-quality products, stating, “We intend to become our customers' first choice by launching new products and capitalizing on the trust we have built with them through our focus on quality”.
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