Well Casing & Cementing Market is Expected to be Dominated by the Offshore Segment in the Forecast Period
Governments
around the world are increasingly regulating the oil and gas industry. This is
driving demand for well casing and cementing market.
“According to TechSci Research report, “Global Well
Casing & Cementing Market - By Region, Competition, Forecast &
Opportunities, 2028”, the global well casing & cementing market is
expected to grow as a deal for the purchase of casing and tubing for USD 3.6
billion was announced by the Abu Dhabi National Oil Company in August 2019. The
contract was given to the consolidated supplier's businesses (for items from
Tenaris SA), Abu Dhabi Oilfield Service Company (for products from Vallourec
S.A.), and Habshan Trading Company (for products from Marubeni Corporation). A
combined total of 1 million metric tonnes of casing and tubing will be supplied
by all three businesses. Owing to this announcement, the global well casing
& cementing market is expected to register a high CAGR in the forecast
period.
Any
nation's economic development depends heavily on hydrocarbons. The capacity of
the present reserves to produce oil and gas cannot keep up with the exponential
growth in demand. Numerous countries are expanding their investment in
undeveloped hydrocarbon sources to secure their future energy prospects. Due to
rapid urbanization and commercialization, emerging economies like China and India
are projected to play a significant influence in the dynamics of the energy
sector in the future. As a result, the market for well casing and cementing is
expected to benefit from the growing curiosity in recovering undeveloped
hydrocarbon to meet future energy demand.
Due
to the enormous demand for oil and gas and upstream operations are growing. All
around the world, there is more drilling and production demand, with the main
goal being to produce more and more hydrocarbons. According to projections
from World Oil, drilling outside of the United States 4.6% in 2018 to 43,456
wells, driven by improvements in Western Europe, Australia, Russia, China, and
part of Africa. Additionally, the operator demonstrates an interest in funding
new E&P projects, which supports the expansion of the well casing and cementing
business.
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The global well casing & cementing market is segmented
into type, well type, service, application, company, and region. Based on type,
the market is segmented into casing and cementing. Based on well type, the
market is divided into horizontal and vertical.
Based on service, the market is segmented into casing pipe, casing equipment
& service, and cementing equipment & service. Based on application, the
market is segmented into offshore and onshore. Based on region, the market is
segmented into North America, Asia-Pacific, Europe, South America, and the
Middle East & Africa.
Due
to the difference in production rates, horizontal wells continue to be
preferred over vertical wells, and are expected to take over the market in the
upcoming years.
Additionally,
the offshore segment will dominate the worldwide well casing and cementing
market in the projected period because of the many offshore exploration
operations that have been performed. The development of the market in offshore
areas has also been influenced by the digitization of the oilfields. Moreover,
the onshore fields have developed, and there has been an increase in
exploration efforts being conducted in difficult conditions in deep water.
Lastly,
the casing segment is a vital necessity in any drilled well to sustain the
untreated well, and this procedure is carried out at several phases. Therefore,
the drilling of new wells has enabled the casing operation to have a larger
market share in this industry.
Key
market players in the global well casing & cementing market include:
- Archer Limited
- Trican Well Service
- Baker Hughes Inc.
- Basic Energy Services
- Forum Energy Technologies
- China Oilfield Services Limited
- Schlumberger Ltd
- Superior Energy Service Inc.
- FMC Technologies Inc
- Halliburton Co.
- Weatherford International
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“The
global well casing and cementing market are expanding since the ongoing
shale developments. Additionally, it is predicted that throughout the projected
period, technical advancements in well drilling methods will present lucrative opportunities
for the well casing and cementing market. Due to rapid industrialization and
economic growth, the need for oil and gas is growing every day, global well
casing and cementing market is the increasing demand for natural gas and oil,
which has increased exploration operations both onshore and offshore” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Well
Casing & Cementing Market- Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2028, Segmented By Type (Casing and Cementing), By Well Type
(Horizontal and Vertical), By Service (Casing Pipe, Casing Equipment &
Service, and Cementing Equipment & Service), By Application (Offshore and
Onshore), By Region and Competition”, has evaluated the future growth
potential of well casing & cementing market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the global well casing & cementing market.
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