Pune, April 17, 2020 (GLOBE NEWSWIRE) -- The well casing market is predicted to reach USD 13.40 billion by 2026, exhibiting a CAGR of 6.8% during the forecast period. The increasing demand for hydrocarbon around the world will be a critical factor in boosting the well casing market revenue during the forecast period. The surge in aviation industry and growing electricity requirement will spur demand for oil and gas, which, in turn, will aid the market in the forthcoming years. The surge in offshore exploration activities will consequently create opportunities for the well casing market in the foreseeable future.
According to the published report, titled “Well Casing Market Size, Share & Industry Analysis, By Casing Type (Conductor Casing, Surface Casing, Intermediate Casing, and Production Casing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026” the market size stood at USD 7.93 billion in 2018. The well casing market report focuses and elaborates the definition, types, applications and major players in detail. Deep analysis about well casing market status, competition pattern, enterprise, advantages and disadvantages of enterprise products, industry development trends, regional industrial layout characteristics and macroeconomic policies, industrial policy has also been studied and provided within the synopsis. From raw materials to downstream buyers of this industry has been analyzed scientifically, the feature of product circulation and sales channel is presented as well. This report is aimed at helping companies, investors and potential shareholders along with establish a bird’s eye view prospect of industrial development and characteristics of the market. The report also benefits its readers by providing the unrivalled data in well-organized manner.
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An Overview of the Impact of COVID-19 on this Market:
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Market Driver:
Rising Energy Consumption to Spur Market Opportunities
The rising electricity demand in the residential sector will have a positive impact on the well casing market share during the forecast period. For instance, the use of household appliances such as refrigerator, toaster, kettle, microwave and blender in emerging nations. The increasing implementation of numerous government schemes to promote electrification will bolster healthy growth of the market in the forthcoming years. The rising income in the developing nations and capital investment in the power sector will accelerate the well casing market trends. The growing investment by key players in offshore exploration activities of oil and gas will enable speedy growth of the market in the forthcoming years. For instance, Kuwait Oil Company (KOC) bagged an award for an integrated offshore drilling services contract for six high pressure high-temperature exploration wells on two jackup rigs in the Arabian Gulf sea. KOC will receive assistance from Halliburton company for manage drilling, fluids, wireline and perforating, well testing, cementing, and all offshore logistical services.
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Regional Analysis:
Surge in Hydrocarbon Projects to Propel Market in North America
The market in North America generated a revenue of USD 3.59 billion in 2018 and is expected to witness high growth during the forecast period. The growth in the region is attribute to the growing demand for hydrocarbon to enable power generation. The surge in transport industry along with ongoing hydrocarbon projects in the U.S. and Canada will create opportunities for the market in the region. The stellar requirement for petroleum and natural gas owing to the passenger and private vehicles in the region will contribute positively to the market growth. For instance, petroleum and gas energy accounts for more than 65% in U.S. primary consumption. Asia Pacific is predicted to witness rapid growth in the forthcoming years owing to massive demand for energy from India and China. The rising urbanization, industrialization and population growth will boost the well casing market growth in the region. The increasing investment in E&P to reduce the foreign exchange on imports of oil and gas along with hydrocarbon consumption will create opportunities for the market in Asia Pacific. Europe is likely to hold the second largest share in the market owing to the ongoing hydrocarbon projects in Norway, the UK, Russia, and Germany
List of the key Companies Operating in the Well Casing Market are:
- Schlumberger (United States)
- Halliburton (United States)
- Weatherford (United States)
- Baker Hughes (United States)
- Vallourec (France)
- Parker Drilling Company (United States)
- Odfjell Well Services (Norway)
- Gulf Oil & Gas International (UAE)
- Express Energy Services (United States)
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Well Casing Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Casing Type
- Conductor Casing
- Surface Casing
- Intermediate Casing
- Production Casing
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Have a Look at Related Research Insights:
Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026
Well Intervention Market Size, Share and Industry Analysis By Type (Light Intervention, Medium Intervention, Heavy Intervention), Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, RE-Perforation), Application (Onshore, Offshore) and Regional Forecast, 2019-2026
Well Testing Services Market Size, Share and Industry Analysis By Service (Real Time Testing, Downhole Testing, Reservoir Sampling, Surface Well Testing), By Application (Onshore, Offshore) and Regional Forecast 2019-2026
Well Cementing Market Size, Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026
Coiled Tubing Services Market Size, Share & Industry Analysis, By Service (Well Intervention {Well Completion, Well Cleaning}, Drilling), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026
Oil Country Tubular Goods (OCTG) Market Size, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2019-2026
Directional Drilling Services Market Size, Share and Industry Analysis By Location (Onshore, Offshore), By Type (Conventional, Rotary Steerable Systems (RSS)), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable Systems (RSS), Mud Motors, Others) and Geography Forecast, 2019 – 2026
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