NEW YORK, United States, May 04, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Well Casing Market By Casing Type (Production Casing, Conductor Casing, Intermediate Casing, And Surface Casing), By Application (Onshore And Offshore), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Well Casing Market size & share in terms of revenue was valued at USD 11.12 billion in 2022 and it is expected to surpass around USD 29.05 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 9.2% during the forecast period 2023 to 2030.”
What is Well Casing? How big is the Well Casing Industry?
Report Overview:
Well casing refers to the process of lining the wellbore with steel or cement casings to provide support, prevent collapse, and protect groundwater from contamination. Well casing is a critical component of oil and gas well construction, and it is essential to ensure the integrity of the well throughout its life cycle. The type and size of casing used depend on the geological conditions and the depth of the well. Steel casings are typically used in shallower wells, while cement casings are used in deeper wells. Well casing also helps prevent the migration of fluids between different geological formations, reducing the risk of water contamination and well blowouts. Proper installation and maintenance of well casing are crucial to ensure the safety and efficiency of the well.
Get a Free Sample PDF of this Research Report for more Insights with a Table of Content, Research Methodology, and Graphs - https://www.zionmarketresearch.com/sample/well-casing-market
(A free sample of this report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- About 216+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research Methodology
Global Well Casing Market Dynamics:
The global well casing market is primarily driven by the increasing demand for oil and gas, which has led to a rise in drilling activities globally. Additionally, the need to extract unconventional resources, such as shale gas and tight oil, has also fueled the growth of the well casing market. Furthermore, the increasing focus on safety and environmental protection has led to stringent regulations regarding well construction, which has boosted the demand for high-quality well casing materials and services.
Opportunities in the well casing industry include technological advancements in well construction methods and materials, such as the development of advanced cementing and casing systems that can withstand extreme environments. However, the industry also faces challenges such as the fluctuation in oil and gas prices, which can impact investment in drilling activities, and the increasing focus on renewable energy sources that could reduce demand for fossil fuels in the long term. Additionally, the high cost of well casing materials & services and the shortage of skilled labor in some regions pose significant challenges for the market.
Directly Purchase a copy of the report with TOC @ https://www.zionmarketresearch.com/buynow/su/well-casing-market
Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 11.12 Billion |
| Projected Market Size in 2030 | USD 29.05 Billion |
| CAGR Growth Rate | 9.2% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Akzo Nobel N.V., E.I. Du Pont De Nemours & Co., BASF SE, Covestro AG, LyondellBasell Industries Holdings B.V., Wasco Energy Group of Companies, The Dow Chemical Company, Celanese Corporation, Arkema S.A., and Tenaris SA. |
| Key Segment | By Casing Type, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Well Casing Market: Segmentation Analysis
The global well casing market is segmented based on casing type, application, and region.
Based on casing type, the global well casing industry is segmented into production casing, conductor casing, intermediate casing, and surface casing segments. The production casing segment held the dominating market share in 2022 and is further projected to grow exponentially during the forecast period. This is primarily due to the increasing demand for unconventional resources, such as shale gas and tight oil, which require long horizontal wells with multiple casing strings to access these resources efficiently.
The production casing is the final casing string installed in a well and serves as a conduit for oil or gas to flow from the reservoir to the surface. The use of advanced casing materials and technologies, such as high-strength steel and premium connections, has enabled the production casing to withstand high pressures and temperatures, ensuring the safe and efficient production of oil and gas. Additionally, technological advancements, such as intelligent completion systems and downhole monitoring, have further increased the demand for production casing services.
Based on application, the global well casing industry is bifurcated into onshore and offshore segments. The on-shore segment held the largest market share in 2022 and is further projected to grow rapidly during the forecast period. This is primarily due to the increasing demand for oil & gas globally and the exploration & production activities onshore. Onshore drilling is generally less expensive than offshore drilling and is often more accessible, making it an attractive option for oil and gas companies. Additionally, the development of advanced drilling techniques, such as horizontal drilling and hydraulic fracturing, has increased the efficiency of onshore drilling and enabled the extraction of unconventional resources. The onshore segment is also expected to benefit from technological advancements in well construction materials and methods, which will improve the integrity and longevity of well casings.
The global Well Casing market is segmented as follows:
By Casing Type
- Production Casing
- Conductor Casing
- Intermediate Casing
- Surface Casing
By Application
- Onshore
- Offshore
Browse the full “Well Casing Market By Casing Type (Production Casing, Conductor Casing, Intermediate Casing, And Surface Casing), By Application (Onshore And Offshore), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/well-casing-market
Competitive Landscape
Some of the main competitors dominating the global Well Casing market include -
- Akzo Nobel N.V.
- E.I. Du Pont De Nemours & Co.
- BASF SE
- Covestro AG
- LyondellBasell Industries Holdings B.V.
- Wasco Energy Group of Companies
- The Dow Chemical Company
- Celanese Corporation
- Arkema S.A.
- Tenaris SA.
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Well Casing market is likely to expand at a CAGR of around 9.2% during the forecast period (2023-2030).
- In terms of revenue, the Well Casing market size was valued at around US$ 11.12 billion in 2022 and is projected to reach US$ 29.05 billion by 2030.
- The global well casing market is anticipated to record massive growth over the forecast period owing to surging awareness about the benefits offered by well-casing pipes in maintaining the safety of borewells through obstruction of contaminants.
- Based on casing type, the production casing segment is predicted to account for the major share of the global market over the forecast timeline.
- On basis of application, the offshore segment is projected to account for the major share of the global market over 2023-2030.
- Region-wise, the Asia-Pacific well casing market is projected to account for the highest growth during the assessment period.
Have Any Query? Ask Our Experts: https://www.zionmarketresearch.com/inquiry/well-casing-market
Key questions answered in this report:
- What is the market size and growth rate forecast for Well Casing industry?
- What are the main driving factors propelling the Well Casing Market forward?
- What are the leading companies in the Well Casing Industry?
- What segments does the Well Casing Market cover?
- How can I receive a free copy of the Well Casing Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Casing Type, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Request for Customization on this Report as per your requirements - https://www.zionmarketresearch.com/custom/1407
(We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.)
Regional Analysis:
The Asia-Pacific region held the dominating well casing market share in 2022 and is further projected to grow remarkably during the forecast period. The region's growing demand for oil and gas, driven by population growth and industrialization, is expected to drive the demand for well casing materials and services. Additionally, the region's large reserves of unconventional resources, such as shale gas and tight oil, provide ample opportunities for well casing services. The growth of the manufacturing and construction sectors in the region is also expected to drive the demand for energy, further fueling the growth of the well casing market. However, the market in the Asia Pacific region faces challenges such as the shortage of skilled labor and the need to comply with stringent regulations regarding well construction and operation.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/well-casing-market
Recent Developments
- In February 2021, Halliburton announced the acquisition of a majority stake in Novomet, a Russian provider of electric submersible pump technology for artificial lift systems used in wellbore applications.
- In March 2021, Schlumberger Limited announced the launch of the Pulsar multifunction spectroscopy service, which provides real-time fluid analysis during drilling operations, enabling operators to optimize well placement and reduce drilling costs.
- In April 2021, Baker Hughes announced the launch of its TerraEdge high-temperature drilling motor, which is designed to deliver high performance and reliability in extreme drilling environments, such as geothermal wells.
Browse Other Related Research Reports from Zion Market Research:
- Green Energy Market: https://www.zionmarketresearch.com/report/green-energy-market
- Distributed Energy Resource Management System Market: https://www.zionmarketresearch.com/report/distributed-energy-resource-management-system-market
- Wave And Tidal Energy Market: https://www.zionmarketresearch.com/report/wave-and-tidal-energy-market
- Energy Efficient Lighting Market: https://www.zionmarketresearch.com/report/energy-efficient-lighting-market
- Solar Street Lighting Market: https://www.zionmarketresearch.com/report/solar-street-lighting-market
- Energy Storage Systems Market: https://www.zionmarketresearch.com/report/energy-storage-systems-market
About Zion Market Research:
Zion Market Research is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Zion Market Research are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.
Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Follow Us on LinkedIn: https://www.linkedin.com/company/zion-market-research/
Follow Us on Twitter: https://twitter.com/zion_research
Follow Us on Facebook: https://www.facebook.com/zionmarketresearch
Follow Us on Pinterest: https://www.pinterest.com/zionmarketresearch/
Follow Us on YouTube: https://youtu.be/Y0Yfi7N8zSs
Contact Us:
Rushikesh Dorge
USA: +1 347 690-0211
United Kingdom: +44 2032 894158
Japan: +81 50 5806 9039
India: +91 7768 006 007
Web: https://www.zionmarketresearch.com/
Blog: https://zmrblog.com/
Still, Looking for More Information? OR Want Data for Inclusion in Magazine, Case Study, or Media?
Email Directly Here with Detail Information: sales@zionmarketresearch.com
